has hired longtime health-care investment banker Jim Forbes away from
, 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:
’s roughly $74 billion acquisition of
’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
Bain Capital and
& 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
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
. The Spanish bank ended up canceling the appointment over a dispute involving compensation.
Write to Cara Lombardo at email@example.com
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