White Oak Capital Management, a boutique investment management and advisory firm set up by former Goldman Sachs executive Prashant Khemka, has completed the acquisition of the mutual fund business of private-sector lender Yes Bank.
White Oak Capital group on Tuesday said it has integrated Yes Management into its fold by getting clearance from SEBI for registration of its subsidiary GPL Finance and Investments Limited as a sponsor and change in control of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly owned subsidiaries of Yes Bank, from the bank to GPL Finance in September 2021.
GPL Finance is a subsidiary entity of the White Oak Capital Group, a global investment management, and investment advisory firm. GPL Finance will now initiate the transfer of the mutual funds business from Yes Bank to become the sponsor of Yes Mutual Fund.
The deal was first announced in August 2020.
White Oak Capital was founded in 2017 by Khemka, formerly CIO of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets Equity businesses. It facilitates investment management and advisory services for Indian equity, intending to deliver results for all stakeholders over the long term.
Commenting on the development, Prashant Khemka, Founder, White Oak Capital Group 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 Rs 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,” 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.”
Yes Securities acted as an exclusive advisor to the transaction. Samvad Partners acted as legal advisors to Yes Bank, while Khaitan & Co, IC Universal Legal, and Regstreet Law Advisors were legal advisors to White Oak Capital on the transaction.