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UBS Management Team Changes: Khan to Lead Asia, Karofsky to Head Americas

UBS Management Team Changes: Khan to Lead Asia, Karofsky to Head Americas

Thu, May 30th 2024

UBS restructures its Global Wealth Management division, appointing Iqbal Khan as Regional Head Asia-Pacific and Rob Karofsky as Head of Americas.

KEYSTONE/Georgios Kefalas

UBS has announced significant changes to its management team. The management of the Global Wealth Management (GWM) division will be split, with Iqbal Khan moving to Asia and Rob Karofsky taking over as Head of Americas and Co-President of GWM alongside Khan.

Starting September 1, 2024, Khan will become the Regional Head Asia-Pacific and Co-President of GWM. He will relocate to Asia with his family in the summer. According to UBS, this marks the first time a head of a UBS division will be based in Asia.

Karofsky, who will now oversee operations in the USA, has led the Investment Bank since 2018. UBS emphasizes that Khan and Karofsky will jointly manage wealth management across all regions and ensure optimal utilization of the Group’s capabilities across all divisions.

Khan has previously co-headed the division, joining UBS in 2019 and initially sharing management with Tom Naratil from the US. Since July 2022, Khan has been the sole head of the bank’s core division.

Additionally, UBS announced that Ulrich Körner, CEO of Credit Suisse, will step down from the Group Executive Board at the end of June following the merger of UBS AG and Credit Suisse AG and will leave UBS later in the year.

©Keystone/SDA

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