September 25, 2018 / 4:18 PM / 3 months ago

UPDATE 1-Novelli, Karofsky to head UBS investment bank as Orcel leaves

(Adds detail, background)

ZURICH, Sept 25 (Reuters) - Swiss bank UBS appointed Piero Novelli and Robert Karofsky as joint heads of its investment bank as of Oct. 1 after veteran Andrea Orcel decided to join Spanish lender Santander as chief executive.

Novelli, now executive chairman of corporate client solutions, will primarily focus on that area in his new role, while Karofsky, global head of equities, will focus on investor client services, the bank said in a statement on Tuesday.

“Rob and Piero are well placed to continue driving the success of the investment bank within our proven model. Both are veterans of the industry with significant experience and I am certain they will further advance our business,” UBS Chief Executive Sergio Ermotti said in the statement.

UBS said both would also join the group executive board.

Orcel, an Italian who will not take over at Santander before the start of 2019, had run the investment bank since 2012. UBS said he had successfully implemented a capital-light business model and delivered both best-in-class profit before tax and top-tier return on equity. (Reporting by Silke Koltrowitz; Editing by Michael Shields)

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