Change is in the air at UBS Investment Bank. After its President Andrea Orcel left the firm to head up Santander earlier this week, the Swiss investment bank announced on Wednesday that two people would fill the role he left.
Piero Novelli and Robert Karofsky will jointly become co-Presidents of the firm. On top of this, they will also be members of the Group Executive Board of UBS Group AG.
“Rob and Piero are well placed to continue driving the success of the Investment Bank within our proven model.” Said UBS Group’s Chief Executive Officer, Sergio P. Ermotti, “both are veterans of the industry with significant experience and I am certain they will further advance our business.”
Orcel had headed up UBS’ investment bank since 2012. In this time, he implemented a new capital-light business model which helped the firm deliver decent levels of profit before tax and return on attributed equity.
Given their past experience, his replacements should be able to replicate Orcel’s past success.
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Piero Novelli is currently in his second stint with UBS. He first joined the firm, from Merrill Lynch, in 2004. Until 2009, he was Global Head of Mergers and Acquisitions.
After that, Novelli joined the Japanese firm Nomura as Global Co-Head of Mergers and Acquisitions. Having spent four years in that role, he returned to UBS in 2013.
Since then he has held several roles, including Global Head of Advisory and, before that, Chairman of Global Mergers and Acquisitions. Most recently, he was an Executive Chairman, responsible for deal advisory and bond and stock underwriting.
Novelli’s new co-President, Robert Karofsky, has a similarly impressive array of experience. Currently Global Head of Equities, he joined UBS in 2014 from AllianceBernstein where he was Global Head of Equity Trading.
Karofsky got his career started at Morgan Stanley but really made a name for himself at Deutsche Bank. He joined the German firm in 2005 as Head of North American Equities and rose to become co-Head of Global Equities.