McCann's move: UBS chief picks former Merrill vet to lead adviser group

Robert McCann, CEO of UBS AG's Wealth Management Americas, announced several appointments from his “Renewal” team Tuesday — including Bob Mulholland, a 25-year Merrill veteran, who will replace Jamie Price as head of the UBS adviser group. Mr. McCann, the former boss of the brokerage business at Merrill Lynch & Co. who recently joined UBS as its new CEO, wrote in a memo obtained by InvestmentNews today that he's bringing on board four former Merrill executives to help turn around the brokerage business at UBS. Mr. Price, who has led the UBS Wealth Management Advisor Group, will remain with UBS for a time in an advisory capacity, Mr. McCann wrote, as Mr. Price considers “new career opportunities.” “I am extremely grateful to Jamie for his advice and counsel since I joined the firm,” Mr. McCann wrote in the memo. Mr. Mulholland, who reportedly worked with Mr. McCann at Merrill, will be responsible for UBS's advisory strategy and will lead UBS's team of advisors, Mr. McCann wrote. Brian Hull, also a former colleague of Mr. McCann's at Merrill, is leading a new effort as head of wealth management partnerships. That role involves “managing the delivery of solutions to [UBS's financial advisors] and managing key client and partner relationships,” Mr. McCann wrote. “Brian will ensure we deliver the right resources to the right Advisors for the right clients. He will also develop a range of strategic relationships for Wealth Management Americas, partnering with the Investment Bank and Global Asset Management as well as third party investment managers.” John Brown was also given a brand new job, head of wealth management solutions. He will be responsible for product platform development and strategy. Mr. McCann also appointed David Satler as Mr. McCann's chief of staff, in addition to his current role as head of human resources, and Paula Polito as a newly created role as chief marketing officer. Mr. McCann formed his “Renewal Team” last November in an effort to restore profitability and improve strategy at UBS's wealth management group in the Americas.