SoftBank Investment Advisers (SBIA), the subsidiary of telecommunications firm SoftBank that manages its Vision Funds, has tasked managing partner and India head Sumer Juneja with overseeing its European investment team.
His additional responsibilities will entail Juneja relocating to London, according to Bloomberg, which cited an internal memo from Rajeev Misra, who is shifting away from his SBIA chief executive role.
After working for the unit for nearly four years, Juneja has accepted the additional workload amid SoftBank Investment Advisers’ management reshuffling, which has seen managing partners Yanni Pipilis and Munish Varma step down and join Misra’s $6bn new fund.
The departures come as SoftBank’s Vision Funds booked a $21.7bn loss in the quarter ending in June. SoftBank also announced its plans to cut costs with SoftBank founder and CEO Masayoshi Son saying earlier this month: “We know we have to reduce operational costs, including headcount.”
Some of the Vision Funds’ investments in India include optical prescription chain operator Lenskart and social ecommerce service Meesho.