YES Bank signs agreement with White Oak to sell stake in MF arm

Private bank's mutual fund business was rudderless for while with uncertainty over bank's former leadership

YES Bank has agreed to sell its stake in YES Asset Mana­gement Company (AMC) and YES Trustee to GPL Finance and Investments (GPLFI), which is owned by Prashant Khemka-backed White Oak Investment Management. 

Khemka was formerly the chief investment officer and lead portfolio manager for Goldman Sachs’ India Equity Fund at Goldman Sachs Asset Management. White Oak is a Mumbai-based boutique investment management and advisory company.

YES AMC had Rs 56.97 crore worth of average assets in the June quarter, showed data from the Association of Mutual Funds in India. The AMC, which had received approval to launch schemes in 2018, had