YES Bank to sponsor Mutual Fund
YES BANK, India’s 5th largest private sector Bank, has received an in-principle approval from the Securities & Exchange Board of India (SEBI) to sponsor a Mutual Fund and to setup an Asset Management Company (AMC), and a Trustee Company.
The AMC and the Trust Company shall be set up as wholly-owned subsidiaries of YES BANK Limited.
Announcing the approval on July 27, 2016, the Bank said it has already identified senior leadership and technology architecture to establish this business, and will commence operations within 12 months.
The Asset Management Company (AMC) will channelize the savings of retail, corporate and institutional investors in equity and debt capital markets by leveraging YES BANK’s Knowledge Banking expertise.
This will complement YES BANK’s retail liabilities strategy, and also allow the AMC to leverage the bank’s ‘DIGICAL’ distribution network for customer acquisition, and provide customers a seamless experience for their investments & savings solutions.
The Bank said it will simplify and integrate “manufacturing to distribution” of equity and debt investment products for all its customers.
The AMC will further strengthen YES BANK’s expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base & distribution network, and overall execution expertise, to build a large and profitable Fund Management franchise. fii-news.com