January 11, 2022
Robert J. McCann, former Director of UBS Wealth Management USA, joined NewEdge Capital Group as Co-Chairman on January 3.
Former UBS Wealth Management Americas Director Robert J. McCann returns to the industry, this time bringing together a group of the most productive UBS emigrants fight for independence.
McCann, whose wirehouse career spanned four decades, joined NewEdge Capital Group to serve as an “active” co-chairman, according to an announcement on Tuesday. NewEdge, which consists of two registered investment advisory firms and a broker, is a division of EdgeCo Holdings LP, a custodian and 401 (k) registrar.
“It’s exciting to be part of a purpose-built company with institutional custodians, world-class multi-source research, and in-store consulting advice that enables advisors to deliver best-in-class solutions to clients.” , McCann, who is widely credited with turn around UBS’s brokerage activity after the financial crisis, said in a statement.
McCann, an investor in NewEdge, started Jan. 3 and will support “all aspects” of the business in the role of co-chairman, including helping recruit seasoned brokers, according to Chris Broussard, a spokesperson for the holding company.
McCann works alongside current NewEdge chairman Charles Warden, founder of Mid Atlantic Capital Group, whose brokerage entity was acquired by EdgeCo and was renamed last year to NewEdge Securities. The firm’s two RIAs are NewEdge Wealth, which caters to employee-advisers and focuses primarily on high net worth clients, and NewEdge Advisors, which caters to independent brokers and investment advisers. (NewEdge Advisors was formed by a November merger of Mid Atlantic’s RIA and another company, Goss Advisors.)
NewEdge Wealth is led by Jeffrey Kobernick and Robert Sechan, who had overseen a UBS team of $ 4.5 billion in assets that was producing nearly $ 20 million in annual revenue by the time it separated from the spinning mill in December 2020.
EdgeCo also has ties to UBS through its earlier 2020 purchase of Private partners, a slow-growing company started by former UBS and Morgan Stanley executive John Straus to bring ultra-high net worth wire brokers to independence. Straus, whose son John Jr. is an advisor to Sechan’s UBS separatist team, is the chairman of NewEdge Wealth.
“I am excited to be working with my friend and one of the best to do it again,” Sechan said Tuesday in a LinkedIn post linked to NewEdge’s announcement on McCann. He did not respond to a request for further comment.
McCann, who spent the first 26 years of his career with Merrill Lynch, was not available for comment, according to the NewEdge spokesperson.
McCann started as a trader at Merrill in 1982 and rose through the ranks to become President of Global Wealth Management. He was appointed Chief Executive of UBS Wealth Management Americas in 2009 and remained in this position until 2015. He relinquished his honorary title of President of Operations of UBS Group AG in the Americas at the end of 2020.
NewEdge said in Tuesday’s announcement that it served more than 300 advisers who managed $ 30 billion in client assets at the end of last year. The company said in a previous announcement that it was managing $ 27 billion in customer assets at the end of August 2021.
EdgeCo Holdings manages a total of $ 160 billion in assets, including NewEdge and retirement and custody businesses, the statement said.