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Merrill Veteran Mulholland To Head UBS Advisor Group In US

Charles Paikert Family Wealth Report Editor New York 21 January 2010

Merrill Veteran Mulholland To Head UBS Advisor Group In US

Robert McCann isn’t wasting any time getting his new “renewal” team at UBS up and running.

In a memo to his staff on Tuesday, Mr McCann, chief executive of UBS’s Wealth Management Americas, announced several key executive appointments, including naming Merrill Lynch veteran Bob Mulholland as head of the Wealth Management Advisor Group, replacing Jamie Price.

Mr Price will temporarily move to an advisory role and work with Mr Mulholland “while he considers new career opportunities,” Mr McCann said in the memo.

Mr Mulholland will be responsible for the firm's advisory strategy and “delivering profitable growth” leading UBS’s financial advisors, Mr McCann said.

Mr McCann, who ran Merrill’s brokerage business until last year, is believed to have a strong relationship with Mr Mulholland, and both executives were widely admired at the firm and were known for inspiring loyalty among their charges.

“This is totally expected,” said Alois Pirker, research director for the Boston-based Aite Group. “Just the way  [UBS chief executive] Ozzi Grubel brought in McCann from Merrill to take a fresh look at the organization, McCann is doing the same thing.  It’s part of the revamp, but a pity for Jamie, who knows the business. But that’s what happens in these circumstances; someone has to go.”

Brian Hull, who also worked with Mr McCann at Merrill, was appointed to the newly-created position of head of Wealth Management Partnerships.

The new job, according to Mr McCann, will cover managing the delivery of solutions to UBS advisors and manage key client and partner relationships.

Mr Hull will also be expected to “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", Mr McCann said.

Another new position, head of Wealth Management Solutions, was given to John Brown, who will be responsible for UBS’ product platform development and strategy.

Head of human resources David Satler was named as chief of staff for Mr McCann and Paula Polito was appointed to the newly-created role of chief marketing officer for Wealth Management Americas.

Mr McCann described the new team as part of  “a series of changes in how we interface with our clients and financial advisors, with particular focus on streamlining processes, increasing efficiencies and driving the business forward.”

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