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ETF News

CORRECTED-MOVES-Barclays hires top U.S. healthcare bankers from Deutsche -sources

(Corrects that Haas will not lead the healthcare M&A practice in the first paragraph, and gives the two men’s new roles in the 4th paragraph)

March 29 (Reuters) - Jason Haas and David Levin, Deutsche Bank AG’s top U.S. healthcare investment bankers, have resigned to join Barclays Plc and take leading roles in its healthcare practice, according to people familiar with the matter.

Barclays is rebuilding its healthcare group after Credit Suisse Group AG hired away five members of its senior healthcare banking team last year.

Haas and Levin, who will start late in the second quarter, also mark the second major departure for Deutsche Bank’s healthcare team in less than a year. In late 2015, the German bank lost both its co-heads of healthcare services, Peter Zippelius and Andrew Bhak, to JP Morgan Chase & Co.

At Barclays, Haas will serve as managing director and head of Americas healthcare. Levin will serve as managing director and co-head of healthcare M&A alongside Jed Brody.

Other Deutsche Bank healthcare bankers are also leaving, the sources said this week. Evan Matlin will join Barclays as a director, and Andrew Callaway, Deutsche Bank’s head of life sciences, has resigned for a position at Wells Fargo & Co .

Meanwhile, Deutsche Bank’s healthcare team has hired Jamie Heath as a managing director, effective June 1, the sources said. He previously worked on the transaction advisory practice of Ernst & Young.

Michael Cohen, global head of investment banking at Deutsche Bank, will continue to lead its healthcare practice, the sources said.

The sources requested anonymity because the hires have not been announced. Barclays confirmed the appointments. Deutsche Bank and Wells Fargo declined to comment

The wave of healthcare banker moves comes during a sudden slowdown of dealmaking in the life sciences sector after record volume in 2015.

Since January 2015, Barclays has advised on more than $100 billion in healthcare deals, ranking eighth in the Thomson Reuters league tables. Deutsche Bank has been close behind, ranking 10th with more than $70 billion of healthcare deals.

Haas joined Deutsche in 2012 and was promoted to head of Americas healthcare investment banking in 2013. He previously spent 17 years at Goldman Sachs, where he focused largely on specialty pharmaceutical companies.

Levin has more than 20 years of investment banking experience, most recently as Deutsche Bank’s head of healthcare mergers and acquisitions.

At Deutsche Bank, the two bankers took leading roles in several healthcare deals, including Endo International Plc’s $1.6 billion acquisition of Paladin Labs and Shire Plc’s $5.9 billion purchase of Dyax Corp. (Reporting by Carl O’Donnell and Olivia Oran in New York; Editing by Lisa Von Ahn and Jonathan Oatis)

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