Source: Goldman's top tech banker
jumps ship for Coatue
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[May 14, 2014]
YORK/SAN FRANCISCO (Reuters) —
Goldman Sachs Group Inc technology investment banker Anthony Noto,
who helped orchestrate Twitter Inc's successful IPO in November, is
leaving and joining Coatue Management, according to a source
familiar with the matter.
Goldman said in a memo to employees that Noto is leaving the firm
but did not mention his move to the hedge fund.
It is unclear what role Noto, who won plaudits from Wall Street and
Silicon Valley for leading the messaging service's low-profile but
smooth coming-out party, will play at Coatue. The source confirmed
that Noto is joining the fund on condition of anonymity.
His contacts and experience were deemed key to netting the Twitter
win for Goldman after Morgan Stanley snagged the much larger but far
more troubled Facebook Inc IPO in 2012.
Noto's departure from Goldman comes just as China's Alibaba is
preparing what could the world's largest technology IPO later this
year. Goldman is helping manage the debut, along with Citigroup Inc,
Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co and
Coatue has been investing more aggressively, getting into late-stage
pre-IPO startups and competing with the likes of Rizvi Traverse and
Tiger Global. The hedge fund has invested in startups, including
Snapchat, storage service Box and ride-sharing concern Lyft. Coatue
founder and manager Philippe Laffont once worked for legendary
investor Julian Robertson.
Noto, a former Army ranger and National Football League executive,
started as an analyst at Goldman and was among a number of analysts
who touted stocks like Webvan and eToys that collapsed during the
Dan Dees, appointed Goldman's co-head of global technology, media
and telecom in investment banking just this year, assumes sole
charge of that division, according to a copy of an internal memo
obtained by Reuters.
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In addition, Goldman appointed Simon Holden, Nick Giovanni and
Michael Ronen co-chief operating officers of the technology, media
and telecom group; Holden oversees the global telecoms sector, while
Giovanni does the same for the worldwide Internet industry. Ronen is
in charge of Goldman's media and telecoms mergers and acquisitions
business in the Americas.
Goldman has played a key role in several recent technology
mega-transactions, including acting as lead bookrunner for Apple
Inc's $12 billion debt financing and advising on Microsoft Corp's
acquisition of Nokia Corp.
The news was first reported by tech blog Re/Code
(Corrects spelling of banker in paragraph 8)
(Reporting by Soyoung Kim, Sarah McBride and Gerry Shih. Editing by
Andre Grenon and Cynthia Osterman)
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