Citi Bolsters Healthcare Banking Team

By Reuters

Citi is following in the footsteps of Leerink Partners and Barclays.

Citigroup Inc has appointed several senior level investment bankers to top roles on its healthcare team, bolstering its capabilities at a time when M&A in the sector is expected to pick up, according to an internal memo seen by Reuters.

The New York-based investment bank has appointed two co-heads of North American healthcare investment banking, Jennifer Fox and Toby King, the memo said. It also appointed Brad Wolff to head of west coast life sciences, it added.

In addition, Anthony Hartley took on the role of head of healthcare investment banking for Europe, the Middle East and Africa, the memo said.

Several major investment banks have added senior healthcare bankers in recent months. Healthcare investment bank Leerink Partners LLC hired veteran banker Jim Ratigan from rival Deutsche Bank AG last month.

Barclays also recently hired two senior bankers from Deutsche, Jason Haas and David Levin.

Equity valuations in healthcare have been choppy in recent months, especially in the life sciences, slowing the pace of M&A and initial public offerings in the sector.

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However, healthcare services has remained active so far this year, seeing several large deals including the mergers of health analytics firm IMS Health Holdings Inc and contract researcher Quintiles Transnational, as well as hospital services providers Amsurg Corp and Envision Healthcare Holdings.

Life sciences is expected to pick up in the second half of the year as the corporate boards of potential targets begin to accept lower valuations in the sector as a long term reality.

The Nasdaq Biotech Index dropped more than 30% in late 2015, largely due to anxieties about the U.S. elections, and has not fully recovered.

First appeared at Fortune