UBS has announced the appointment of Rob “Killer” Karofsky as co-head of asset management and head of the Americas. The move positions him as a potential successor to CEO Sergio Ermotti, who is preparing to step down. As an American investment banker with a successful track record at UBS, Karofsky has been tasked with leading asset management alongside Iqbal Khan.
UBS has reorganized its management team in anticipation of Ermotti’s succession. Karofsky’s new role as co-head of global wealth management and head of the Americas is a significant change for the bank. His background in investment banking, including his successful leadership of the division at UBS, has positioned him as a strong candidate for the CEO role.
The bank’s focus on succession planning is evident in Karofsky’s new role, which includes responsibilities for both asset management and the Americas business. UBS is following a model similar to Morgan Stanley in grooming internal candidates for top leadership positions. Karofsky’s performance and potential for success in both areas have earned him recognition as a key figure in the bank’s future plans.
Karofsky’s leadership will be crucial in strengthening ties between asset management and investment banking, particularly in serving ultra-high-net-worth clients and family offices. The integration of these key areas requires a culture of cooperation and disciplined processes. UBS must strike a balance between providing access to private investments and maintaining a conservative risk profile.
The challenges facing Karofsky in his new role include turning around the American wealth management business, which has struggled with profitability. UBS faces strong competition in the American market and must navigate unique market dynamics to succeed. Karofsky’s success in this area will be a key factor in his candidacy for CEO.
As Karofsky navigates the complexities of wealth management and investment banking, his collaboration with co-head Iqbal Khan will be essential. The two leaders must work together to achieve UBS’s goals and establish the bank as a top player in the industry
