Abbot Downing has been launched by Wells Fargo & Company to provide investment and banking services to clients with more than $50 million in investable assets, their foundations and endowments.
The new entity is a combination of two previously existing units, Wells Fargo Family Wealth and Lowry Hill. Abbot Downing retains the best services of the other two and adds some private banking services and expanded investment platforms, said Sandy Deem, a Wells Fargo & Company spokeswoman.
Abbot Downing, which has $32.9 billion in client assets, is part of the company’s Wealth, Brokerage and Retirement group, which is one of the larger 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, Abbot Downing president. “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 is named for the 19th century New Hampshire craftsmen who built the stagecoach used in the Wells Fargo logo.
The new unit’s target audience will be the 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 offers such services as private capital investments and 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 strategic and tactical asset allocation; tax managed custom investment strategies and other options, according to Wells Fargo.
It also specializes in family governance, and trust, custody and fiduciary management services, and family office services. 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, according to Wells Fargo.
“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.
-Karen DeMasters
