Wells Fargo & Company announced a newly branded b
outique to be known as Abbot Downing, a Wells Fargo Business. The business is targeting the richest Americans with assets of $50 million or more.
Abbot Downing combines two 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.
Abbot Downing was a 19th-century New Hampshire builder of the stagecoaches that have come to represent Wells Fargo, who was Abbot Downing’s largest customer. Abbot Downing was known worldwide for their ingenuity, high-quality craftsmanship, and distinctive passenger experience.
The Abbot Downing brand was 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 serves clients nationwide through offices in San Francisco, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Chicago, Philadelphia, Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville, Washington, D.C., and Palm Beach.
