Suddenly, UBS and McCann have 'mo

The movement of a couple — even a handful — of wirehouse adviser teams between firms doesn't necessarily establish a trend. But it's hard not to see yesterday's announcement of the signing of two more large teams by UBS Wealth Management Americas as confirmation of some serious momentum at the smallest of the four wirehouses. “Firms come into and out of favor in the industry,” said recruiter Danny Sarch, who recruits advisers for UBS and other firms. “UBS is currently in favor.” The latest recruits are a three-man team from Bank of America Merrill Lynch in Toledo, Ohio, managing $800 million with trailing-12-months production of $6.3 million, and a four-man team from Morgan Stanley Smith Barney LLC managing $375 million in Rochester, N.Y. Mr. Sarch credits the renewal to Robert McCann and his right hand man, Robert Mulholland, who lead the firm's wealth management business in the Americas. “They're turning around a ship that seemed lost a few years ago and they've really created an adviser-first culture there.” While that may sound like a sales pitch, other recruiters in the industry also credit the down-to-earth, approachable management style of the two former Merrill executives for making UBS a favored destination for top-producing advisers. The numbers don't lie. UBS is adding to its adviser force, assets are growing and profitability is rising. While the embarrassing $2.3 billion trading loss in the investment bank this past summer was a blow to morale, the company has recovered quickly. And it appears to be making good on its stated intention of focusing more keenly on wealth management and reining in the investment banking side of the business. The appointment of Mr. McCann as chief executive of UBS Group Americas is a sign of that repositioning. “Our strategy around the world and in the Americas is centered on leveraging our leading wealth management franchise together with a strong and focused investment bank and asset management business,” Mr. McCann wrote in a memo to employees after his promotion. Given his reputation as an advisers' chief executive, expect UBS' roll to continue in the new year.