Finance

UBS shakes up core banking unit as Carnegie-Brown steps back

UBS named new leaders of a core investment banking unit and hired the head of investor relations from GlaxoSmithKline to cover the booming healthcare sector.

The Swiss bank named Fergus Horrobin as global head of consumer, healthcare and real estate investment banking, according to an internal memo seen by Financial News, as part of a series of changes to the senior ranks of the unit.

Ian Carnegie-Brown will step down from his role leading UBS’s consumer, healthcare and real estate team to “focus on clients”, the memo said. He joined the Swiss bank in 2014 from rival Credit Suisse and will become chairman of the CHR advisory unit.

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Horrobin will remain based in Hong Kong, where he was previously global head of real estate, lodging and leisure investment banking from 2017 and will join UBS’s global banking management committee. Rob DiGia, global head of healthcare investment banking at UBS, has also joined the leadership committee, the memo said.

The bank has also taken on Sarah Elton-Farr as an executive director within its healthcare team. She makes the switch from investor relations at Glaxo to UBS for her first investment banking role. She has also previously headed investor relations at biopharmaceutical firm Shire.

There have been $441bn worth of healthcare M&A deals so far in 2021, according to data provider Dealogic, more than double the same period last year. Real Estate M&A deal value is $278.5bn, up from $125bn at the same point in 2020.

Jeff Rose and Philippe Drouin have also been named global co-heads of consumer products and retail investment banking at UBS. Drouin previously headed the unit in Europe, the Middle East and Africa, while lead the division in the Americas.

To contact the author of this story with feedback or news, email Paul Clarke

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