Global: Giant of healthcare banking retires

Ben Lorello is to retire from US investment bank Jefferies after 11 years as the global head of investment banking and capital markets.

According to newspaper reports, he will be replaced on an interim basis by the bank’s co-head of investment banking, Chris Kanoff.

Advertisement

Very much a banker of the old school, he was nicknamed the “medicine man” at UBS for his ability to produce revenues. Indeed, Dealogic estimates that he had brought in US$540m revenues during his decade tenure as global head of healthcare investment banking there.

Virtually the entire UBS healthcare team defected from the Swiss bank to Jefferies with him in June 2009, disillusioned with senior management and bonuses.

Before that, he was employed by Salomon Smith Barney for 15 years, where he served as managing director and global head of healthcare investment banking, and for seven years at Shearson Lehman Brothers in investment banking.

For the third quarter of the year, Jefferies reported record net earnings of US$268m and record quarterly revenues of US$1.4 billion.

“Investment banking’s record net revenues of US$589m million were driven by record performance in equity underwritings,” said chief executive Rich Handler and president Brian Friedman in a statement.

“The unknown future path of the Covid-19 pandemic and uncertainty in timing of a remedy, encouraged companies across the world to raise long-term and permanent capital.”