White Oak Capital group has today announced completion of the transaction to acquire the mutual fund business of Yes Bank.
Having received SEBI’s approval for I) Registration of GPL Finance and Investments Limited (GPL Finance) as a sponsor of Mutual Funds under SEBI (Mutual Funds) Regulations, 1996 and II) change in control of Yes Asset Management (India) Limited (YAMIL) and Yes Trustee Limited (YTL), both wholly owned subsidiaries of Yes Bank, from Yes Bank Limited to GPL Finance in September 2021; White Oak Group has now successfully integrated Yes Asset Management into its fold.
Prashant Khemka, Founder, 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.”
Prashant Kumar, Managing Director & CEO, Yes Bank, said, “With this transaction, the Bank remains committed to re-channelizing resources as part of our overall strategy to drive growth and innovation in our offerings.”
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.
