Deals & People October 27, 2009

McCann in to Head UBS Wealth Management

Now that his dispute with Bank of America (BofA) is behind him, Robert McCann will now step in as CEO of Wealth Management Americas at UBS.

Reported by

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.

Products October 27, 2009

State Street Allows More Customization on WealthConnect Platform

State Street Corporation said it enhanced its wealth management platform to allow for customizable interfaces for its wealth management customers.

Reported by

State Street WealthConnect provides access to State Street through a Web-based platform that integrates with State Street’s investment servicing solutions including global custody, accounting, and corporate actions monitoring. Through the platform, users can view and create custom reports and queries to analyze accounts, holdings, transactions, and event information, according to State Street.

State Street said the expanded service offering includes customized interfaces and white-label capabilities for wealth managers, including registered investment advisers (RIAs), trust companies, and private wealth management firms and their high-net-worth customers.

State Street said it plans to add more features to the platform—including performance and analytics, administrative workstation, and portfolio management tools—within the next year.

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