SoftBank's Rajeev Misra will cede his frontline role in managing the Japanese conglomerate's second Vision Fund and launch his own external fund, according to an internal memo seen by Reuters.
Misra will move from CEO of SoftBank Global Advisers, which manages the second fund, to vice chairman while SoftBank's founder and CEO, Masayoshi Son, will take a more direct leadership role, the memo said.
SoftBank declined to comment.
The executive plans to set up an external multi-asset fund which will invest more broadly than Vision Fund, the memo says. Vision Fund focuses on late-stage startups.
The breakaway by Misra, who was integral in the transformation of SoftBank into one of the world's biggest tech investors, deepens the sense of strategic drift at the Japanese conglomerate.
In May the Vision Fund unit reported its biggest ever loss as the value of its portfolio slid and a string of executives including group Chief Operating Officer Marcelo Claure have quit the company.
Misra, who previously worked at Deutsche Bank, will retain his role overseeing the first $100 billion Vision Fund and remain a senior adviser.
The move was first reported by Bloomberg.