NEW YORK (Dow Jones)–
UBS Wealth Management Americas, a unit of UBS AG (UBS), named Frank Minerva chief operating officer of its ultra-high-net worth business as the firm continues to reshuffle leadership in its U.S. brokerage.
Minerva, a 21-year UBS veteran, previously oversaw the New York office of UBS’ Private Wealth Management. He replaces Douglas Black, who will pursue new opportunities within Wealth Management Americas, a company spokesman confirmed.
Minvera reports to Jason Chandler, who heads the private wealth business, which caters to investors with $10 million or more in invested assets.
Chandler was named head of the unit a month ago as UBS reorganized the U.S. retail brokerage into two divisions from three regions.
In other personnel moves, Chandler removed Jay Messing, head of private wealth sales, and Phillip Hsu, head of business development. Both are looking for new roles within the wealth management unit. It’s not clear who will succeed them. The UBS spokesman declined to comment on the two executives.
UBS has made several management changes since Robert McCann took over as head of Wealth Management Americas in October. McCann announced a Renewal Team in November to help him develop a plan to return the firm to profitability. The UBS unit had $11.6 billion in asset outflows in the fourth quarter and has been hurt by both financial adviser departures and a dispute with U.S. tax authorities.
Reuters reported the UBS personnel changes earlier Thursday.