UBS names Robert Karofsky as sole head of investment banking arm

• UBS’ co-president of financial investment banking, Robert Karofsky, will become its sole head, the financial institution introduced Monday.
• Existing expenditure banking co-president Piero Novelli will step down at the close of March.
• Below Karofsky, UBS has pushed to deliver together its financial commitment banking services with other models, like wealth management.
• Take a look at the Company section of Insider for much more tales.

UBS named Robert Karofsky as sole president of its investment decision banking arm on Monday.

His current co-president, Piero Novelli, is to retire from the banking marketplace, powerful March 31. Novelli will shift to the Euronet NV inventory trade, serving as chairman.

Karofsky joined UBS in 2014, foremost the equities business globally. Both equally he and Novelli were named co-presidents of the investment lender in 2018.

The pair reorganized the unit and previous 12 months shipped its strongest success due to the fact 2012, the bank reported in a statement. 

Go through much more: UBS is doubling down on initiatives to website link its wealth-administration company to its financial investment

Karofsky and Novelli have also pushed approaches of boosting the organization by linking closer with other UBS expert services.

Wealth management, for illustration, has been a massive priority for UBS given that the international fiscal crisis. Linking its $2.75 trillion wealth administration business with expense banking has tested an effective tactic amid the increase in SPACs. 

UBS experienced the fifth-maximum underwriting quantity for SPACs in 2020 among the financial commitment financial institutions, in accordance to SPAC Research. It is uncovered that in some conditions, SPAC sponsors now have prosperity administration accounts with UBS, and it leverages that romantic relationship to get its investment banking arm included in the deal.