YES Mutual Fund, the asset management business of YES Bank, which in July announced receiving the final regulatory approval from Sebi, is getting ready for business. On November 5, the newest AMC filed offer documents with the regulator for two debt schemes – YES Liquid Fund and YES Ultra Short Term Fund. The schemes may be launched in the next calendar year.
The YES Liquid Fund will be benchmarked against the CRISIL Liquid Fund Index. It will aim to generate returns in sync with moderate levels of risk and high liquidity. Liquid funds are positioned at the lowest level of the risk-return matrix. This would require a rigorous credit evaluation of the issuer company proposed to be invested in.
The YES Ultra Short Term Fund will be benchmarked against the CRISIL Ultra Short Term Debt Index. The fund will aim to generate reasonable returns with low volatility from a portfolio of money market and debt securities. The fund management team will take an active view of the interest rate movement by keeping a close watch on various parameters of the Indian economy, as well as developments in global markets.
Both the schemes are proposed to be managed by Piyush Baranwal, who last worked in BOI AXA Investment Managers.
YES Asset Management (India) Limited (‘YAMIL’) will leverage YES BANK’s expertise and relationship capital across retail, corporate and institutional investors to effectively channelise their assets in equity and debt capital markets. It will also operate out of the YES BANK Group Headquarters at YES BANK Tower, Lower Parel Innovation District, Mumbai. The fund-house’s CEO is Nirav Dalal.
The operational set-up for YAMIL, including a technology architecture, partnerships for Fund Accounting & Custodian Services and Registrar & Transfer Agent services, is already in place.