Kar “Killer” Robofsky has been appointed as the co-head of asset management and head of the Americas at UBS, positioning him as a potential successor to CEO Sergio Ermotti. This move comes as UBS prepares for the post-Ermotti era by reshuffling its management team.
As a 57-year-old American investment banker, Robofsky has been successful in his role leading the investment bank division at UBS. Under his leadership, the investment bank has seen increased transactions and revenues. He has also focused on integrating selected Credit Suisse units into UBS. Robofsky’s appointment reflects UBS’s strategy to strengthen ties between asset management and investment banking, especially in servicing ultra-high-net-worth individuals and family offices.
However, Robofsky faces challenges in turning around the struggling North American wealth management business, which has been experiencing low profitability. The American market is competitive, and UBS lags behind major U.S. banks in wealth management. Robofsky must demonstrate success in this region to strengthen his candidacy for the CEO position. His goals for the investment banking and wealth management divisions will be crucial in determining his success.
There are questions about whether Robofsky’s background in trading will translate into success in the people-oriented wealth management business. However, there is an increasing overlap between investment banking and wealth management, with more investment bankers moving into this sector. Robofsky will need to work closely with Iqbal Khan, UBS’s other co-head of asset management, to achieve their goals and navigate the competitive financial landscape.
As the race to succeed Sergio Ermotti heats up, Robofsky will need to leverage his experience and success at UBS to establish himself as a top contender for the CEO position
