June 16, 2024

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Robert Karofsky Appointed Sole President UBS Financial commitment Lender as Piero Novelli Retires

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ZURICH & BASEL, Switzerland–(Business WIRE)–Regulatory Information:

Robert Karofsky has been appointed sole President UBS Financial commitment Lender, next Piero Novelli’s choice to retire from the banking marketplace to pursue new options, which include non-executive chairman positions and roles in academia teaching finance and business enterprise. Novelli will phase down as Co-President Financial commitment Bank on 31 March 2021.

Together, Karofsky and Novelli correctly reshaped the Expenditure Bank, realigning attempts about clients’ evolving needs, concentrating resources on options for lucrative development, and reinvesting in the bank’s digital transformation. They also deepened the Expense Bank’s partnership with World Prosperity Administration and Asset Management. Underneath their management, the Financial investment Bank achieved its finest fourth-quarter and entire yr outcomes considering the fact that 2012, finishing 2020 with an fantastic return on attributed fairness of practically 20%.

Karofsky joined UBS in 2014, major the Equities organization globally. In September 2018, Karofsky and Novelli turned Co-Presidents Financial investment Bank. Leveraging his markets knowledge, Karofsky has led the Financial commitment Bank’s digital transformation.

Novelli re-joined UBS in 2013 and has held a range of govt roles across the Expense Bank. Prior to starting to be the Co-President, he was Govt Chairman, Corporate Customer Answers, getting beforehand served as World-wide Head of Advisory and, in advance of that, Chairman of World M&A.

Group Main Govt Officer Ralph Hamers: “I want to personally thank Piero for his contributions to reshaping our Investment decision Financial institution and efficiently co-main the company, workforce and our shoppers by way of the pandemic. Our planet-class Financial commitment Lender is critical to the good results of our Group tactic and I am assured Rob is the proper leader to assist us accomplish our strategic ambitions.”

Recognize to traders

This document and the data contained herein are offered only for details applications, and are not to be construed as a solicitation of an provide to buy or promote any securities or other economical instruments in Switzerland, the United States or any other jurisdiction. No financial commitment determination relating to securities of or relating to UBS Group AG, UBS AG or their affiliate marketers must be designed on the foundation of this doc. Refer to UBS’s fourth quarter 2020 report and its Once-a-year Report on Form 20-F for the year ended 31 December 2019 for supplemental data. These stories are offered at www.ubs.com/investors.

Cautionary assertion pertaining to ahead-hunting statements

This document has statements that represent forward-hunting statements. Even though these statements depict UBS’s judgments and anticipations regarding the issues explained, a quantity of dangers, uncertainties and other essential components could result in genuine developments and success to differ materially from UBS’s anticipations. More details about those people aspects is established forth in files furnished and filings produced by UBS with the US Securities and Trade Commission, which include the very first and fourth quarter 2020 experiences and the Yearly Report on Kind 20-F for the 12 months finished 31 December 2019. UBS undertakes no obligation to update the information contained herein.

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