GPL Finance and Investments, a subsidiary of White Oak Capital group, received capital markets regulator Sebi’s approval to acquire Yes Asset Management from the current sponsor, Yes Bank in September.
PTI
November 02, 2021 / 12:02 PM IST
White Oak Capital group on Tuesday announced completion of the transaction to acquire the mutual fund business of Yes Bank.
GPL Finance and Investments, a subsidiary of White Oak Capital group, received capital markets regulator Sebi’s approval to acquire Yes Asset Management from the current sponsor, Yes Bank in September.
White Oak Group has now successfully integrated Yes Asset Management into its fold, the company said in a statement. We welcome the Yes Asset Management team and their investors as well as channel partners into the White Oak family. Together with them we are excited to further build upon the foundation laid by all of us till date,” Prashant Khemka, Founder of White Oak Capital Group, said.
“We are excited about offering our investment expertise to retail investors across the country and we aim to launch a range of funds post necessary regulatory approvals and subsequent launch through the first half of CY2022,” he added.
Yes Securities acted as an exclusive advisor to the transaction. Samvad Partners acted as legal advisor to Yes Bank, while Khaitan & Co, IC Universal Legal and Regstreet Law Advisors were legal advisors to White Oak Capital on the transaction.
“With this transaction, the bank remains committed to re-channelizing resources as part of our overall strategy to drive growth and innovation on our offerings,” Prashant Kumar, Managing Director and CEO, Yes Bank, said.
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 42,000 crore.
