The transaction is expected to close in the next few weeks.
Ashish P Somaiya, who will take over as CEO of AMC after the completion of the transaction, said, “We continue to build an experienced team of industry professionals who will leave no stone unturned to provide best in class. Investment products for retail investors.
He added that the company looks forward to covering India well beyond metro cities including B30 locations to achieve higher inclusivity through omni-channel presence across physical, virtual and digital channels.
Prashant Khemka, Founder, White Oak Capital said that the group is excited to offer its investment expertise to retail investors across the country.
According to him, India continues to be one of the most favorable investment destinations in the world with high alpha potential on the canvas of a high growth economy.
In August 2020, the private lender had executed a definitive agreement for sale of 100 per cent of the equity shareholdings of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly owned subsidiaries of Yes Bank, to GPL Finance.
Founded by Khemka, former CIO of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets equity businesses, White Oak Capital Group provides investment management and advisory services for equity assets of over Rs 40,000 crore.