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By Noor Zainab Hussain and Pamela Barbaglia
June 2 (Reuters) - Citigroup has poached a Goldman Sachs partner to launch a new M&A advisory franchise in New York focusing on global healthcare, consumer and wellness as it seeks to increase its presence in key industries, according to a memo seen by Reuters.
Chuck Adams, a 16-year Goldman veteran, will take on a new role in December as vice chairman and global head of the new Citi unit, described in the memo as a "super group" which will absorb its existing operations in healthcare as well as consumer and retail.
The move was prompted by a growing convergence among sectors that are becoming "more integrated, consumer-centric, tech enabled and focused on sustainable wellbeing", the memo said.
Adams, who was responsible for Goldman's healthcare investment banking practice on the West Coast and also headed its West Region advisory business, will report to Tyler Dickson and Manolo Falco, global co-heads of Citi's banking, capital markets and advisory (BCMA) business.
"Healthcare, Consumer & Wellness will be one of our largest groups in BCMA and represents one of the greatest opportunities for growth," the pair said in the memo.
The healthcare sector, unlike other industries, has been largely immune to the disruptions caused by the pandemic and is likely to see a wave of consolidation led by cash-rich companies in coming years.
Before joining Goldman, Adams spent 10 years at Morgan Stanley, where he focused on healthcare investment banking. (Reporting by Noor Zainab Hussain and Pamela Barbaglia Editing by Anil D'Silva and David Holmes)