UBS has named Frank Minerva as chief operating officer of its ultra-high-net worth business in the U.S.
In his previous post, Minerva, a 21-year UBS veteran, led the New York office of UBS’ Private Wealth Management.
He replaces Douglas Black and will report to Jason Chandler, who heads the private wealth business.
Chandler was named head of the unit a month ago as UBS reorganized the U.S. retail brokerage into two divisions from three regions, according to reports in “The Wall Street Journal” and “Reutuers,” which have been confirmed by a spokesperson.
In addition, Chandler removed Jay Messing, head of private wealth sales, and Phillip Hsu, head of business development. They, like Black, are pursuing new roles within the wealth management unit.
These changes come after former Merrill Lynch executive Robert McCann became head of Wealth Management Americas in October 2009. The following month, McCann announced a Renewal Team in November to help him develop a plan to return the firm to profitability.
UBS has some 7,085 advisors in the Americas.