UBS senior advisers to oversee three regional divisions
UBS AG of Zurich, Switzerland, will realign its U.S. Wealth Management unit and has tapped several senior-level managers to oversee the restructured business.
UBS AG of Zurich, Switzerland, will realign its U.S. Wealth Management unit and has tapped several senior-level managers to oversee the restructured business.
UBS, which currently divides its roughly 8,000 U.S. advisers across eight regions, will consolidate these operations into three regional divisions July 1, confirmed spokeswoman Karina Byrne.
David McWilliams, a former managing director at Merrill Lynch & Co. Inc., who ran roughly 50 branches for the New York-based brokerage firm, will oversee a new Central region for UBS.
Jason Chandler, regional manager for UBS’s Metro region, will become the head of the new Northeast region, and Mike Schweitzer, head of products and services consulting at UBS, will run the newly created Western region.
All three regional managers will report to Jamie Price, head of UBS Wealth Management’s Advisor Group in the Americas, based in New York.
The restructuring, asInvestmentNews first reported last week, will be introduced as UBS looks to cut costs in its U.S. Wealth Management group.
Sources have indicated that as many as 2,000 jobs could be eliminated from this business by 2010, including more than 500 advisers.
Learn more about reprints and licensing for this article.
