UBS Head of Non-U.S. Healthcare Banking McCutcheon to Retire

Doug McCutcheon, UBS AG’s head of healthcare in Europe, the Middle East, Africa and the Asia-Pacific region, has left Switzerland’s biggest bank after 25 years at the firm.

McCutcheon, who is retiring from investment banking and returning to his native Canada, joined UBS predecessor company SG Warburg & Co. in London as a graduate trainee in 1987, according to a memo dated earlier this month. Will Thompson will become head of healthcare in Europe, Middle East and Africa with “immediate effect,” the memo said. The contents of the memo were confirmed by a spokesman at UBS today.

In 2009, UBS hired four managing directors for health-care banking after the departure of the unit’s chief, Benjamin Lorello. He left in June that year to become chairman of investment banking at Jefferies Group Inc. UBS and Jefferies said in July 2009 that they “amicably resolved” a lawsuit in which UBS accused Jefferies of raiding the firm’s health-care investment bankers.

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