Morgan Stanley Poaches UBS Healthcare Banker Jim Forbes

Jim Forbes, who joined UBS as vice chairman roughly six years ago, has historically advised clients in the health-care services sector, which includes everything from managed-care companies to hospitals and labs.


Photo:

Christopher Goodney/Bloomberg News

Morgan Stanley


MS -1.38%

has hired longtime health-care investment banker Jim Forbes away from

UBS Group
AG


UBS -3.21%

, 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

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