In its continuing effort to restore its investment bank, Citigroup has hired Andrew Baum as head of pharmaceuticals and healthcare research for Europe, according to a memo reviewed by FINS and confirmed by Citigroup.
Baum, who will be a managing director at Citigroup, is a trained physician and one of the pre-eminent analysts in the healthcare sector. For the past four years, he has been named the No. 1 pharmaceuticals analyst in Thomson Reuters Extel rankings.
Baum joins Citigroup from Morgan Stanley, where he was head of pharmaceutical research. When he starts his new job in September, he will be based in London and report to Terrence Sinclair, head of equity research for Europe. Baum replaces Kevin Wilson, who retired earlier this month.
Financial News reported he could make as much as $1.6 million per year at Citi.
Baum joined Morgan Stanley in April 1997. Previously, he was a UK pharmaceutical and biotechnology analyst at Salomon Brothers. From 1994 through 1996, Baum practiced medicine in Oxford, where he did his residency.
Citigroup has been on a hiring spree lately. More than 35 new managing-director-rank hires have been announced year-to-date.
Research in particular has been a focus for the bank over the past year and a half. It brought on Alastair Syme, Nomura's former head of oil and research in Europe, Middle East and Africa. It also hired former Deutsche Bank deputy head of research Ross Jobber in April.
Write to Julie Steinberg