White Oak Capital group on Thursday said its subsidiary GPL Finance and Investments has received capital markets regulator Sebi’s approval to acquire Yes Asset Management from the current sponsor, Yes Bank.
Having received all regulatory approvals for this transaction, GPL Finance will now initiate the transfer of the mutual funds business from Yes Bank to become the sponsor of Yes Mutual Fund, White Oak Capital group said in a statement.
The transaction closure is expected to be completed within the next few weeks, it added.
Aashish P Somaiyaa, who will be taking over as CEO of the AMC after the completion of the transaction, said, “We continue to build a seasoned team of industry professionals who will leave no stone unturned to provide best in class investment products to retail investors.”
He added that the company will look forward to covering India well beyond the metro cities including B30 locations, to achieve higher inclusivity through omni-channel presence across physical, virtual and digital channels.
Prashant Khemka, founder of White Oak Capital, said the group is excited about offering our investment expertise to retail investors across the country.
According to him, India continues to be among the most favourable investment destinations in the world with a high alpha potential embedded on the canvas of a high growth economy.
In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance.
Founded by Khemka, formerly CIO of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets Equity businesses, White Oak Capital group provides investment management and advisory services for equity assets of over Rs 40,000 crore.