UBS shuffles management, hires ex-Morgan Stanley exec

UBS Wealth Management Americas has reorganized the leadership of its approximately 7,100 advisers as the firm looks to add additional levels of accountability and expand product offerings for clients, according to an internal memo sent circulated Thursday by the firm's chief executive, Robert McCann. As part of the moves, the firm is bifurcating leadership of its wealth management client advisory group, a role previously held by Jason Chandler. Mr. Chandler will be taking on responsibility for advisers in the four eastern regions, and Bill Carroll, former head of investment solutions, will oversee the four western markets. Mr. Carroll is also taking on responsibility for national sales, a role focused on recruiting for all eight divisions. Paul Santucci, the head of national sales, will now report directly to Mr. Carroll. Mr. McCann said in the memo that the moves were designed “to create greater accountability and enhanced client focus.” At the same time, the firm brought on a former Morgan Stanley executive, Paul Hatch, to take on a new role overseeing product development as head of advice and solutions. Mr. Hatch had been head of investment solutions at Morgan Stanley until 2012, when he left to found an asset management consulting firm, KNUU Investment Solutions. Mr. Hatch's responsibilities were previously divided between Mr. Carroll and David McWilliams, head of wealth management transformation. Mr. Hatch has three decades of experience, having begun his career in 1985 as an adviser at E.F. Hutton & Co. Inc. John Brown, head of middle markets; Mike Ryan, chief investment strategist; Tom Try, head of capital markets, and Mr. McWilliams all will report to Mr. Hatch. The firm has also moved its international group of 371 U.S.-based advisers serving wealthy foreign clients from under Bob Mulholland, head of wealth management and investment solutions, and placed it under Mr. Chandler's oversight. John Matthews will remain the head of the firm's private wealth management business of around 367 advisers focused on ultrahigh-net-worth clients, a role he assumed from Mr. Chandler last May.