McCann in to Head UBS Wealth Management

UBS announced today that McCann will immediately assume responsibility for the firm’s domestic wealth management businesses in the U.S. and Canada, leading nearly 8,000 financial advisers in more than 320 branches.

McCann most recently served as president of Global Wealth Management at Merrill Lynch, which he left soon after it was acquired by BofA. He recently settled a lawsuit with Bank of America over his non-compete clause, which prevented him from taking the job at rival bank UBS, according to news reports (see “McCann Sues BofA, in Talks with UBS”).

“Coming to UBS is a once-in-a-lifetime opportunity to join a leading global wealth manager,” McCann said, in a statement. “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.”

In addition to heading the brokerage unit, McCann held a variety of executive leadership roles during his 26 years at Merrill Lynch. Previous roles he held during his tenure included vice chairman of the Wealth Management Group, which included Global Private Client and Merrill Lynch Investment Managers; 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.