YES Bank, the country’s fourth largest private sector lender, on Wednesday received the final approval of the Securities and Exchange Board of India (Sebi) to commence its mutual fund business, YES Asset Management (India) Limited (YAMIL), the bank said in a statement.
YAMIL is expected to launch fund offerings across the spectrum of both debt and equity markets over the next 6-12 months.
The bank’s managing director & chief executive officer, Rana Kapoor, said: “YAMIL will leverage YES BANK’s Knowledge Banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelise their assets in equity and debt capital markets. 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.”
The operational set-up for YAMIL, including a robust technology architecture, partnerships for fund accounting & custodian services and registrar & transfer agent services is already in place.