Bob McCann lures four Merrill Lynch vets to UBS, carves out wealth management ‘renewal team’
Just a few weeks after officially joining UBS AG as the head of its U.S. wealth management business, Bob McCann has snared four veterans from his former firm, Merrill Lynch & Co. Inc., and established a new “renewal team” for reviving UBS's financial advisory business here.
Just a few weeks after officially joining UBS AG as the head of its U.S. wealth management business, Bob McCann has snared four veterans from his former firm, Merrill Lynch & Co. Inc., and established a new “renewal team” for reviving UBS’s financial advisory business here.
Mr. McCann has hired Bob Mulholland — who was second in command at the Merrill brokerage business behind Mr. McCann before leaving in 2004 to join Sound Securities LLC — and Brian Hull, who most recently was the head of the private bank and investment group at Merrill.
Also joining the UBS wealth management business are Paula Polito and John Brown, both former employees of Merrill Lynch under Mr. McCann. Mr. Brown specifically worked in Merrill’s trading, prime brokerage, clearing and operations group, while Ms. Polito was formerly the head of marketing in Merrill’s wealth management business.
The moves were disclosed in a memo that Mr. McCann sent to employees of the U.S. wealth management business, outlining part if his strategy for differentiating UBS in the financial advisory community.
In the memo, which was obtained by InvestmentNewsMr. McCann described these new hires as being part of his “renewal team.”
“To me, the word ‘renewal’ best articulates our opportunity: to build on what’s good here – and to renew the organization, he wrote. “This team will function over the next 100 business days, and will work directly with me to define the best strategy to move us forward and develop the organizational structure necessary to execute on our plan.
UBS had client outflows of $9.6 billion in its Americas wealth management business during the three-month period ended Sept. 30, the company disclosed during its earnings call last week. That compares with $5.3 billion of outflows during the second quarter.
At the same time, the UBS unit ended the quarter with 7,286 financial advisers, an 8% decrease from the second quarter. The firm shed nearly 370 advisers during the quarter in thanks largely to Stifel Financial Corp.’s acquisition of 55 UBS branches in March.
Mr. McCann also appointed several key UBS employees to his new renewal team: Diane Frimmel, chief operating officer;: Jim Hausmann, acting head of products and services; Tom Naratil, chief financial officer; Jamie Price, head of the wealth management adviser group; and Mark Shelton, general counsel.
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