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MUMBAI: White Oak Capital group on Tuesday announced the completion of the acquisition of the mutual fund business of Yes Bank.
In September, White Oak Capital group had received approval from the Securities and Exchange Board of India (Sebi) for registration of its subsidiary GPL Finance and Investments Limited as a sponsor of mutual funds and change in control of YES Asset Management (India) and YES Trustee Ltd from YES Bank Ltd to itself.
It has now successfully integrated YES Asset Management into its fold.
Commenting on the development, Prashant Khemka, Founder, White Oak Capital, said, “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. At White Oak, we have instituted a performance-first culture, earning the confidence of investors globally who have entrusted us with assets of over ₹42,000 crore in the past four years. 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, “The move, aligned with the Bank’s sustained efforts to enhance value creation for all our stakeholders, will lead to significant gains for both companies and, more importantly, our customers. 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. My best wishes to White Oak Capital on this new journey."
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.
