Wells Fargo Abbot Downing

Wells Fargo - Abbot Downing (Originally Posted: 04/02/2012)

Apparently Wells Fargo is opening a new WM firm for the ultra-rich called Abbot Downing.

http://www.reuters.com/article/2012/04/02/us-wellsfargo-abbotdowning-id…

ReutersWells Fargo & Co opened its new Abbot Downing business on Monday, merging two of its wealth management units under a new brand it hopes will expand its market share of America's richest families.

The new business, catering to ultra-high-net-worth individuals and families with $50 million or more in investable assets, resulted from the combination of Wells' Family Wealth unit and its Lowry Hill subsidiary. The name Abbot Downing comes from the 19th-century New Hampshire builder of the stagecoaches that have come to represent Wells Fargo.

Since Wells first publicly announced the planned merger last November, the combined business has grown 20 percent to $32.9 billion in client assets under management. In those five months, the group added five billionaires and 13 individuals with $100 million or more in investable assets to its client base, said Jim Steiner, Abbot Downing's president.

Any thoughts? I hate Wells Fargo, personally. On the retail side they've probably got the worst tellers and policies as far as I've seen. Maybe it's just a locality thing.