Key Takeaways
- • Goldman Sachs is splitting its Technology investment banking group into two units: a Global Technology Infrastructure group led by Yasmine Coupal and Jason Tofsky, and a Global Internet and Media group co-headed by Brandon Watkins and Alekhya Uppalapati, according to eFinancialCareers.
- • The reorganisation reflects a divergence in tech clients: infrastructure companies such as data centres are increasingly financed like asset-heavy capital projects, while internet and media companies retain a more traditional Silicon Valley profile.
- • At least 13 former portfolio managers of Eisler Capital have already moved to other firms, despite contractual provisions that can cut bonuses by up to 30% for those who leave before the wind-down completes.
- • Eisler co-founder Sam Wisnia retains ownership, personally with Ed Eisler, of the Photon risk and portfolio analytics system and any sale proceeds, a arrangement that has reportedly caused friction with investors whose fees funded its development.
Summary
Goldman Sachs is reorganising its Technology investment banking group, which eFinancialCareers describes as effectively a TMT group split down the middle. Under the new structure, a Global Technology Infrastructure group led by Yasmine Coupal and Jason Tofsky will draw coverage from the Core Tech team, including semiconductor coverage, and from telecoms. A Global Internet and Media group, co-headed by Brandon Watkins and Alekhya Uppalapati, will take on some Media bankers and is likely to resemble a more traditional Silicon Valley investment banking practice.
The publication links the change to a split in the tech industry itself. Tech infrastructure companies, such as data centres, require heavy electricity and cooling but generate cash flows that can be modelled like any other large capital asset. Demand for financing for capital expenditure tied to the AI boom is therefore increasingly a debt-capital-markets business rather than an equity or venture-to-IPO one. The article notes Morgan Stanley has earned substantial AI-related revenue on the debt side of capital markets rather than equity. eFinancialCareers speculates that other banks may follow Goldman's lead, but offers no confirmed evidence of this.
Separately, the publication reports on the wind-down of Eisler Capital, a multi-strategy hedge fund. At least 13 former Eisler portfolio managers have already taken positions elsewhere, despite contractual provisions that can reduce bonuses by as much as 30% for departures before the process concludes. Co-founder Sam Wisnia is described as well regarded for designing the firm's risk management and portfolio analytics system, Photon, which reportedly showed Eisler's principals how far their returns trailed. The intellectual property in Photon and any potential sale proceeds are owned personally by Wisnia and Ed Eisler. According to the report, this has caused resentment among investors whose fees funded its development, although the arrangement is considered legally sound.
The publication links the change to a split in the tech industry itself. Tech infrastructure companies, such as data centres, require heavy electricity and cooling but generate cash flows that can be modelled like any other large capital asset. Demand for financing for capital expenditure tied to the AI boom is therefore increasingly a debt-capital-markets business rather than an equity or venture-to-IPO one. The article notes Morgan Stanley has earned substantial AI-related revenue on the debt side of capital markets rather than equity. eFinancialCareers speculates that other banks may follow Goldman's lead, but offers no confirmed evidence of this.
Separately, the publication reports on the wind-down of Eisler Capital, a multi-strategy hedge fund. At least 13 former Eisler portfolio managers have already taken positions elsewhere, despite contractual provisions that can reduce bonuses by as much as 30% for departures before the process concludes. Co-founder Sam Wisnia is described as well regarded for designing the firm's risk management and portfolio analytics system, Photon, which reportedly showed Eisler's principals how far their returns trailed. The intellectual property in Photon and any potential sale proceeds are owned personally by Wisnia and Ed Eisler. According to the report, this has caused resentment among investors whose fees funded its development, although the arrangement is considered legally sound.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.