Yes Bank to commence mutual fund business
YAMIL to operate on robust technology YAMIL to operate on robust technology YAMIL to operate on robust technology
YAMIL to operate on robust technology
Yes Bank has received the final regulatory approval from the Securities and Exchange Board of India (SEBI) to commence its mutual fund business.
This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by SEBI’s in-principle approval received subsequently, Yes Bank said in a press release on 5 July 2018.
The fund house will be called Yes Asset Management (India) Limited (YAMIL).
“Yes Asset Management (India) Limited (YAMI) will leverage YES BANK’s knowledge banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize their assets in equity and debt capital markets,” said Rana Kapoor, Managing Director & Chief Executive officer, Yes Bank.
“This strategic initiative will further complement Yes Bank’s retail liabilities and wealth management strategy, and also allow YAMIL to build on the Bank’s ‘DIGICAL’ distribution network to provide customers a seamless Investment and Banking experience,” he added.
YAMIL will operate out of the Yes Bank Group Headquarters at Yes Bank Tower, Lower Parel Innovation District, Mumbai.
The operational set-up for YAMIL including a robust technology architecture, partnerships for fund accounting & custodian services and registrar & transfer agent services are already in place.
Yes Asset Management (India) Limited, a wholly owned subsidiary of Yes Bank will launch fund offerings across the spectrum of both debt & equity markets over the next 6-12 months. fiinews.com