UBS has confirmed recent media reports that ex-Merrill Lynch wealth management top executive Robert McCann is to take up the reins as the chief executive of UBS Wealth Management Americas.

The move, which takes immediate effect, UBS said in a statement, means Mr McCann will be responsible for the Swiss bank’s wealth management businesses in the US and Canada. Almost 8,000 financial advisors work in the group, based from more than 320 branches with SFr695 billion of assets.

There has been wide speculation that Mr McCann had been heading to a top job at UBS. He has been in a dispute with his erstwhile employer, Bank of America, over terms of a contract that had reportedly prevented him from joining the Swiss bank. BoA is now the owner of Merrill Lynch, creating the world’s largest wealth manager by size. BoA/Merrill Lynch is a predominantly domestic US firm while UBS is the world's biggest international wealth manager.

UBS’s recruitment of this high-profile figure would be a coup for the Swiss bank, as there have been questions raised about whether UBS, bruised by a big tax evasion case in the US, might pull out of wealth management in the US. In February, the firm paid $780 million in fines to settle criminal charges that it helped US citizens evade taxes. UBS no longer provides offshore banking services for US clients.

A statement by UBS’s CEO, Oswald Gruebel, suggested Mr McCann’s remit is to grow the business significantly. “He comes to us having led one of the largest wealth management advisory teams in the world. Bob has an outstanding reputation as an inspiring and thoughtful leader and will apply his long and deep client relationship and business experience to gain market share, increase profitability and grow our wealth management Americas business,” Mr Gruebel said.

“In the Americas alone, the wealth management market opportunity represents high net worth assets in excess of $20 trillion. Under Bob’s leadership, I believe that the business will now consolidate its position as the firm of choice for those clients seeking a fully integrated offering of diverse products and tailored advisory services,” he added.

Mr McCann said: “The domestic Americas business represents an enormous wealth management opportunity for UBS. I see tremendous long-term potential growth for clients, employees and shareholders."

In his previous career, Mr McCann worked at Merrill Lynch for more than 26 years. In his most recent role, he was president of global wealth management.