Euronext appoints Piero Novelli as Chairman ahead of Borsa Italiana acquisition

Rick Steves

The experience and skills he developed from top roles at UBS Investment Bank make him a perfect choice for Euronext as the exchange operator aims to close a 4.3 billion euro acquisition of Borsa Italiana from the London Stock Exchange in the first half of 2021.

Piero Novelli

Euronext has confirmed that Piero Novelli has been named the next Chairman of Euronext N.V., in a statement on government evolution. In order to take on the new role, Mr. Novelli will step down from all other executive positions.

UBS Investment Bank has already announced Mr. Novelli will step down as Co-President on 31 March 2021 to “pursue new opportunities, including non-executive chairman positions and roles in academia teaching finance and business”.

Mr. Novelli has been Co-President of the Investment Bank of UBS and a member of UBS Group Executive Board since October 2018. Other top roles at the investment bank include Co-Executive Chairman of Global Investment Banking in 2017 and Global Head of Mergers and Acquisitions (M&A) in 2016.

Mr. Novelli played a number of top roles in leading firms within the industry, including Global Co-Head of M&A at Nomura and Head of European M&A and Head of European Industrials at Merrill Lynch. In his 27-year career in investment banking, Mr. Novelli advised some of the largest Italian corporates on many cross-border strategic transactions.

The experience and skills he developed with these roles make him a perfect choice for Euronext as the exchange operator aims to close a 4.3 billion euro acquisition of Borsa Italiana from the London Stock Exchange in the first half of 2021.

The firm has had better-than-expected annual revenue due to growing income from listings, trading, and clearing activities after a few recent acquisitions.

UBS Investment Bank has already announced Robert Karofsky as the sole President. In the statement, the firm recognizes Mr. Novelli and Mr. Karofsky’s success in realigning efforts around clients’ evolving needs, focusing resources on opportunities for profitable growth, and reinvesting in the bank’s digital transformation.

The Investment Bank has recently reported its best fourth-quarter and full year results since 2012, finishing 2020 with an exceptional return on attributed equity of nearly 20%.

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