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Private sector lender Yes Bank today said it will foray into mutual fund business next fiscal through organic or inorganic route.
“There is a plan to enter into asset management business organically or inorganically... to what extent there is opportunity we will explore,” Yes Bank Managing Director and CEO Rana Kapoor told PTI.
Initially, he said, Rs 50 crore has been earmarked by the board for the business.
The asset management company will also complement the bank’s retail strategy and help in leveraging existing infrastructure to provide the necessary retail thrust, he said.
This will allow the bank build a holistic wealth management proposition for its customers and enable the bank to strengthen traction witnessed in building retail market share on the back of its savings account proposition, he added.
Presently, there are 45 mutual fund houses in the country with asset under management about Rs 12 lakh crore.
The fund houses had an average AUM of Rs 11,81,356 crore at the end of January 31, up from Rs 10,51,343 crore in December—end.
Meanwhile, Yes Bank in the first Renewable Energy Global Investors Meet here made a commitment for funding 5,000 MW of renewable energy projects.
The funding would be done over a period of next 5 years and it would be between Rs 20,000—25,000 crore.
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