July 11 (Reuters) - SoftBank Group Corp said on Tuesday that it had hired Goldman Sachs Group Inc senior investment banker Michael Ronen to join its $93 billion Vision Fund to help source deals, make investments and oversee portfolio companies.
Ronen will join SoftBank Chairman Masayoshi Son’s growing roster of investment bankers at the company, including Alex Clavel, a longtime telecommunications banker at Morgan Stanley , and another former Goldman Sachs banker, Ervin Tu.
SoftBank closed the world’s biggest private equity fund in May. Its backers include Saudi Arabia’s sovereign wealth fund, Abu Dhabi’s Mubadala Investment Co and Apple Inc. It has been involved in a number of recent deals including acquisitions of two robotics businesses from Google’s parent company Alphabet Inc last month. Other investments in the Vision Fund include stakes in chip designer ARM Holdings and satellite startup OneWeb.
Ronen had been at Goldman Sachs since 1998 and was most recently the chief operating officer of the global technology, media and telecom group. He will relocate from New York to the West Coast where he will be based in SoftBank’s San Carlos office near San Francisco and report to the London-based chief executive of the Vision Fund, Rajeev Misra. He will also help recruit and manage talent.
“Having run the operations of a market-leading global group at Goldman Sachs, Michael will also substantially benefit the development of our U.S. team and infrastructure,” Misra said in a statement.
Ronen added that he had worked extensively with Son and Vision Fund Chief Misra over the past few years and expects to team up with them for “bold and successful moves that will help accelerate positive change across industries.”
A Goldman Sachs memo viewed by Reuters on Tuesday said that Ronen would retire after 19 years at the firm. He was named a partner in 2012 and was involved in several cross-border deals. As a banker, he covered some of the firm’s “most important media and telecom clients,” according to the memo.
He also founded Goldman’s auto technology practice, SoftBank said. (Reporting by Liana B. Baker in New York; Editing by Phil Berlowitz)