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February 06, 2012 at 08:28 AM
UBS (UBS) said Friday that it would nominate two new board members at its annual meeting in May. The company, set to release earnings early on Tuesday, also said recently that it hired more than 20 advisors from rivals Bank of America (BAC) and Morgan Stanley Smith Barney (MS) with about $3 billion in combined assets under management and $18 million in yearly fees and commissions.
The UBS board of directors plans to nominate Beatrice Weder di Mauro and Isabelle Romy for election as new members on May 3. Current board members Bruno Gehrig and Kaspar Villiger will not stand for re-election. Axel Weber, who supports both nominations, will stand for election as chairman, as was announced in November.
Beatrice Weder di Mauro has been a professor of economics at the Johannes Gutenberg University of Mainz since 2001 and is a member of the German Council of Economic Experts and the European Advisory Group of the IMF.
Isabelle Romy is a partner at the Swiss law firm Niederer Kraft & Frey and is an associate professor at the University of Fribourg and at the Federal Institute of Technology in Lausanne, as well as a former a deputy judge at the Swiss Federal Supreme Court. Since 2002, she has been a member of the Sanction Commission of the SIX Swiss Exchange and has been its vice chairman since 2008.
Recruited Advisors
In January, UBS recruited eight groups of FAs and several individual advisors to its Wealth Management Americas unit, led by former-Merrill Lynch executive Bob McCann, left.
A group led by Margaret Baldwin in Newport Beach, Calif., and Michael Naples in Pasadena, Calif., joined from Bank of America-Merrill Lynch with production of $2.4 million and assets of more than $470 million.
Also, the Reckinger Loynes Group joined UBS’ Newport Beach office from Merrill Lynch with roughly $1.3 million in yearly fees and commissions and assets under management of $387 million.
Lucie Sabella and Megan MacGowan left Morgan Stanley Smith Barney to become part of UBS’ Fort Lauderdale, Fla.-office. They should add some $1 million in production and assets of $117-plus million.
