Bloomberg News reports that Karofsky, 47, who is joining from AllianceBernstein Holding LP in December, and Naylor, currently head of global equity derivatives at UBS, will assume their new roles at the start of next year, according to staff memos from Juerg Zeltner and Andrea Orcel, the heads of wealth management and the investment bank, respectively.
Stewart will become head of the Investment Products and Services unit at the private bank, the memos show. A spokesman for Zurich-based UBS confirmed the memos’ contents.
Stewart, 45, took over the equities business in October 2011 after UBS recorded a $2.3 billion loss from unauthorized trading. He was hired from Bank of America Corp. earlier that year. UBS’s equity business posted $2.19 billion in sales in the first half of this year, making it the fifth-biggest equity trader by revenue among global investment banks, data compiled by Bloomberg Intelligence shows.
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