Morgan Stanley hired a senior dealmaker for its healthcare advisory team, as demand picks up for investment bankers in the sector in Europe.

The US bank has taken on Cailin McGurk from UBS, where she was a managing director in its healthcare investment banking team, according to three people with knowledge of the move.

McGurk is set to start at Morgan Stanley in late December. A Morgan Stanley spokesman confirmed the appointment.

She has spent nearly five years at UBS, joining from JPMorgan in May 2016 and getting promoted to managing director in 2018. McGurk spent around eight years at JPMorgan in its healthcare investment banking unit.

While M&A deals in the healthcare space have slumped by 64% to $157bn in the first nine months of this year, according to data provider Refinitiv, demand for senior healthcare dealmakers in Europe has ticked up.  It’s been a barren recruitment market this year ahead of an expected pick-up in transactions.

Morgan Stanley’s head of European healthcare investment banking, Philippe Gallone, joined Moelis & Co as a managing director in its healthcare advisory team in June. Gallone had worked at Morgan Stanley for over 13 years. Meanwhile, in August, Deutsche Bank hired Christina Too and Gordon Butterworth from Nomura and Bank of America respectively, for its European healthcare team. Goldman Sachs also hired Orhene Dhaouadi from Morgan Stanley last year.

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