UBS Group AG (SWX:UBSG) today announces senior management changes at its investment bank. Robert Karofsky has been appointed sole President of UBS Investment Bank.

In this role, Mr Karofsky will succeed Piero Novelli who will take up the role of Chairman of Euronext NV. Mr Novelli will step down as Co-President of UBS Investment Bank on March 31, 2021.

Mr Karofsky joined UBS in 2014, leading the Equities business globally. In September 2018, Mr Karofsky and Mr Novelli became Co-Presidents Investment Bank. Leveraging his markets experience, Mr Karofsky has led the Investment Bank’s digital transformation.

Mr Novelli re-joined UBS in 2013 and has held a number of executive roles across the Investment Bank. Prior to becoming the Co-President, he was Executive Chairman, Corporate Client Solutions, having previously served as Global Head of Advisory and, before that, Chairman of Global M&A.

Group Chief Executive Officer Ralph Hamers commented:

“I want to personally thank Piero for his contributions to reshaping our Investment Bank and successfully co-leading the business, employees and our clients through the pandemic. Our world-class Investment Bank is critical to the success of our Group strategy and I am confident Rob is the right leader to help us achieve our strategic ambitions.”