In an effort to serve the ultra-high net worth market and grab market share, Wells Fargo & Company (WFC) has launched its Abbot Downing brand.
Abbot Downing is a combination of the former Lowry Hill and Wells Fargo Family Wealth businesses and is part of the company’s Wealth, Brokerage and Retirement group. It derived its name from the 19th century New Hampshire builder of the iconic stagecoaches that have come to represent Wells Fargo, which was Abbot Downing’s largest customer.
With $32.9 billion in client assets, Abbot Downing targets to expand business among approximately 10,000 U.S. households that have $50 million or more in investable assets. It serves ultra-high net worth clients, their foundations and endowments. Services include planning and family dynamics, asset management, private banking, as well as trust, fiduciary and administrative services.more » « less