Bob McCann, the chief executive at UBS Wealth Management Americas, has tapped his former Merrill Lynch colleague, Bob Mulholland, as head of the UBS advisor force, according to an internal memo.
Mulholland, who spent 25 years at Merrill, will be head of the UBS Wealth Management Advisor Group. He replaces Jamie Price, who will “move into an advisory role…working with Bob Mulholland and his team, while he considers new career opportunities,” according to the memo.
In November, McCann announced he was forming a “renewal team” to reevaluate the U.S. wealth management division. He brought over four former Merrill Lynch executives, all of whom have been given prominent positions in the new management structure.
Brian Hull has been appointed to a newly created position of head of wealth management partnerships, while John Brown will head up the new division of wealth management solutions.
The "partnership and solutions" roles will replace UBS’s former "products and services" division, according to a source familiar with the changes. Jim Hausmann, who served as interim head of the products and services division for the past six months will now move to a “leadership role” in the new wealth management solutions organization, according to the memo.
Paula Polito, who previously headed up the marketing department at Merrill Lynch Global Wealth Management, has been named as chief marketing officer for UBS Wealth Management Americas.
“This clearly indicates that Bob McCann is putting in the Merrill Lynch folks that he trusts,” said Alois Pirker, a research director at Aite Group.
UBS needs to get two areas under control—it’s brokerage force and its products and services, he said. “He needs people he can work with really well…who can come in a take a fresh look at the organization and formulate a strategy,” Pirker said.
In addition, one UBS executive has been given a broader role. David Satler, UBS’s head of human resources will also take on the role of chief of staff.