UTI Asset Management, the Indian mutual fund services firm, has appointed a new chairman and director.

Sunil Mehta takes the top role at the company, pending approval by the four state-owned institutions that own 74 per cent of the firm, namely State Bank of India, Punjab National Bank, the Life Insurance Corporation of India and Bank of Baroda. The remaining 26 per cent is controlled by T Rowe Price. The firm's trustees will also need to give their approval.

Prior to the announcement, local media reports said that Mckinsey and Co India senior advisor Leo Puri could be tapped for the position. Both parties declined to comment on the matter. 

UTI Asset Management records around Rs67,000 crore (US$12 billion) in assets under management as of 30 June 2012.