Following the decision of Andrea Orcel to accept the role of CEO of Santander Group, and effective 1 October 2018, Piero Novelli and Robert Karofsky will jointly become co-presidents of the Investment Bank (IB) and members of the Group Executive Board of UBS Group AG.
Novelli will primarily focus on Corporate Client Solutions (CCS) and Karofsky on Investor Client Services (ICS). Both bring a proven track record in the business and move into their new roles from within UBS.
Novelli re-joined the firm in 2013 and is currently executive chairman, CCS, having previously served as global head of Advisory and, before that, chairman of Global M&A. Prior to this he was global co-head of M&A at Nomura, having worked as global head of M&A at UBS between 2004 and 2009. He first joined UBS from Merrill Lynch in 2004 where he held the position of head of European M&A.
Karofsky joined the firm in 2014 and is currently global head of Equities. Prior to joining UBS he was global head of Equity Trading at AllianceBernstein. He began his career at Morgan Stanley and joined Deutsche Bank as head of North American Equities in 2005, later becoming co-head of Global Equities.