After months of speculation, UBS has announced that Robert McCann, the former head of Merrill Lynch’s brokerage force, will take over as chief executive of UBS Wealth Management Americas. He will also take a seat on the firm’s executive board.

McCann starts his new post today. Former wealth management chief, Marten Hoekstra, is leaving the firm, a UBS spokesperson confirmed. One long-serving UBS advisor says she saddened to see her long-time colleague depart. “It’s the end of an era. Marten was conducive to listening to people’s thoughts throughout the organization and was one of the nicest guys you will find in this business,” she adds. Hoekstra worked at PaineWebber/UBS for 26 years.

McCann will take over responsibility for the firm’s domestic wealth management business in the U.S. and Canada and for all international business booked in the U.S. He will oversee UBS’s nearly 8000 financial advisors. The unit currently has more than 320 branches and manages CHF 650 billion ($638 billion) in client assets.

The appointment comes following the resolution of a dispute between McCann and his former employer, Bank of America, over a non-compete clause in his contract. The issue was resolved earlier this month, freeing McCann to accept an offer from UBS.

“I want to welcome Bob McCann to UBS. He comes to us having led one of the largest wealth management advisory teams in the world,'' said UBS chief executive, Oswald Gruebel, in a statement. “Bob has an outstanding reputation as an inspiring and thoughtful leader and will apply his long and deep client relationship and business experience to gain market share, increase profitability and grow our Wealth Management Americas business.”