White Oak Capital Group said on Thursday it has received SEBI's approval for registration of GPL Finance and Investments Ltd as a sponsor of mutual funds under SEBI (Mutual Funds) Regulations.
It also announced a change in control of YES Asset Management India Ltd from YES Bank Ltd to GPL Finance.
GPL Finance is a subsidiary entity of the White Oak Capital Group, a global investment management and investment advisory firm.
Having received all regulatory approvals for this transaction, GPL Finance will now initiate the transfer of the mutual funds business from YBL to become the sponsor of YES Mutual Fund.
The transaction closure is expected to be completed in next few weeks.
Aashish P Somaiyaa, who will be taking over as CEO of the AMC post completion of the transaction, said: "We will look forward to covering India well beyond the metro cities including B30 locations to achieve higher inclusivity through omni-channel presence across physical, virtual and digital channels."
Prashant Khemka, Founder of White Oak Capital, said: "We have instituted a performance-first culture at our firm, earning the confidence of investors globally who have entrusted us with assets of over Rs 40,000 crore in the past four years."
( With inputs from ANI )
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