After several months of speculation and a legal dispute with his former employer, Robert J. McCann is now CEO of UBS Wealth Management Americas. McCann, the former head of Bank of America’s Merrill Lynch wealth management operations, will also become a member of the group executive board of Swiss-based UBS AG.
“Coming to UBS is a once-in-a-lifetime opportunity to join a leading global wealth manager. It is a firm that I always considered to be a tough competitor and I will add my energy and ideas to the turnaround underway,” says McCann, who spent 26 years at Merrill Lynch. “The domestic Americas business represents an enormous wealth management opportunity for UBS. I see tremendous long-term potential growth for clients, employees and shareholders.”
McCann, 51, immediately assumes responsibility for UBS’ wealth management businesses in the United States and Canada, including all international business booked in the US. He will lead nearly 8,000 financial advisors in more than 320 branches across the US, Puerto Rico and Canada, managing about $681 billion in invested assets.
“I am confident that his proven ability to meet client needs, manage businesses and develop financial advisors will drive UBS Wealth Management Americas to a higher level of performance and return for all stakeholders,” says UBS Group CEO Oswald Gruebel.
In its second-quarter 2009 results, UBS reported that there were 7,939 advisors in the Americas, down from 8,760 in the previous quarter and 8,555 a year earlier. And the group reported net inflows of negative $5 billion in the most recent quarter of 2009, after seeing outflows of $8 billion in the second quarter of 2008.