Rejiggering at UBS wealth management 'a big deal for retail'

In a move that streamlines management above its 7,000 registered reps and advisers, UBS AG shifted leadership roles within its Wealth Management Americas unit, according to a memo today from Robert McCann, chief executive of UBS Group Americas. Bob Mulholland, who was head of the wealth management adviser group, was named head of wealth management and investment solutions, according to the memo to staff, Bloomberg News reported. Jason Chandler, who ran the unit’s ultrahigh-net-worth division, is reporting to Mr. Mulholland as head of the wealth management adviser group. Other managers were also shifted or pruned. “This is a big deal for retail,” said Danny Sarch, an industry recruiter. “Mulholland is no longer running the field. And it’s significant that they did away with a layer of management. It’s a trend in the business. Mulholland had two regional divisions report to him, and that divisional layer no longer exists.” That could make life simpler for UBS advisers, noted Mr. Sarch, who counts UBS as one of his clients. “The adviser now has his manager, his regional manager and Chandler,” Mr. Sarch said. “There was an extra layer before. “ Reuters also reported the news about the restructuring at UBS today. Karina Byrne, a UBS spokeswoman, did not immediately respond to a phone call Friday afternoon seeking comment. Mr. McCann, who joined UBS from Merrill Lynch in 2009, has been a force in his brief time at the unit. In December, he was promoted from leader of Wealth Management Americas to chief executive of UBS Group Americas. And last year, the UBS brokerage unit returned to profitability. Mr. Mulholland was a colleague of Mr. McCann’s at Merrill.