January 19, 2010

UBS' McCann and His Team: Lots of Merrill Lynch Ex's

Former Merrill Lynch execs hope to improve results at UBS Americas, which includes about 7,300 advisors.

Bob McCann, the former head of Merrill Lynch's brokerage force, joined UBS in November 2009, when it had about 7,300 advisors in the Americas. And the recently hired head of wealth management for the Americas is now putting together a team to help him boost results.

In a January 19 memo, in which he describes his effort in forming a "Renewal Team," McCann says that leaders are being hired to make changes "in how we interface with our clients and financial advisors, with particular focus on streamlining processes, increasing efficiencies and driving the business forward."

The new hires and leadership shifts include:

- Bob Mulholland, formerly of Merrill Lynch, will now head UBS Americas' Wealth Management Advisor Group (replacing Jamie Prince);

- Brian Hull, another ex-Merrill Lynch executive, will head Wealth Management Partnerships;

- John Brown, head of Wealth Management Solutions;

- David Satler, chief of staff - as well as head of Human Resources; and

- Paula Polito, another Merrill Lynch veteran, is now chief marketing officer.

Other executive changes effect:

- Jamie Price, who moves to an advisory role for the firm, "working with Bob Mulholland and his team, while he considers new career opportunities;"

- Jim Hausmann, who has been serving as interim head of Products and Services for the past six months, will assume a leadership role in the new Wealth Management Solutions organization, reporting to John Brown; and

- Kim Jenson takes on a new senior role and will be responsible for Wealth Management Advisor communications, reporting to Paula Polito.

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