Wealth Bulletin

UBS Wealth Management Americas announced in an internal memo a plan to reorganize the U.S. retail brokerage into two divisions from the existing three regions.

In the memo, reviewed by Dow Jones Newswires, the head of the Wealth Management Advisor 'Times New Roman, Times, Bob Mulholland, also named Jason Chandler head of private wealth management and appointed Paul Santucci his new chief operating officer.

The moves are the latest steps in new UBS Wealth Management Americas head Robert McCann's plan to return UBS AG's (UBS) U.S. advisory business to profitability.

The UBS unit had nearly $10 billion in client asset outflows in the third quarter and has been hurt by a dispute with U.S. tax authorities and financial-adviser departures.

Mulholland said David McWilliams will lead UBS's East Division, while Michael Schweitzer will head the Western Division. Both executives previously led two of UBS's three regions. As part of the reorganization, UBS's market areas now will be known as regions.

Chandler replaces John Straus, who will become head of strategic client relationships. Tom Naratil will temporarily fulfill Diane Frimmel's responsibilities as COO of Wealth Management Americas. Santucci will take on the COO role within the Wealth Management Advisor Group.

McCann said Frimmel, a 30-year UBS veteran, will now serve as head of the emerging affluent segment and will become part of UBS's wealth management advisor group leadership team. In other moves, Mulholland named Bill Carroll national sales manager.

Previously, Mara Glassel ran national sales for over four years at UBS. UBS also said it will combine the New Jersey and New York market areas to form the new Metropolitan region led by Chris Amo.