UBS Divides Wealth Management Posts As Part Of An Executive Reorganisation

On Thursday, UBS announced a restructuring of its Executive Board, splitting its top wealth management position to pave the way for potential successors to CEO Sergio Ermotti. Rob Karofsky, currently head of UBS’s investment bank, will assume the role of head of the Americas and co-president of global wealth management alongside Iqbal Khan, the current wealth management chief, who will also oversee the Asia-Pacific region from September 1, relocating to Asia for the purpose.

Both Khan, a Swiss national, and Karofsky, an American, are seen as strong internal contenders to eventually lead UBS, with Ermotti possibly remaining in his role until at least 2027. Analyst Andreas Venditti of Vontobel described the reshuffle as more extensive than anticipated, highlighting Khan and Karofsky as primary candidates for the CEO position.

Ermotti emphasised the long-term growth prospects in the Americas and Asia-Pacific with these appointments. He has reportedly rejected the idea of appointing an outsider as his successor, aiming to present internal candidates, a strategy he employed during his previous departure from UBS in 2020. Beatriz Martin, currently president of UBS Europe, the Middle East, and Africa, is also considered a potential successor. These changes come as UBS integrates Credit Suisse, with the merger of the banks’ parent companies set to be legally finalised soon after the announcement.