In one of the worst-kept secrets in London’s wealth management industry, it was reported yesterday that Nick Tucker, who had been managing director of Merrill Lynch's global private client group and market leader for the UK and Ireland, is to join UBS next month.

It is understood that Tucker, who had held various business titles at Merrill Lynch and been located in centres such as London, Dubai, Monte Carlo and Sydney, starts his new role on 1 November.

WealthBriefing has heard from numerous industry sources since early this summer that Tucker, who is also a member of this publication’s editorial board, was heading to UBS, but the Swiss bank has declined to comment when approached about the move.

A report by Financial News stated that Tucker was joining UBS “imminently”.

If the move is confirmed by UBS, Tucker will not be the first prominent former Merrill Lynch man to take up a job at the Zurich-listed firm, which earlier this week reported it had stemmed the tide of client exits, with news of net client inflows into its wealth management arm in the third quarter of 2010. Last year, UBS hired Robert McCann, who had headed Merrill’s wealth business in the Americas, to head its operations in the same region.