Yes Bank has sold 100% of the equity shareholding of Yes AMC and Yes Trustee Limited (YTL) to GPL Finance and Investments Limited (GPLFI).
GPLFI is into financing business and is owned by White Oak Investment Management, which is a Mumbai-based boutique investment management and investment advisory firm led by Prashant Khemka. Khemka was chief investment officer and lead portfolio manager for Goldman Sachs India Equity at Goldman Sachs Asset Management.
"The transaction is subject to requisite regulatory approvals from the regulatory authorities. Upon completion of the transaction, Yes AMC and YTL (both are wholly owned subsidiaries of Yes Bank) will cease to be subsidiaries of Yes Bank and the bank will exit its mutual fund business," the bank said in a regulatory filing.
Yes MF had Rs 56.97 crore of average AUM in June quarter, significantly down from Rs 2,000 crore in March 2019.
Market sources say that the private bank has exited the MF business to concentrate on its core business.
