UBS investment bank co-chief joins Euronext as chairman
Piero Novelli will leave his job as co-president of UBS’ investment bank to become chairman of the stock exchange operator Euronext.
The appointment, which was triggered by Euronext’s acquisition of Borsa Italiana last October, leaves Robert Karofsky in charge of the UBS division.
As part of the deal, Euronext reportedly agreed to have an Italian representative on its supervisory board with a second Italian candidate proposed as an independent member of the supervisory board and become chairman of the group.
Novelli, who rejoined UBS in 2013 and was appointed co-president in 2018, will step down on 31 March.
In a statement the bank said under Karofsky and Novelli’s leadership “the Investment Bank achieved its best fourth-quarter and full year results since 2012, finishing 2020 with an exceptional return on attributed equity of nearly 20 per cent.”
“I want to personally thank Piero for his contributions to reshaping our Investment Bank and successfully co-leading the business, employees and our clients through the pandemic,” UBS group chief executive Ralph Hamers said.
Euronext is expected to complete its acquisition of Borsa Italiana from the London Stock Exchange in the first half of this year.