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White Oak Capital group on Thursday said it has received the Securities and Exchange Board of India’s (Sebi) approval 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) from YES Bank Ltd to itself. 

Having received all regulatory approvals, GPL Finance will now initiate the transfer of the mutual funds business from Yes Bank to become the sponsor of YES Mutual Fund. The transaction closure is expected within the next few weeks.

Aashish P Somaiyaa, who will take over as CEO of the AMC post 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. We 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." 

White Oak Capital group provides investment management and advisory services for equity assets of over 40,000 crore, as per a company release. Besides segregated managed accounts for leading global institutions, White Oak offers investment services through a wide array of fund vehicles domiciled in India, Ireland, Mauritius, and the UK to individual and institutional investors in India and worldwide. 

Prashant Khemka, founder, White Oak Capital said, “We have instituted a performance-first culture at our firm, earning the confidence of investors globally who have entrusted us with assets of over INR 40,000 crores in the past four years. We are excited about offering our investment expertise to retail investors across the country. India continues to be amongst the most favourable investment destinations in the world with a high alpha potential embedded on the canvas of a high growth economy."

White Oak Capital group was founded by Khemka, formerly CIO of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets Equity businesses.

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