A UBS fund manager has quit the firm citing the uncertain future of the firms' wealth management business in the U.S. Rumors have long swirled that the head of the wealth management unit, Bob McCann, was brought in to fix it up so that it could be sold. Nigel Hart was the manager of UBS' Reach Capital Tamarack Fund.
In a letter to head of UBS Wealth Managent's hedge fund unit, Ned Sienko, Hart wrote:
"It is apparent to us that UBS does not have the marketing resources or organizational structure to generate asset growth in the foreseeable future. This was confirmed at our meeting last Friday.
"The uncertainty regarding the future of UBS wealth management business extends beyond the scope of a reasonable time horizon for us."
McCann has significantly improved morale at the firm since coming on about a year ago. In Registered Rep.'s annual broker report cards, the firm saw its rating jump nearly a full point, and morale has great improved.