White Oak Capital group on September 16 announced receiving SEBI's approval for I) Registration of GPL Finance and Investments (GPL Finance) as a sponsor of Mutual Funds under SEBI (Mutual Funds) Regulations, 1996 and II) change in control of YES Asset Management (India) (YES AMC) from YES Bank (YBL) to GPL Finance.
GPL Finance is a subsidiary entity of the White Oak Capital group, a global investment management and investment advisory firm. Having received all regulatory approvals for this transaction, GPL Finance will now initiate the transfer of the mutual funds business from YBL to become the sponsor of YES Mutual Fund. The transaction closure is expected to be completed within the next few weeks.
Aashish P Somaiyaa, who will be taking over as CEO of the AMC post completion of the transaction, commented, "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."
Commenting on the development, 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 Rs 400 billion 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."