UPDATE 2-Goldman hires Deutsche analyst to co-head software team

Thu May 9, 2013 10:26am EDT

By Nicola Leske

May 8 (Reuters) - Goldman Sachs Group Inc has hired Deutsche Bank senior equity analyst Tom Ernst as a managing director to co-head its software banking team, a company spokesman said late on Wednesday.

Ernst will be based in San Francisco starting early July and will lead the division with Ward Waltemath, the spokesman said, confirming a Reuters report earlier in the day.

Ernst, who has covered the software industry for 14 years, said on his LinkedIn profile that he would join the investment bank as global co-head of Software Investment banking in July.

Ernst had worked at Deutsche Bank for 9 years, his LinkedIn profile showed.

Ernst joins Goldman Sachs after some members of the bank's technology group left investment banking earlier this year to pursue industry careers, including former Internet and new media chief Scott Stanford and software chief Ned Segal. Stanford went on to help form a venture capital firm called Sherpa, while Segal joined RPX Corp as chief financial officer.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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