UBS reportedly on the hunt for new U.S. brokerage chief executive

Oswald Grubel, who took over as UBS's chief executive officer in February, has elected not to sell the company's wealth management business here, despite speculation in recent months that he might offload this business.
JUL 06, 2009
By  Mark Bruno
UBS AG is reportedly looking for a high-profile executive to run its behemoth brokerage business in the United States. According to a report in the Financial Times, Oswald Grubel, who took over as UBS’s chief executive officer in February, has elected not to sell the company’s wealth management business here, despite speculation in recent months that he might offload this business. Rather, he has chosen to restructure the business’s management team and search for a new individual to lead the U.S. brokerage business, which consists of roughly 8,000 brokers. FT reported that it was unclear whether Martin Hoekstra, the head of UBS’ U.S. wealth management business, would remain at the firm if a new wealth management leader is brought on board. Karina Byrne, a spokeswoman for UBS in New York, declined to comment on the search for a new U.S. wealth management head. She did say, however, that UBS has “said repeatedly” that the U.S. wealth management business is not for sale and that it remains committed to both the business and the region. Observers are already beginning to speculate about who UBS may bring in to run the U.S. wealth management business. According to industry recruiters, two top-drawer — and conveniently available — names already circulating are Sallie Krawcheck, the former head of Citigroup Inc.’s wealth management group, and Robert McCann, the former head of the brokerage business at Merrill Lynch & Co. Inc. Ms. Byrne declined to comment on any such speculation. But one industry recruiter familiar with the search, who declined to speak for attribution, noted that both individuals are on a “very short list” of candidates and added that the search could be wrapped up in the next couple of weeks. UBS AG is based in Zurich, Switzerland. Citigroup and Merrill Lynch are both based in New York.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.