Exclusive: UBS Reorganizes, Makes Management Changes

UBS’s Wealth Management Americas division, aiming to bolster the fortunes of the Swiss bank’s brokerage, today internally announced significant management changes on top of a substantial reorganization: It consolidated three brokerage regions into two, named a new head of private wealth management, and it also introduced the newly-created head of strategic client relationships, Registered Rep. has learned exclusively.

UBS’s Wealth Management Americas division, aiming to bolster the Swiss bank’s brokerage, today internally announced significant management changes on top of a substantial reorganization: It consolidated three brokerage regions into two, named a new head of private wealth management, and it also introduced the newly-created head of strategic client relationships, Registered Rep. has learned exclusively.

At the same time, the UBS division--anxious to put a troubled financial past behind it as CEO Bob McCann promotes a turnaround strategy expected to be rolled out by early March--also named a new head of National Sales, as well as a new chief who will oversee the “emerging affluent section.” In addition, the UBS unit named one of its own to the post of Chief Operating Officer, according to a memo distributed to wealth management employees at UBS today spelling out details. (Registered Rep. has read a copy of the memo.)

The memo from Bob Mulholland, head of the Wealth Management Advisor Group at the UBS Americas division, said the existing three regions were being consolidated into the East Division, led by David McWilliams and the West Division, led by Michael Schweitzer. Jason Chandler, who is the Northeast Regional Manager, will assume the role of head of Private Wealth Management, the memo noted. Bill Carroll, the current market area manager for New Jersey, was named National Sales Manager.

“We will combine the New Jersey and New York market areas to form the new Metropolitan Region, led by Chris Amo,” Mulholland noted. “The concentration of wealth in the New York Metro area represents a tremendous opportunity, and this consolidation puts us in the best position to grow our market share in this region.”

Mulholland said the wealth management unit’s focus was a major consideration: “The success of the Wealth Management Americas franchise rests on our ability to remain FA-centric and client-focused in every activity we undertake,” he told employees. “Once we make this ambition a seamless part of our everyday efforts, we will be in a great position to grow and take this business to the next level.”

Mulholland added: “To that end, all of us in WMAG [wealth management] will work closely with WM Solutions and Partnerships to make sure we are completely aligned behind our managers and financial advisors to build the best wealth management firm in the Americas.”

In addition, the memo noted that Diane Frimmel will join wealth management as head of the emerging affluent segment, which includes the investment center. Paul Santucci, who has had roles in field management and in the home office, will serve as Mulholland’s Chief Operating Officer in the wealth management division, the memo noted. As COO, Santucci will have responsibility “for recruiting and talent development, deploying the best available talent in our field leadership roles and managing the day-to-date activities of our business area.”

In other changes, the memo announced that the branch chief operations office, led by Valerie Rowland, will be folded into an “integrated WMAG organization.” It will report to Santucci.

UBS spokeswoman, Karina Byrne, told Registered Rep: “We are making the UBS Wealth Management Advisor Group more nimble and efficient, lining up all the expertise of this tight-knit group of senior managers squarely behind the financial advisors and their branches, to better serve our clients and accelerate our growth.”

Mara Glassel, who ran national sales for some four years, will continue to work with Mulholland through the transition, “while looking at other opportunities to leverage her skills within the organization,” Mulholland said.

Mulholland also said that Robyn Turk, who led efforts to launch the division’s Investment Center, taking it from concept to a fully-operationally business, will work with Frimmel through the transition.

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