UBS has named Robert Karofsky as the sole president of its investment banking arm, after Piero Novelli’s decision to retire on 31 March 2021.

The position was previously jointly held by Karofsky and Novelli, who plans to quit the banking sector to pursue new opportunities such as teaching roles in finance as well as non-executive chairman roles.

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The duo became head of Investment Bank in September 2018, replacing Andrea Orcel who was due to join as the CEO of Spanish banking group Santander. However, the offer was soon withdrawn by Santander.

Karofsky and Novelli strengthened the Investment Bank’s alliance with Global Wealth Management and Asset Management, noted UBS.

The Investment Bank is said to have posted its best fourth-quarter and full year results since 2012 under the guidance of the pair.

Karofsky has been working at UBS since 2014. He has been previously in charge of the equities business and also headed the Investment Bank’s digital transformation.

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Novelli re-joined UBS in 2013 and has served in various executive positions across the Investment Bank before assuming the responsibility of co-president.

Earlier, he was executive chairman of corporate client solutions, global head of advisory and chairman of global M&A.

The latest announcement by UBS follows Euronext’s nomination of Novelli as its next chairman.

Euronext said that the role, which awaits shareholders’ and regulatory nod, requires Novelli to quit other executive positions.

UBS group CEO Ralph Hamers: “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.”

In December last year, UBS appointed Sabine Keller-Busse as the new president of UBS Switzerland, replacing Axel Lehmann in the first key restructure under new CEO Ralph Hamers.

Last November, UBS announced top management changes in its India operations, including the appointment of Uday Odedra as the new country head for India.