In a tweet on Jan. 13, Aashish P. Sommaiyaa, CEO of White Oak Capital, the latest addition to the mutual fund space, announced that the name had changed from YES Asset Management to Whiteoak Capital Asset Management. The change will take effect on January 12, 2022. Sommaiyaa also said that YES Mutual Fund will now be called Whiteoak Capital Mutual Fund.
Chief Executive Officer Aashish Sommaiyaa, the fund house’s new director, is the former managing director of Motilal Oswal mutual fund. Founded by Prashant Khemka, former Chief Information Officer of Goldman Sachs Asset Management’s India Equity and Global Emerging Markets Equity companies, White Oak Capital Group provides investment management and advisory services for equity investments in excess of Rs 42 billion.
In August 2020, a definitive agreement was signed to sell 100% of the shares of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly owned subsidiaries of Yes Bank, to GPL Finance.
Subsequently, in September, White Oak’s subsidiary, GPL Finance (the sponsoring company), received the green light to acquire the YES mutual fund. In short, White Oak has obtained a license to manage a mutual fund.