UBS appoints Rob Karofsky as co-head of asset management

There are some changes in UBS’s management. For example, the management of global key asset management will be redistributed. Iqbal Khan, the current sole head of the division, will move to Asia, and Rob Karofsky will become head of the Americas and serve as co-president of Global Wealth Management (GWM) with Khan.

Khan will take over as Asia Pacific manager on Sept. 1, 2024, and will become co-president of Great Wall Motor, according to a statement on Thursday. He will move to Asia with his family in the summer. UBS said it would be the first time a UBS division head has been based in Asia.

Karofsky will now take over in the United States, having been head of the investment bank since 2018. UBS stressed that Khan and Karofsky will jointly manage asset management across all regions. In their new regional roles, they will also ensure that the group’s capabilities are optimally utilized across all areas of the firm.

Khan has already co-led the division in the past. He came to UBS in 2019 and initially managed it together with American Tom Naratil. However, from July 2022, he became the sole head of the core unit of the big bank.

At the same time, UBS also announced that Credit Suisse CEO Ulrich Körner will resign from the group executive board at the end of June following the merger of parent companies UBS AG and Credit Suisse AG and leave UBS later this year.

SDA/AEG

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