CNBC reported Thursday that UBS has hired former Merrill Lynch executive Bob McCann to run its wealth management division in the Americas. His appointment will be announced at the end of October. CNBC also said that McCann plans to lure Merrill brokers over to UBS.

Registered Rep. interviewed McCann on Wednesday, but he could not at that time disclose the UBS offer.

Just last week McCann settled a lawsuit over a non-compete agreement with Bank of America, the parent company of Merrill Lynch, where he ran the retail brokerage.