UBS officially taps Bob McCann to run wealth management

After months of speculation, UBS today named Robert McCann as its new head of wealth management in the Americas
APR 26, 2011
After months of speculation, UBS today named Robert McCann as its new head of wealth management in the Americas. Mr. McCann, the former head of the brokerage business at Merrill Lynch & Co., left that company after it was acquired by Bank of America in January. He will now oversee 8,000 financial advisers at UBS in the Americas region. Mr. McCann will replace Martin Hoekstra, the current head of UBS' U.S. wealth management business. Mr. McCann's official appointment comes just a few weeks aafter he settled a lawsuit with BofA that allowed him to pursue another executive-level position at a competing firm. While he offered no specific details on where his next position could be, he said during his trial that he was after a “once in a lifetime” opportunity, according to multiple reports. Mr. McCann has been vying for this top spot at UBS since at least July, as InvestmentNews first reported, along with Sallie Krawcheck — who is now the head of the global wealth and investment management business at Bank of America.

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

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