The new business, catering to ultra-high-net-worth individuals and families with
Since Wells first publicly announced the planned merger in November, the combined business has grown roughly 20 percent to
"We've had new success in bringing in new foundation assets," said
Steiner said the biggest drivers of new wealth have been cash from the sale of company stakes through initial public offerings and mergers and acquisitions.
Steiner estimated that about 10,000 households in
Steiner said the decision to rebrand the combined business was meant to establish a small-firm feel. Wells intended to distinguish its family wealth business from that of other bigger competitors, like the
"Their biggest challenge will be to differentiate themselves from others," said
The family wealth management industry is highly fragmented, Livergood said, because of the wide-ranging needs of its clients — including traditional wealth investment management, as well as wealth succession planning.
Abbot Downing has four divisions, including an asset management division, a private banking channel, a combined trust and fiduciary service, and a group that addresses family psychology and governance.
There are about 300 Abbot Downing employees working in 16 offices across
The new business is the fourth under Wells's Wealth,
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