SAN FRANCISCO - April 2, 2012
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 works with individuals and families to help them preserve and grow their assets across generations while building a lasting legacy,” said James Steiner, president of Abbot Downing. “They come to us not only for planning solutions and asset management, but for guidance to promote good stewardship. We help clarify their vision of how to use their wealth to positively impact their families and their communities.”
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.
The original Abbot Downing was a 19th-century New Hampshire builder of the iconic stagecoaches that have come to represent Wells Fargo, who was Abbot Downing’s largest customer. Lewis Downing and J. Stephens Abbot built a company known worldwide for its ingenuity, high-quality craftsmanship, and distinctive passenger experience. The new Abbot Downing will use the name to reflect the tailored solutions, high-touch service and attention to detail its clients have come to expect.
To meet clients’ investment needs, Abbot Downing offers a broad array of solutions, including access to sophisticated investments not widely available to individual investors. This may include private capital investments or managers who require high minimum investments or have limited capacity for new investors.
Investment services include custom portfolio construction; investment choices based on research and global and regional themes, such as distressed debt; analysis of current trends and macroeconomics; dedicated due diligence process; strategic and tactical asset allocation; manager and security selection; tax-managed custom investment strategies; Risk Optics™; and endowment and foundation management.
Abbot Downing’s specialized services also include family dynamics, family governance, family enterprise planning, financial and wealth transfer planning.
“Our planners have experience in various disciplines and work collaboratively with our family dynamics consultants to focus not only on traditional wealth planning, such as cash flow, investments, and wealth transfer, but also on the legacy, values and wishes associated with the client’s long-term financial, organizational and philanthropic plans,” Steiner said.
To serve clients’ complex needs across generations, Abbot Downing offers trust, custody and fiduciary management services that include global financial oversight of family enterprise across all assets and entities. Aggregated reporting offers a comprehensive view of wealth across multiple financial institutions and secure web portal access. Financial administration includes family office services such as financial reporting and cash management.
Credit solutions include customized leverage to meet estate, financial and investment planning objectives; personal lines of credit; specialized financing for aircraft, yachts and alternative investments; and investment finance for commercial real estate, LLCs and LLPs. Banking products include checking, foreign exchange and business checking; treasury management; and interest rate risk management.
Abbot Downing serves clients in all 50 states through offices in San Francisco, Palo Alto, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Chicago, Philadelphia, Washington, D.C., Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville, and Palm Beach.
About Wells Fargo
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and distribution channels across North America and internationally. With approximately 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations.
Abbot Downing, a Wells Fargo business, provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.
Some alternative investments and complementary strategies may be available to pre-qualified investors only.
Certain products and services offered subject to credit approval or credit qualification.
Wells Fargo Bank, N. A. Member FDIC, NMLSR ID 399801
Investment and Insurance Products
- Are NOT insured by the FDIC or any other federal government agency
- Are NOT deposits of or guaranteed by the Bank or any Bank affiliate
- May Lose Value