UBS (UBS) said Tuesday that Barry Mitchell–an advisor with yearly fees and commissions of $1.9 million and assets under management of roughly $290 million–joined its New York operations from Merrill Lynch. Mitchell will work in the Park Avenue office, where he will report to branch manager Dan Shepler.
This news comes five days after UBS promoted Bob McCann (left) to the CEO slot for the Americas, which include about 6,900 financial advisors. McCann–a former Merrill Lynch executive–has led the wealth-management operations of UBS in the Americas since 2009 and has successfully recruited a number of managers and advisors to UBS from Bank of America-Merrill during that time.
“I see this [promotion of McCann] as a relatively loud signal of UBS’ dedication to its U.S. brokerage business and also to wealth management as its core business worldwide,” said Chip Roame, head of Tiburon Strategic Advisors, in an interview with AdvisorOne on Friday.
“McCann is a long-time private client group executive at UBS and Merrill,” Roame explained. “The appointment of him as head of the entire UBS U.S. operation says to me that the emphasis will remain on private-client business, as opposed to investment banking, asset management, or anything else.”