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White Oak Capital completes acquisition of YES Bank’s MF business

White Oak Capital completes acquisition of YES Bank’s MF business

02 Nov 2021

NEW DELHI: Clearing the way for entering the mutual fund industry, White Oak Capital on Tuesday said it has completed the acquisition of YES Asset Management, which was previously owned by .

The company, founded by renowned money manager Prashant Khemka, had received Sebi’s nod for registration of GPL Finance as a sponsor and change in control of YES Asset Management and YES Trustee Limited to GPL Finance back in September.

“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,” said Khemka.

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.

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.”

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.