Mumbai: The Rana Kapoor-led Yes Bank has received approval from the Reserve Bank of India to set up a mutual fund, asset management company and trustee company. The AMC and the trust company will be set up as wholly owned subsidiaries of the bank.
The Asset Management Company (AMC) will channelize the savings of retail and institutional investors in equity and debt capital markets. “This will complement YES BANK’s retail liabilities strategy, and also allow the AMC to leverage the bank’s distribution network for customer acquisition, and provide customers a seamless digical experience for their investments & savings solutions. The Bank will simplify and integrate “manufacturing to distribution” of equity and debt investment products for all its customers,” the bank said in a statement issued here.
The AMC will dove tail with the bank’s move to grow its investment advisory and wealth management solutions and also beef up its capital market strengths. “In its 12th year of operations, as YES BANK accelerates into its next phase of growth, this new business initiative will provide further acceleration to YES BANK’s differentiated product offerings to its customers,” the statement said
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