He has re-emerged as the chief executive of LaingBuisson, according to a statement from the London-based healthcare consultancy on June 30.
Elphick is not the first healthcare banker at Jefferies to switch to the corporate sector – managing director Ian Crosbie joined biopharmaceutical firm Circassia in 2013 and is now the chief financial officer of breast implant company GC Aesthetics.
Asked why he made the move, Elphick told Financial News that “the bottom line is it’s a very interesting entrepreneurial opportunity, and they don’t come along everyday”, adding that he was even happier to have made the move to the corporate sector in light of the EU referendum result and its likely disruptive effect on the banking industry.
His responsibilities at Jefferies covering European healthcare services and medical technology companies have been taken on by managing director Roger Gunnarsson.
Elphick joins LaingBuisson alongside the former UK health secretary Stephen Dorrell, who was an MP for 36 years and chairs the NHS Confederation, who has been appointed chairman of the consultancy.
Dorrell said in a statement that now was a time of “immense change in the healthcare sector” with challenges such as rising cost and demand against a backdrop of “severely constrained resources and now, Brexit”.
Elphick’s move into the corporate world is a well-trodden path in the investment banking sector — examples over the past year include Rothschild banker Michael Scott’s move to flooring company Victoria as group finance director; Morgan Stanley’s head of capital markets for Germany and Austria Klaus Froehlich’s switch to construction firm Saudi Binladin Group; and Bank of America Merrill Lynch banker Christian Gaertner’s move to online meal firm HelloFresh.