Wealth management company UBS Group’s Bob McCann is set to step down later this year as the chairman for the Americas.
McCann’s 39-year-career included lead role for US brokerage operations at UBS, as well as Merrill Lynch. The executive served as president of UBS’ Wealth Management Americas for seven years – from 2009 to 2016.
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UBS Chief Executive Sergio Ermotti credited McCann with success of the company’s wealth-management unit in the Americas.
In a memo sent to staff, Ermotti wrote: “Bob transformed a business that was not yet reaching its potential.” Under McCann’s leadership, wealth management in the Americas “became a centerpiece of our firm’s global strategy, a driver of profitability and business growth, and a source of tremendous pride for all of us.”
The memo was confirmed by a UBS spokeswoman. It was also signed by Tom Naratil, co-president of UBS’ global wealth management and head of Americas division.
Currently, the company has no plans to replace McCann, whose responsibilities will be divided among other executives.
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By GlobalDataMcCann joined UBS in late 2009 following 26 years at Merrill Lynch.
In April 2018, UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) appointed Perry Offutt as the new head of infrastructure for Americas.
Offutt joined from Macquarie Infrastructure & Real Assets and reports to UBS-AM head of infrastructure Tommaso Albanese.
