Wells Fargo & Co. is merging two of its wealth management divisions into one unit serving clients with minimum investable assets of $50 million, Reuters reports. The company is betting on the growth of America’s super rich with its freshly branded Abbot Downing business.
The San Francisco–based company’s $4.7 billion boutique subsidiary firm Lowry Hill and its $22.8 billion family wealth unit will merge under the Abbot Downing name by April. The new business will be headed by Jim Steiner, who was formerly managing principal at the 72-employee Lowry Hill. The merged firm will have $27.5 billion in assets.
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