US banking group Wells Fargo & Co has
launched a new ultra high net worth (UHNW) offering, Abbot Downing,
to target families with $50m or more in assets.
The new service, to be launched in April 2012,
combines the bank’s two existing UHNW businesses, Wells Fargo
Family Wealth and Lowry Hill.
It will serve both family offices and
Abbot Downing will partner with Wells Fargo
Securities to give its clients, who have family-owned business,
access to the full suite Wells Fargo services, including assistance
with mergers and acquisitions, insurance, or commercial banking, a
Wells Fargo spokesperson told PBI.
Abbot Downing has identified around 10,000
households in the US that have $50m or more in investable assets
and who collectively control more than $1trn.
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Not exclusive to the US
The offering will initially only be available
in the US, although Abbot Downing is prepared to provide its
services to the residents and citizens of other countries, the
Wells Fargo spokesperson added.
Part of the wealth, brokerage and retirement
(WB&R) division at Wells Fargo, the newly-branded business
entity, which has $27.5bn in client assets, is led by James Steiner
and has approximately 300 staff.
The WB&R division itself managed $1.3trn
in client assets as of 30 September.