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This Wells Fargo unit ranks among world's richest family offices

This Wells Fargo unit ranks among world's richest family offices

Jim Steiner is president of Wells Fargo's Abbot Downing.

Wells Fargo

Wells Fargo & Co.'s[1] Abbot Downing is the world's 11th-richest family office, according to a new Bloomberg ranking[2].

Created by the combination of San Francisco-based Wells Fargo's Lowry Hill and Family Wealth investment businesses in 2011, Minneapolis-based Abbot Downing has $38.6 billion in assets under advisement (up 2% from the year before) for 619 wealthy families.

Jim Steiner is president of Wells Fargo's Abbot Downing.

Wells Fargo

Abbot Downing is a Wells Fargo (NYSE:WFC) business that focuses on ultra-high-net-worth families and individuals — those with $50 million or more in investable assets. The firm is named for the company that manufactured custom stagecoaches featured in the bank's logo. David Parker[3] is managing director of its Charlotte office.

References

  1. ^ Wells Fargo & Co.'s (www.bizjournals.com)
  2. ^ new Bloomberg ranking (www.bloomberg.com)
  3. ^ David Parker (feeds.bizjournals.com)
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