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imageBy merging two of its wealth management units earlier this year the Abbot Downing Wealth Management business was launched.

Under President Jim Steiner, the subsidiary, which has a “small firm feel”, caters to ultra-high-net-worth individuals and families with $50 million or more in investable assets. The name Abbot Downing comes from the 19th-century New Hampshire builder of the stagecoaches that have come to represent Wells Fargo.

“We’ve had new success in bringing in new foundation assets,” Steiner said. “People are leaving more money to foundations and endowments.”*

He 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 the United States have $50 million or more in investable assets. Abbot Downing has just under 600 client relationships, including multiple families across generations.

Abbot Downing has four divisions: 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 United States.