In a move that reflects Robert McCann’s increased imprint on UBS Wealth Management Americas, Frank Minerva was named chief operating officer of its ultra-high-net worth division.
Minerva, who has spent 21 years with UBS [UBS], previously headed up the New York office of the company’s private wealth management division. In 2008, he recruited $50 million of production and helped our teams generate $5 billion of assets, achieving a new record for the firm, according to UBS.
A UBS spokesman confirmed that Minerva is replacing Douglas Black, who will remain with the company but is seeking new opportunities within the wealth management division.
Minerva will report to Jason Chandler who was named head of private wealth management for UBS last month. Chandler, who previously was UBS' Northeast regional manager, leads the firm’s private wealth offices nationally. He took over from John Straus, who also remains with the company.
The U.S. wealth management division of UBS had 7,084 advisors at the end of last year, down 3% from the previous quarter and 8% from a year earlier.
In addition, the spokesman confirmed that Jay Messing would no longer be head of private wealth sales. Phillip Hsu will also no longer serve as head of business development.
The personnel shifts come after UBS Wealth Management Americas reported net asset outflows of $11.2 billion in the fourth quarter. The company blamed the outflows on advisors leaving the firm and taking clients with them, as well as limited recruiting of experienced advisors.
The changes mark the latest move by McCann, the chief executive officer of UBS Wealth Management Americas, who announced his “renewal” team last month.
And, last November, at UBS Investor Day conference in Zurich, McCann said he wanted to hit nearly $1 billion in pre-tax profit. He said at that time that he wanted to use the unit’s relatively small size to its advantage and that UBS advisors can focus more on providing advice to ultra-high-net-worth and high-net-worth clients.
McCann, at that presentation, also listed the challenges for the division as being advisor retention, recruitment and attracting new assets.
The moves were first reported by Reuters and Dow Jones.