November 2, 2009
McCann Takes Over as Chief of UBS Wealth
After months of speculation, UBS has announced that Robert McCann, the former head of Merrill Lynch's brokerage force, has accepted a post as chief executive of UBS Wealth Management Americas and a seat on the firm's executive board.
He replaces Marten Hoekstra, who is leaving the firm after 26 years of service.
The appointment comes following the resolution of a dispute between McCann and his former employer, Bank of America, over a non-compete clause.
UBS Chief Executive Officer Oswald Gruebel said he was proud to hire the leader of "one of the largest wealth management advisory teams in the world [with an] outstanding reputation as an inspiring and thoughtful leader, and deep client relationship and business experience."
State Street Taps Hooley As New Chief Executive
With Ronald E. Logue planning to retire as chief executive officer of State Street Corp. on March 1, the firm has selected Jay Hooley, president and chief operating officer, as his replacement.
Since first joining State Street in 1986, Hooley has held a number of leadership positions, including running U.S. mutual fund sales and serving as president and chief executive officer of National Financial Data Services, State Street's joint venture with DST. He left State Street in 1990 to become president and CEO of Boston Financial Data Services, returning in 2000 to manage its global investment servicing business. He was named vice chairman in 2006 and president and COO in 2008.
"One of the hallmarks of State Street is a strong management team," said Gregory L. Summe, lead director for State Street's board of directors and chairman of the nominating and governance committee. The selection of Hooley for the top position "ensures continued strong leadership for State Street." Summe also commended Logue for doing "an outstanding job leading the company through significant global expansion and, most recently, through a period of unprecedented market turmoil."
Ahmed to Run Franklin's DC, Variable Annuity Sales
Franklin Templeton Investments has hired Yaqub Ahmed to run its defined contribution and variable annuity investment-only sales. He will report to Robert Geppner, senior vice president and national sales manager for U.S. advisory services.
"Franklin Templeton is committed to strengthening its presence in the DC and VA investment-only businesses," Geppner said. "Yaqub Ahmed brings a tremendous amount of experience to his new role and will leverage Franklin Templeton's strength in these growing markets."
Franklin Templeton has served the DCIO market for the past 20 years, and currently has $45 billion in DC and VA assets under management.
A 15-year financial services veteran, Ahmed most recently was management director and national sales manager for Columbia Management's investment-only division. Before that, he was managing director and national sales manager for Trustar Retirement Services. He has also worked for MFS Retirement Services and Pruco Securities.
Citi's Flitt Co-Chairs MMI Tech and Ops Committee
The technology and operations committee of the Money Management Institute has selected Jonathan Flitt, a director with Citi's investor services group, as co-chairman of the committee, serving with Cheryl Nash, senior vice president of Fiserv.
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