Wells Fargo & Co. (WFC) Caters to 1%-ers with New Wealth Management Division
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Wells Fargo & Company (NYSE: WFC) officially launched its Abbot Downing brand today to serve ultra high net worth clients, their foundations and endowments. Abbot Downing, with $32.9 billion in client assets, is part of the company’s Wealth, Brokerage and Retirement group, one of the largest U.S. wealth managers, with $1.3 trillion in client assets.
Abbot Downing, which combines the former Lowry Hill and Wells Fargo Family Wealth businesses, has financial relationships with clients dating back generations. The firm 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, which combines the former Lowry Hill and Wells Fargo Family Wealth businesses, has financial relationships with clients dating back generations. The firm 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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