Bob McCann set to take top spot at UBS Wealth Management — finally

Robert McCann, the former head of the brokerage business at Merrill Lynch & Co., will officially take over as the head of UBS AG's wealth management business by the end of the month, according to a source close to Mr. McCann.
OCT 08, 2009
By  Mark Bruno
Robert McCann, the former head of the brokerage business at Merrill Lynch & Co. Inc., will officially take over as the head of UBS AG's wealth management business by the end of the month, according to a source close to him. A UBS spokeswoman declined to comment, but the source specifically noted that Mr. McCann will likely join the firm during the last week of October. He settled a suit last week with his former employer, Bank of America Corp. — which acquired Merrill in January shortly before Mr. McCann's exit — 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 in consideration for this 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. A report on CNBC today noted that Mr. McCann already has plans to lure brokers from Merrill Lynch, who are now overseen by Ms. Krawcheck, ironically. Mr. McCann's pitch could hinge on recreating Merrill Lynch's fabled culture at UBS, said one Merril adviser, who asked not to be named. “Could [Mr. McCann] personally call the top 1,000 brokers and say to them, “I'll rebuild Merrill Lynch at UBS,” one veteran Merrill Lynch adviser recently asked Currently, UBS's wealth management business in the Americas is run by Marten Hoekstra. It's unclear what role he may have once Mr. McCann joins the wirehouse, according to one source familiar with the executive search at UBS.

Latest News

Social Security trustees see one less year in insolvency countdown, project shortfall to start 2034
Social Security trustees see one less year in insolvency countdown, project shortfall to start 2034

New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.

NY Republican Stefanik presses SEC to probe Harvard bond sale
NY Republican Stefanik presses SEC to probe Harvard bond sale

Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.

Ex-LPL leader re-emerges at The Wealth Consulting Group
Ex-LPL leader re-emerges at The Wealth Consulting Group

The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.

Envestnet extends investment offerings with new alts model portfolios
Envestnet extends investment offerings with new alts model portfolios

The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.

Just as wealth industry M&A was picking up, economic uncertainty could kill it again
Just as wealth industry M&A was picking up, economic uncertainty could kill it again

Deal volume increased post-election but now caution has taken over.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave