Private sector lender YES Bank
may rope in Suresh Soni, former head of DHFL Pramerica AMC, to spearhead its foray into the Rs 23-trillion mutual fund
industry. In early July, Yes Bank
announced it had received the go-ahead from Securities and Exchange Board of India
to start its mutual fund
operations. Yes AMC will become the 43rd fund house to join the MF industry.
Sources said the AMC had zeroed in on Soni to head its MF operations.
Soni didn’t deny the development but refrained from making any comment. Yes Bank
in an e-mailed response cited its policy to say it would only be able to share details as and when there is an official update.
Some former employees at DHFL Pramerica MF
have already joined Yes Bank’s mutual fund
arm. Sources said YES AMC planned to focus on debt schemes given its expertise in managing its treasury.