After UBS (UBS) released earnings on Tuesday, the Wealth Management Americas unit told its nearly 7,000 reps that the head of its advisor operations, Bob Mulholland, is retiring. He will be replaced by Brian Hull.
Hull will lead the UBS’ Client Advisory Group. He was involved in the group’s recent renewal, according to the company. For several years, Hull also served as head of Strategic Clients & Partnerships, and as a member of both the WMA and Americas Executive Committees.
“Brian has always worked hard to bring the best capabilities of the firm to bear for our financial advisors and their clients. He’s successfully driven meaningful collaboration across UBS, enhancing the firm’s relationships with wealth management, institutional and corporate clients,” said Bob McCann, president of UBS Americas, in a memo to advisors.
Hull joined UBS from Merrill Lynch in November 2009, after it was bought by Bank of America (BAC) and McCann switched firms. He spent 15 years at Merrill Lynch and had senior positions in Global Markets & Investment Banking, as well as in Wealth Management.
Mulholland, a 36-year industry veteran, joined UBS in 2009 from Sound Securities, after a 25-year career at Merrill Lynch. He was named head of Merrill’s Client Relationship Group in 2001.
“Leading the advisor force at UBS Wealth Management Americas has been the best five-plus years of my entire career, and I could not be more proud of all that we have achieved. While knowing the right time to step away is always difficult, I leave confident that the firm and our advisors are at the top of their game as the most productive advisors in the industry,” Mulholland explained in a statement.
UBS Advisor Force
On Tuesday, UBS said its Americas wealth management unit made a profit of $293 million in Q1’15, up 26% from Q4’14 and 3% from Q1’14. Revenues for the unit were $1.9 billion. Client assets reached $1.05 trillion, a 2% increase from the prior quarter and 6% jump from the year-ago period.
Assets per advisor stand at $150 million, while fees & commissions per rep are $1.09 million per year as of March 31. This production level is flat from the earlier period but up 5% from $1.04 million in Q1’14.
Net new money flows were $4.8 billion in Q1’15, down from $5.5 billion in the prior period but more than double the $2.1 billion of Q1’14.
The advisor headcount in the Americas is 6,982 vs. 6,997 in the earlier quarter and 7,113 in year-ago period. “This is consistent with our stated strategy of retaining and attracting the top producers in U.S. wealth management and keeping our advisor force at approximately 7,000,” the company said in a statement.
(Bank of America-Merrill Lynch, which has 14,183 traditional advisors, says its reps have yearly production of $1.04 million as of Q1’15.)
— Check out UBS Is Having Its Best Day in Years on ThinkAdvisor.