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."
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