PHILADELPHIA and NEW YORK - October 25, 2012
Abbot Downing has named Paul Cummings, formerly managing director and head of Channel Management for the Managed Solutions Group at Merrill Lynch, as regional managing director for the Northeast Region. Abbot Downing is a Wells Fargo business that serves ultra high net worth individuals and families, their foundations and endowments.
In his new role, Cummings will oversee the delivery of asset management, banking, planning, trust and fiduciary, and family dynamics services through dual offices in New York and Philadelphia.
At Bank of America and Merrill Lynch, Cummings was responsible for client segment solution delivery as well as strategic planning and execution for the Institutional, International, U.S. Trust and Merrill Edge channels. He previously served as head of the Institutional Investments Group with responsibility for various aspects of the institutional client segment, including investment strategy, portfolio management and client service, along with strategic planning, client management and fiduciary/risk management for private foundations, non-profit organizations and corporate plan sponsors of defined benefit and defined contribution plans.
“We’re thrilled to have such a highly regarded industry veteran as Paul with his extensive investment experience and relationships across the Northeast,” said Jack Ginter, Abbot Downing senior managing director. “Paul understands the distinct needs of the ultra high net worth client and how we can deliver the full breadth and depth of Abbot Downing’s services to support clients in using their wealth to positively impact their families and communities.”
Prior to joining Bank of America in 2006, Cummings was a managing director of the Advisor Wealth Services Group at The Bank of New York. In this role, he oversaw product development, strategic planning, client service and sales for the Advisor Wealth Services business unit. During his 14-year career at The Bank of New York, Cummings held various positions in the Private Client Services and Asset Management sectors and served as a member of the Investment Committee of the BNY Partners Funds and a director of BNY Private Investment Management, Inc.
Cummings has served as a member of the Investment Company Institute’s Research Committee and is active in several community organizations. He received a bachelor’s degree from St. Lawrence University.
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.
Abbot Downing, with $31 billion in client assets, is part of the company’s Wealth, Brokerage and Retirement group, one of the largest U.S. wealth managers. Wells Fargo launched the Abbot Downing brand on April 2, 2012, combining its former Lowry Hill and Wells Fargo Family Wealth businesses. The original Abbot Downing built the iconic stagecoaches that have come to represent Wells Fargo. Abbot Downing 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 & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, 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 has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo Bank, N. A. Member FDIC, NMLSR ID 399801