Wells Fargo (WFC) Launches New Ultra HNW-Targeting Branch: Abbot Downing
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Wells Fargo & Company (NYSE: WFC) announced today an increased focus on serving the growing segment of individuals and families with $50 million or more in assets, as well as their foundations and endowments, through a newly branded boutique to be known as Abbot Downing.
Abbot Downing combines two well established Wells Fargo businesses–Wells Fargo Family Wealth and Lowry Hill. The combined firm, led by James Steiner, has $27.5 billion in client assets and a staff of approximately 300. The firm is part of Wells Fargo’s Wealth, Brokerage and Retirement group, one of the largest U.S. wealth managers, with $1.3 trillion in client assets as of Sept. 30.
The Abbot Downing brand will be launched in April 2012. The firm, which has financial relationships with clients dating back generations, will seek to expand its market share among the roughly 10,000 households in the U.S. that have $50 million or more in investable assets and collectively control more than $1 trillion.
Abbot Downing combines two well established Wells Fargo businesses–Wells Fargo Family Wealth and Lowry Hill. The combined firm, led by James Steiner, has $27.5 billion in client assets and a staff of approximately 300. The firm is part of Wells Fargo’s Wealth, Brokerage and Retirement group, one of the largest U.S. wealth managers, with $1.3 trillion in client assets as of Sept. 30.
The Abbot Downing brand will be launched in April 2012. The firm, which has financial relationships with clients dating back generations, will seek to expand its market share among the roughly 10,000 households in the U.S. that have $50 million or more in investable assets and collectively control more than $1 trillion.
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