Bob Mulholland, a long-time industry veteran who
played a key role in reviving UBS AG's money-losing U.S. brokerage after 2009, is retiring, according to a memo distributed to the firm's 7,000 advisers on Tuesday.
Mr. Mulholland, 63, was second-in-command at UBS Group Americas and as head of the wealth management division reported directly to chief executive Robert McCann.
“I am grateful to Bob for his many contributions to WMA, and for serving as one of the key members of our renewal team,” Mr. McCann wrote in the memo. “Bob's leadership has helped us establish a culture where the best managers and advisors want to come, stay and build long, rewarding careers.”
HULL TO RUN CLIENT ADVISORY GROUP
A nearly six-year veteran of the firm, Brian Hull, is taking over for Mr. Mulholland as head of the client advisory group. Mr. Hull had previously helped to integrate the firm's banking and wealth management operations as head of strategic clients and partnerships.
Rumors had been circulating that Mr. Mulholland planned to retire, but the move was not expected until later in the year, industry observers said.
Mr. Hull's promotion is effective immediately although Mr. Mulholland will stay on for a short period of time to help with the transition, according to the memo.
UBS is also promoting John Matthews, who was head of the private wealth management group, to join the firm's executive committee as he takes on new responsibilities overseeing the firm's family office and business development group.
25 YEARS AT MERRILL
Mr. Mulholland has been in the industry for 36 years and spent 25 years at Merrill Lynch prior to joining UBS. He was one of several former colleagues Mr. McCann hand-selected to join his team in 2010 and was generally well-liked among many advisers in the field.
“Leading the advisor force at UBS WMA has been the best five-plus years of my entire career,” Mr. Mulholland said in a statement. “I am looking forward to focusing on my family full time, knowing that I leave the firm with strong leadership and a bright future."
The past five years have not been all smooth sailing, however. Mr. Mulholland has been at the helm through a number of challenges, including most recently hundreds of millions in claims from investors in proprietary closed-end funds in Puerto Rico. Mr. Mulholland described the situation there to a group of advisers as the “perfect storm,” according to
The New York Times.
UBS spokesman Gregg Rosenberg said the events in Puerto Rico did not affect Mr. Mulholland's decision.
