Morgan Stanley Poaches UBS Healthcare Banker Jim Forbes
July 25 2019 - 5:55PM
Dow Jones News
By Cara Lombardo
Morgan Stanley has hired longtime health-care investment banker
Jim Forbes away from UBS Group AG, as deal activity in the sector
booms.
In his new role, which he is expected to assume in the fall, Mr.
Forbes will be a vice chairman in Morgan Stanley's investment bank,
according to people familiar with the matter. He'll likely continue
working with healthcare-services and private-equity clients.
Health care is the second-busiest segment for mergers so far
this year, with $362.3 billion of deals, according to Dealogic.
Morgan Stanley has advised on the two marquee deals in health care:
Bristol-Myers Squibb Co.'s roughly $74 billion acquisition of
Celgene Corp. and AbbVie Inc.'s $63 billion purchase of Allergan
PLC. Mr. Forbes has historically advised clients in the
healthcare-services sector, which includes everything from
managed-care companies to hospitals and labs.
His clients have included Anthem Inc., Ventas Inc., Bain Capital
and KKR & Co. In 2006, he worked on the $21.3 billion
acquisition of hospital operator HCA Inc. by an investor group
including Bain and KKR, a deal that ranks as one of the largest
leveraged buyouts ever.
Mr. Forbes worked at Merrill Lynch and then Bank of America
Corp. before joining UBS as a vice chairman roughly six years
ago.
UBS has endured a string of departures in its investment bank,
including that of Andrea Orcel, who ran the division before he left
to become chief executive of Banco Santander SA. The Spanish bank
ended up canceling the appointment over a dispute involving
compensation.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
July 25, 2019 17:40 ET (21:40 GMT)
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