NEW DELHI: Shares of YES Bank climbed over 4 per cent in Tuesday’s trade on reports the private lender is looking to exit the asset management business.
The lender believes that scaling up operations at Yes Asset Management could be difficult amid intensifying competition, people familiar with the plans told ET. The bank could either sell the business to another asset manager, or wind it up over a period of time, said people familiar with the matter.
Following the development, the scrip climbed 4.2 per cent to hit a high of Rs 152.80 on BSENSE 0.57 %.
Yes Asset Management was incorporated on April 21, 2017, as a wholly-owned subsidiary of Yes Bank. The company manages assets worth Rs 2,000 crore as on March 31, 2019.
The company entered into an investment management agreement with Yes Trustee Limited to act as the investment manager for any funds to be launched by Yes Mutual Fund. It obtained the Securities and Exchange Board of India’s (SEBI) nod to launch mutual fund operations on July 3, 2018. Yes Mutual Fund launched its first Scheme, Yes Liquid Fund, in January 2019.
The lender believes that scaling up operations at Yes Asset Management could be difficult amid intensifying competition, people familiar with the plans told ET. The bank could either sell the business to another asset manager, or wind it up over a period of time, said people familiar with the matter.
Following the development, the scrip climbed 4.2 per cent to hit a high of Rs 152.80 on BSENSE 0.57 %.
Yes Asset Management was incorporated on April 21, 2017, as a wholly-owned subsidiary of Yes Bank. The company manages assets worth Rs 2,000 crore as on March 31, 2019.
The company entered into an investment management agreement with Yes Trustee Limited to act as the investment manager for any funds to be launched by Yes Mutual Fund. It obtained the Securities and Exchange Board of India’s (SEBI) nod to launch mutual fund operations on July 3, 2018. Yes Mutual Fund launched its first Scheme, Yes Liquid Fund, in January 2019.
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