Last month, private lender YES Bank said White Oak Capital Management, a boutique investment management and advisory firm set up by former Goldman Sachs executive Khemka, will acquire its mutual fund arm.
Somaiyaa declined to comment when contacted by ETMarkets.com. He is the former CEO and managing director of Motilal Oswal Asset Management Co, and had joined the group in 2013, and quit in July this year.
In a stock exchange filing, the bank said it has executed a definitive agreement for the sale of 100 per cent of the equity shareholding of their wholly-owned units YES Asset Management (India) (YES AMC) and YES Trustee (YTL), both wholly to GPL Finance and Investments.
White Oak Investment Management owns 99 per cent of the GPL Finance, which in turn is 99.99 per cent owned by Khemka.
Khemka joined boutique investment management and investment advisory firm White Oak Capital Management in June 2017. He was the former CIO and lead portfolio manager of GS India Equity at Goldman Sachs Asset Management (GSAM) from March 2007 – 2017.
YES AMC is the asset management company of YES Mutual Fund and YES Trustee is the trustee of YES Mutual Fund.
YES Mutual Fund, had assets under management of Rs 57 crore as of June 2020, down from Rs 2,000 crore in March 2019.