Alibaba pins US growth hopes on Goldman’s China deal-maker
Alibaba Group Holding Ltd is hoping a Canadian Olympic gold medalist once tipped to be the next chief executive of Goldman Sachs Group Inc will help make it big in the United States.
Michael Evans, who turns 58 this month, retired from the US investment bank in 2013, having forged a reputation as one of the most prolific deal-makers in Alibaba’s native China during a sevenyear stint in Hong between 2004 and 2011.
Now he is tasked with leading the e-commerce giant’s expansion outside its homeland, an assignment that will be particularly tough in theUS given regulators’ sometimes hostile attitude to Chinese firms buying US technology assets.
“Evans was Mr China back when he was at Goldman,” said Eugene Tan, head of Asian investment banking at Oppenheimer InvestmentsAsia Ltd.
“For a Westerner he was regarded as knowing how the country works and he’ll be a useful face for Alibaba to fight off negative sentiments as they try and break into theUS market.”
Reuters was unable to contact Evans outside of normal working hours in the US, where he is based.
As well smoothing the way for acquisitions, Evans will be expected to seal partnership arrangements for Alibaba with brands and retailers across the US as well as Europe and the rest of Asia.
Tan, who knew Evans when they both worked atGoldman, said the appointment is part of a wider strategy at Alibaba to hire bankers who can help the company secure valuable technology outside of China.
“They are hiring up almost every tech banker I know. Jack Ma is a smart guy, he realizes you don’t need to develop tech yourself all the time, you can just buy it.”
Evans is the second former
in Goldman Sachs banker to take a senior role at Alibaba, following Michael Yao who joined in 2012 as its head of corporate finance. Yao was responsible for guiding Alibaba to its record $25 billion US initial public offering in 2014.
Evans also worked on the listing, and has sat on Alibaba’s board as an independent director ever since.
He won his Olympic gold in the men’s eights rowing during the Los Angeles 1984 Summer Olympics, competing on the same team as his twin brother Mark who also worked at Goldman Sachs.
The pair’s father John Evans was a successful cardiologist, businessman and philanthropist.
Michael Evans had been tipped to take over at the top of Goldman from current chairman and CEO Lloyd Blankfein, surprising many in the industry when he instead stepped down as its vice-chairmanand head of the emerging markets division.