finance news

White Oak Capital gets nod from SEBI to enter mutual fund business

White Oak Capital gets nod from SEBI to enter mutual fund business
White Oak Capital gets nod from SEBI to enter mutual fund business

White Oak Capital, a wealth management firm, has reportedly obtained approval from the market regulator of India to commence with its mutual fund business after the acquisition of YES MF (Mutual Fund) in 2020.

The investment management company purchased YES MF from YES Bank in September 2020. YES Bank was grappling with fresh capital raise and bad loans.

The fully-owned subsidiary of White Oak Capital, GPL Finance and Investments, was granted a nod from the Securities and Exchange Board of India (SEBI) to become the sponsor of the newly owned AMC. It can be seen as the promotor of the associate firm.

YES MF is the smallest of the 44 fund houses in the 36 trillion industry with an average AUM (assets under management) close to 81.45 crores as of June quarter, according to India’s Association of Mutual Funds.

Prashant Khemka, the Founder of White Oak Capital, quoted that the company has initiated a performance-oriented culture at the company. The company aims at gaining the assurance of investors across the world who have endowed the company with assets of close to 40,000 crores over the past four years. The company is delighted about providing its expertise in investment to retail investors across India.

The Founder of White Oak Capital is the ex- lead portfolio manager and CIO (Chief Investment Officer) at Goldman Sachs Asset Management. AMC’s newly appointed Chief Executive Officer Aashish P Somaiyaa commented that the company continues to build an established team of industry professionals to offer top-class investment products to retail investors.

The company will seek to cover India beyond the metro cities, which includes B30 locations, to attain higher inclusivity through multi-channel presence across virtual, physical as well as digital channels, said Somaiyaa.

Online discount broker Samco MF declared its entry into the business of mutual funds last week. With this announcement, India will now possess four new fund houses.

Source credits:

https://www.businessinsider.in/finance/news/white-oak-capital-gets-sebi-nod-to-enter-mutual-fund-business/articleshow/86263273.cms

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