Sept. 22 (Bloomberg) -- UBS AG named Roger Naylor and Robert Karofsky co-heads of global equities at its investment bank, replacing Mike Stewart who is moving to wealth management.

Karofsky, 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 beginning of next year, according to memos to staff 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, who joined UBS from Bank of America Corp. in 2011, became sole head of the equities business in October that year following a $2.3 billion loss from unauthorized trading. At the private bank, he will succeed William Kennedy, who is leaving the firm. Investment Products and Services matches products to the recommendations of UBS’s chief investment officer, analyzing client portfolios and supporting customer advisers on topics such as wealth planning.

Stewart’s “move represents our commitment to move talented and widely recognized executives across divisions to facilitate understanding and collaboration,” Zeltner and Orcel said in one of the memos.

To contact the reporter on this story: Elena Logutenkova in Zurich at To contact the editors responsible for this story: Elisa Martinuzzi at Edward Evans

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