As expected, Bob McCann has officially taken over UBS' wirehouse, and he says that he's not about to turn around and sell the unit off. On Tuesday the Zurich-based bank confirmed McCann's appointment as CEO of UBS Wealth Management Americas, overseeing the distribution giant's nearly 8,000 advisors in more than 320 branches across the US and Canada.
Bob McCann UBS Wealth Management Americas CEO
"I had to go to court against two of my former employers to be able ... to work with UBS," McCann told Reuters, responding to rumors that the smallest of the four wirehouses was on the block. "I would have not done that if the whole goal was to sell the company."
McCann, 51, had led global wealth management at Merrill Lynch, but he left in January after Bank of America purchased Mother Merrill. And last month the Wall Street Journal reported that BofA was fighting McCann in court to prevent him from taking this post at UBS. BofA and McCann reportedly resolved the suit a few weeks ago, clearing the way for McCann's move to UBS.
McCann, who succeeds the departing Marten Hoekstra, also joins UBS' group executive board. According to Reuters' Lisa Jucca and Katie Reid, McCann will make $850,000 per year in base salary at his new post, after giving up what McCann said would have been a potentially $5 million-plus bonus from BofA.
Company Press Release
UBS AG announced today the appointment of Robert J. McCann as Chief Executive Officer of UBS Wealth Management Americas and Member of the Group Executive Board of UBS AG.
Mr. McCann, 51, will immediately assume responsibility for the firmís domestic wealth management businesses in the United States and Canada, including all international business booked in the US. He will lead nearly 8,000 Financial Advisors in more than 320 branches across the US, Puerto Rico and Canada, managing CHF 695 billion in invested assets.
UBS Group CEO Oswald Gruebel said: ďI want to welcome Bob McCann to UBS. 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. I am confident that his proven ability to meet client needs, manage businesses and develop financial advisors will drive UBS Wealth Management Americas to a higher level of performance and return for all stakeholders.
ďIn the Americas alone, the wealth management market opportunity represents high net worth assets in excess of USD 20 trillion. Under Bobís 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.Ē
Mr. McCann said: ďComing to UBS is a once-in-a-lifetime opportunity to join a leading global wealth manager. It is a firm that I always considered to be a tough competitor and I will add my energy and ideas to the turnaround underway. The domestic Americas business represents an enormous wealth management opportunity for UBS. I see tremendous long-term potential growth for clients, employees and shareholders."
Over a 26-year career at Merrill Lynch, Mr. McCann held a variety of executive leadership positions throughout the firm. Prior to his departure in January 2009, Mr. McCann was President of Global Wealth Management. Previous roles he held during his tenure at the firm included Vice Chairman of the firmís Wealth Management Group, which included Global Private Client and Merrill Lynch Investment Managers. He was also Head of Global Securities Research, Chief Operating Officer of Global Markets and Investment Banking, Head of Global Institutional Sales and Head of Global Equity Trading and Markets.
Mr. McCann received a B.A. in Economics from Bethany College and an M.B.A. from Texas Christian University.
Biography of Robert J. McCann
Robert J. McCann, 51, is the Chief Executive Officer of UBS Wealth Management Americas (WMA) and a Member of the Group Executive Board of UBS AG.
Prior to joining UBS, he had a 26-year career at Merrill Lynch during which he held a variety of executive leadership positions throughout the firm. Prior to his departure in January 2009, McCann was vice chairman of Merrill Lynch & Co., Inc. and president of Global Wealth Management, which provides investment banking and retirement services for individual and businesses globally. Under his leadership it was one of the largest businesses of its kind in the world with more than 16,600 financial advisors and USD1.6 trillion in client assets. Previous roles held during his tenure at the firm included vice chairman of the firm's Wealth Management Group which included Global Private Client and Merrill Lynch Investment Managers, head of Global Securities Research and Economics, chief operating officer of Global Markets and Investment Banking, head of the Global Institutional Sales and head of Global Equity Trading and Markets.
Mr. McCann has worked extensively with various Securities Associations and Exchanges. He has been a governor of FINRA and a board member of the Securities Industry Association.
Mr. McCann has been a leader in several charitable organizations with a focus on those fostering education. He currently serves on the Executive Committee of the board of directors of the American Ireland Fund, a leader in integrated education. He is a vice chairman of the board of trustees of Bethany College and is chair of the Collegeís Investment Committee. He is the founder of the McCann Learning Center at Bethany College and the McCann Investment Fund.
Mr. McCann is also a member of the advisory board of No Greater Sacrifice, an organization that serves to help educate and mentor the children of our nationís men and women who have fallen in the line of duty. He is also chair of the Executive Advisory Board of Sponsors for Educational Opportunity, an organization that provides superior educational and career programs to young people from underserved communities.
Mr. McCann received his B.A. in Economics from Bethany College and his M.B.A. from Texas Christian University. Mr. McCann also completed the Advanced Management Program at Harvard Business School. Mr. McCann and his wife Cindy have two daughters, Meredith and Madeline and live in New Jersey.
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This release contains statements that constitute ďforward-looking statements, including but not limited to statements concerning UBSís financial performance and future development. While these forward-looking statements represent UBSís judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBSís expectations. These factors include, but are not limited to: (1) future developments in the markets in which UBS operates or to which it is exposed, including movements in securities markets, credit spreads, currency exchange rates and interest rates; (2) the effect of the current economic environment or other developments on the financial position or creditworthiness of UBSís customers and counterparties; (3) changes in the availability of capital and funding, including any changes in UBSís credit spreads and ratings; (4) the degree to which UBS is successful in effecting organizational changes and implementing strategic plans, and whether those changes and plans will have the effects intended; (5) UBSís ability to retain and attract the employees that are necessary to generate revenues and to manage, support and control its businesses; (6) changes in the size, capabilities and effectiveness of UBSís competitors; (7) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; and (8) technological developments. In addition, actual results could depend on other factors that we have previously indicated could adversely affect our business and financial performance which are contained in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBSís restated Annual Report on Form 20-F/A for the year ended 31 December 2008. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.