Birla MF CEO is new chief of AMFI

Mumbai: Birla Mutual Fund CEO A Balasubramanian was on Friday elected the chairman of the fund industry trade body

AMFI

, after the incumbent, Leo Puri of UTI Mutual Fund, last week said he will not continue for a second term.

G Pradeep Kumar, CEO, Union KBC MF, has been elected as the vice-chairman of AMFI. Balasubramanian has been a founding member of

Birla MF

and currently is its CEO since 2009. Between 2006 and 2009, he was the fund house’s chief investment officer. Currently, Birla MF, the fourth largest fund house in India, manages assets worth about Rs 1.69 lakh crore, latest AMFI data showed.

Balasubramanian is also a member of Sebi’s Mutual Fund Advisory Council, and a member of the capital market committee of FICCI, an inter-industry national trade body.

In Friday’s AMFI board meeting, it was decided that from now on the chairman will be from one of the large fund houses while the vice chairman will be from one of the smaller fund houses, sources said. Earlier, the vice chairman took over from the chairman after the end of a two-year term at the top.