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Wednesday, September 16, 2009

Two Wirehouses Fight Over McCann

News summary by MFWire's editors

Fundsters waiting for the final, post-financial crisis shoes to drop at two of the biggest distributors may have to wait just a bit longer. The Wall Street Journal's Susanne Craig reports that Bank of America is trying to delay Merrill Lynch's ex-wirehouse chief, Robert McCann, from taking over the wirehouse at UBS.

McCann claims he tried to resign from BofA with "good reason," after BofA took over Merrill in January. Yet BofA wants McCann to wait five more months before starting a post with a competitor. In August BofA tapped Sallie Krawcheck to succeed McCann.

Citing unnamed sources, the WSJ claims McCann would have stepped into his new post at UBS late last month if it weren't for the BofA suit. 

Edited by: Neil Anderson, Managing Editor


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