Wells Fargo, the fourth-biggest American bank by assets, has started a new family office, targeting individuals with $50 million (€36.6 million) or more.
The unit, named Abbot Downing after the 19th-century builder of stagecoaches, incorporates the businesses of Wells Fargo Family Wealth, the bank’s family office in San Francisco, and Lowry Hill, a Minneapolis-based asset management and financial planning firm that serves wealthy families and foundations with $10 million or more in assets.
Abbot Downing will be managed by James Steiner, current executive vice president of Wells Fargo.
While the family office’s new clients will have $50 million or more, existing customers of Wells Fargo Family Wealth and Lowry Hill may have less.
According to the company, in the US there are about 10,000 families with $50 million or more in investable assets. Together, they control more than $1 trillion.