UBS AG announced that it has hired former Merrill Lynch & Co. executive Robert J. McCann as the head of wealth management in the Americas.

McCann, 51, succeeds Marten Hoekstra, 48, who is leaving the firm, and assumes responsibility for the domestic wealth management businesses in the U.S. and Canada, and for all of the international business in the U.S., the bank said in a statement Tuesday.

After Bank of America Corp. acquired Merrill, McCann was named head of the combined brokerage unit. He settled a lawsuit with B of A this month over a contract provision that restricted his ability to take a job with a rival.

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