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Mumbai: Former Goldman Sachs fund manager Prashant Khemka is acquiring Yes Bank Ltd’s mutual fund business, the lender informed stock exchanges on Friday.
“We hereby inform the Stock Exchanges that the Bank has on 21st August ‘2020 executed a definitive agreement for the sale of 100% of the equity shareholding of YES Asset Management (India) Limited (YES AMC) and YES Trustee Ltd, both wholly owned subsidiaries...to GPL Finance and Investments Ltd," the bank said.
White Oak Investment Management Pvt Ltd owns 99% of GPL Finance, and the ultimate beneficial holder of the company is Prashant Khemka who owns 99.99% in White Oak, the bank said.
Khemka founded his boutique investment management firm White Oak in 2017. Before setting up his own shop he was the chief investment officer and lead portfolio manager of GS India Equity at Goldman Sachs Asset Management, from 2007 to 2017, and Global Emerging Markets Equity from 2013 to 2017.
The transaction is subject to requisite regulatory approvals. Financial details were not disclosed. The bank said that the mutual fund business reported a revenue of just ₹33 lakhs in FY20.
Yes AMC is the asset management company of Yes Mutual Fund and Yes Trustee is the trustee of the mutual fund.
The mutual fund business has assets under management of over Rs50 crore.
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