UBS U.S. Investment Strategy Head Leaves for Pennsylvania RIA
A well-known UBS investment strategist is leaving the firm next month, triggering the promotion of another relatively new UBS joiner, according to an internal memo seen by AdvisorHub.
Michael Crook, who joined UBS in 2010 and has run Americas Investment Strategy in the chief investment office since 2018, is leaving the Swiss bank to join Mill Creek Capital Advisors, a Conshohocken, Pa.-based RIA that manages more than $6 billion for wealthy families.
“Dan will be reaching out to Field Leaders and Financial Advisors over the coming weeks, and further details on Dan’s team and the broader CIO Americas organization will be shared in due course,” Marcelli wrote in the Aug 10 memo. “Michael will remain with UBS through early September to ensure a smooth transition.”
The CIO office at UBS and other wirehouses has grown in prominence as firms encourage advisors to follow centralized model portfolios rather than manage client investments on their own or allocate them to outside managers. It also is a high-profile unit, sending its more articulate portfolio managers to meet personally with wealthy clients.
Scansaroli joined UBS in March from hedge fund BlueMountain Capital Management, where he ran portfolio construction and modeling and was a managing portfolio strategist, the memo said.
A UBS spokesman declined to comment on the changes.
At Mill Creek Capital Advisors, which serves around 300 wealthy families and institutions, according to its website, Crook will be deputy chief investment officer, reporting to Tom Chapin, chief investment officer at the firm, according to a source familiar with the move.
The RIA, which was founded in 2006, manages about $6.7 billion, including $6.1 billion on a discretionary basis, according to its ADV filing in July.
Spokespeople and senior executives at Mill Creek did not respond to requests for comment.
Crook’s departure from UBS follows a changeover at the top of the Americas investment office.
Mike Ryan, who was UBS Americas chief investment officer for 36 years, according to his LinkedIn profile, stepped aside to become a “divisional vice chairman” last month with responsibilities to meet with selective clients to “deepen their understanding of the macroeconomic, social, geopolitical and policy trends” affecting investments.
Marcelli, his replacement, formerly ran fixed income, currencies and commodities at J.P. Morgan Global Wealth Management. She joined UBS last year as Ryan’s deputy chief investment officer.
Separately, UBS last week said that chairman and former UBS Americas chief executive Bob McCann will leave the firm at the end of the year, according to a memo from outgoing UBS Group CEO Sergio Ermotti and Tom Naratil, co-president of UBS’s global wealth division.
McCann, who joined the firm in October 2009, previously had a 26-year career at Merrill Lynch where he held a variety of executive roles.