Wells Fargo tailors service to super-rich

Charlotte ObserverNovember 1, 2011 

Wells Fargo is launching a boutique business to serve families with at least $50 million in assets, an example of the banking industry's increasing focus on high-net-worth customers.

Abbot Downing, as it is to be called, will manage $27.5 billion in assets for about 575 clients and will offer wealth management, investment and banking services for families and their endowments and foundations.

It has about 300 employees, including a team of about a dozen employees in Charlotte and 80 across North Carolina.

The brand will roll out in April. It merges Wells Fargo's Family Wealth and Lowry Hill businesses and Wachovia's legacy Calibre business.

"By bringing these three businesses together, we're going to have a lot more capabilities," said James Steiner, who runs Abbot Downing. "We'll have a national offering, and that will be extremely important."

Read the complete story at charlotteobserver.com

McClatchy Washington Bureau is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service