Robert McCann named UBS Americas' new chairman

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.