NEW YORK - UBS AG, which suffered asset outflows in the second quarter, hired former Merrill Lynch's brokerage head Robert McCann to lead its wealth management business in the Americas, CNBC said on Thursday.
McCann plans to woo Merrill Lynch brokers to UBS, CNBC said, adding the world's second largest wealth management firm would make official the appointment at the end of October.
UBS declined to comment.
UBS Wealth Management Americas saw net new money outflows of 5.8 billion Swiss francs ($5.5 billion) in the second quarter, compared with the first-quarter's net new money inflows of 16.2 billion Swiss francs.
The bank has been hurt by a tax row with the U.S. government, which settled in August. It has also been hit by executive departures, bad bets on auction rate securities and write-downs, and regulatory setbacks.
UBS increased its presence in the United States in 2000 with the $10 billion acquisition of PaineWebber Group. (Reporting by Juan Lagorio, editing by Leslie Gevirtz)