Goldman Sachs alumnus Taiichi Hoshino to lead investment planning department at Softbank
SoftBank Group Corp, announced the appointment of ex Goldman Sachs banker Taiichi Hoshino as head of a new investment planning department at the investment major. The move comes in the backdrop of increased scrutiny of the group over ventures backed by the group, with multiple of its portfolio start-ups caving in, seeing falling valuations etc. due to their business decisions, as well as falling markets.
Amongst the big league ventures supported by Softbank, and struggling with their growth and falling valuations are WeWork and Oyo. Most recently, the satellite internet start-up OnwWeb, announced its decision to file for Chapter 11 bankruptcy.
The new appointment is expected to enable a dedicated focus to build up the investment team at a time when the group lead by CEO Masayoshi Son has received criticism on their investment approach.
Taiichi Hoshino , an ex hedge fund manager had earlier been with Japan Post Bank, and exited last year. He along with a few others were brought in to Japan Post Bank to build up the bank’s portfolio as a part of its interest in an aggressive investment approach, which was subsequently rolled back. These executives were brought in 2015 from Goldman Sachs and other leading institutions. This team was led by Katsunori Sago, a former Goldman executive, who exited June 2018 to join SoftBank Group as their head of strategy.
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