UBS Reshuffles Wealth Management Americas

UBS Wealth Management Americas is reportedly reorganizing the existing three divisions of its U.S. retail brokerage into two divisions.

The reorganized unit will be broken up into an East Division, headed by David McWilliams, and a Western Division, headed by Michael Schweitzer, according to Dow Jones, citing an internal memo from Bob Mulholland, head of UBS’ Wealth Management Advisor Group. McWilliams and Schweitzer previously ran the three divisions.

Mulholland, a 25-year Merrill veteran, stepped into his role last month after being brought aboard by Robert McCann, CEO of UBS Wealth Management Americas (see “McCann Names Former Merrill Exec to Head UBS Advisory Group”).

In the memo, Bob Mulholland, head of the Wealth Management Advisor Group, also announced the appointment of Jason Chandler as head of private wealth management, replacing John Straus, who will become head of strategic client relationships. Paul Santucci was named COO of the group.

Diane Frimmel, previously COO of Wealth Management Americas, will now serve as head of the emerging affluent segment. Santucci will take over her COO role in the Wealth Management Advisor Group and Tom Naratil will temporarily fulfill the COO role of Wealth Management Americas.

Mulholland also named Bill Carrol as national sales manager, replacing Mara Glassel, according to the news report.