McCann Hires Merrill Vets To 'Renew' UBS Wealth
Robert McCann, the new head of UBS Wealth Management Americas, has called on some long-serving Merrill Lynch executives to help turn around the division.
In an internal memo McCann said he was forming a "renewal team to build on what's good here-and to renew the organization."
The team will include six existing UBS executives, along with four new hires-Brian Hull, Bob Mulholland, John Brown and Paula Polito-all of whom spent some time in executive positions at Merrill Lynch. Hull was most recently responsible for Merrill's private bank and investment group.
Mulholland spent 25 years at Merrill Lynch where he rose to head of Americas for the global private client group before a surprise departure in 2005. He most recently served as chairman and partner of Sound Securities, a broker/dealer for institutional investors and hedge funds.
According to the memo, Brown held leadership positions in trading, prime brokerage, clearing operations, technology and corporate service at Merrill and UBS Securities. Polito previously headed up the marketing departments of Fidelity Investments and Merrill Lynch Global Wealth Management.
In the memo, McCann said the team would work with him over the next 100 business days "to define the best strategy to move us forward."
This follows lackluster third quarter results for the division, which saw outflows of $9.6 billion in client assets for the quarter.
Alois Pirker, research director at Aite Group, said he think McCann is bringing in a so-called "SWAT team" to provide an independent analysis of the business. "These are folks he can rely on, who aren't attached to the existing business, who can look at all areas of the organization and see what's working and what isn't," he said. Pirker added that the team will need to come up with a plan to move forward, or may decide the existing business is unfixable. "It's a sign that UBS is seriously evaluating the business."
Chief Litigation Counsel Mejia Leaving Commission To Join DLA Piper
The Securities and Exchange Commission chief litigation counsel of the enforcement division, Luis R. Mejia, will be leaving the SEC and joining DLA Piper as a partner in the Washington office. As chief litigant since 2005, Mejia oversaw a number of important cases, including a jury verdict this year against Steven E. Nothern, a former mutual fund manager found guiltly of insider trading of U.S. Treasury 30-year bonds.
Prior to joining the SEC in 1999, Mejia was a partner at Akin, Gump, Strauss, Hauer and Feld.
"Lou has been a superb advocate who utilized his superior courtroom skills to stand up for investors and bring wrongdoers to justice," said SEC Chairman Mary Schapiro. Robert Khuzami, director of the enforcement division, added, "Litigation success requires having not just the facts on your side, but also a command of the securities laws, mastery of the legal process and passion for the work. Lou combined all those traits and more."
DTCC Names Noonan Director of Systemic Risk
The Depository Trust & Clearing Corp. has appointed Anne T. "Nan" Noonan to the new position of managing director and chief systemic risk officer, a new position at DTCC in which she will be working closely with such regulators as the Securities and Exchange Commission, the Federal Reserve Bank of New York and the New York State Banking Department. She comes to the organization from CLS Bank International, where she was EVP and global head of risk management and regulatory affairs. Before that, she was a vice president at J.P. Morgan.
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