Robert McCann named UBS Americas' new chairman

Robert McCann named UBS Americas' new chairman
Exec will become chairman of UBS Americas, focusing on clients and strategic priorities. Tom Naratil, the group CFO and COO, will become president of UBS Wealth Management Americas and UBS Americas.
NOV 25, 2015
Robert McCann will be bumped up from the leadership of UBS Group AG's advisers in America to a new role, chairman of UBS Americas, where he will focus on clients and strategic priorities in the region, the company announced Tuesday morning. Mr. McCann is stepping down from his current roles as president, Wealth Management Americas, president, UBS Americas and as a member of the group executive board. Succeeding Mr. McCann in all three positions will be Tom Naratil, currently the group chief financial officer and chief operating officer. The changes will take effect Jan. 1, 2016. Mr. McCann left rival Merrill Lynch and joined UBS in 2009, in the wake of the credit crisis. This is the second significant change in leadership at UBS Wealth Management Americas this year. In May, Bob Mulholland, Mr. McCann's second in command, said he was going to retire. Both Mr. Mulholland and Mr. McCann are widely credited with reviving UBS' money-losing brokerage after 2009. In releasing third-quarter earnings Tuesday, Wealth Management Americas posted an adjusted profit before tax of $287 million, an increase of 24% from the previous quarter, the company said.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech:  The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income