Mumbai: Private lender YES Bank said on Friday it has agreed to sell its asset management arm to Prashant Khemka-backed GPL Finance and Investments. The lender however, did not disclose the value of the deal.
In a stock exchange filing, the bank said it has executed a definitive agreement for the sale of 100 per cent of the equity shareholding of their wholly-owned units YES Asset Management (India) (YES AMC) and YES Trustee (YTL), both wholly to GPL Finance and Investments.
Khemka boutique investment management and investment advisory firm White Oak Capital Management in June 2017. He was the former CIO and lead portfolio manager of GS India Equity at Goldman Sachs Asset Management (GSAM) from March 2007 – 2017.
The bank said the transaction is subject to requisite regulatory approvals from the regulatory authorities.
YES AMC is the asset management company of YES Mutual Fund and YES Trustee is the trustee of YES Mutual Fund.
YES Mutual Fund, had assets under management of Rs 57 crore as of June 2020, down from Rs 2,000 crore in March 2019.
On August 3, ET had reported YES Bank had decided to sell its mutual fund business as the private lender plans to focus on its core businesses.
The bank, which was taken over by lenders led by State Bank of India as part of a rescue package, has received proposals from six entities expressing interest to takeover, according to the report.
At 2:52 pm, YES Bank shares were down 1.1 per cent at Rs 15.59 per share, while benchmark Sensex rose 0.7 per cent to 38,501.