McCann Is Rising Star at UBS AGPosted by in Blog on December 5, 2011
Robert McCann has been named the new chief executive officer of UBS Group Americas, InvestmentNews reports. McCann joined UBS AG in 2009 after leaving Merrill Lynch.
The pick of McCann seems to show that UBS is keeping its promise to move away from investment banking in favor of wealth management. And Karina Byrne, a spokesperson for UBS said that the appointment is “ a sign of the importance of the wealth management franchise to UBS and of the importance of Wealth Management Americas to the business.” She also said that it was “recognition of Mr. McCann’s hard work in turning around the wealth management franchise here.”
Ever since a London UBS trader cost the company $2.3 billion on its investment banking side, the firm has backing away from that part of the business. As for its wealth management division, UBS posted a 2% increase in profits in the third quarter, outdoing competitors like Morgan Stanley Smith Barney and Bank of America Merrill Lynch. In addition, UBS also hired 51 advisers, and showed a an average annual productivity of $895,000, the highest of the wirehouses.
“Our strategy around the world and in the Americas is centered on leveraging our leading Wealth Management franchise together with a strong and focused investment bank and asset management business,” McCann told UBS employees in a memo. He replaces Philip Lofts in the position.
Written by Lisa Swan