Abbot Downing has opened a new office at 330 Madison Ave. with the Wells Fargo Family History team to serve ultra-high-net-worth families who seek to understand and preserve their historical legacies for future generations. Abbot Downing—with its 40-year history serving ultra-high-net-worth individuals, families and foundations—is part of Wells Fargo’s Wealth, Brokerage and Retirement group, a leading U.S. wealth manager, with $1.6 trillion in client assets.
Wells Fargo announced in late 2011 it would merge two existing businesses to be rebranded as Abbot Downing, and formally launched the brand on April 2, 2012. Today, Abbot Downing has $36.9 billion in client assets, a 30 percent increase since the merger was announced. As Abbot Downing marks its two-year anniversary, the firm is seeking to grow its presence in the New York metro area and New England.
“Clients across the country have responded very favorably to Abbot Downing and we’re excited to be expanding in New York,” said Jim Steiner, president of Abbot Downing. “In our brand research, people told us they wanted an integrated offering of services combined with a high-touch client service experience. Successful individuals and families are looking for wealth managers who can go beyond the numbers to help them use their wealth to positively impact their families and their communities.”
The New York office is led by Abbot Downing Northeast Regional Managing Director Paul Cummings, a 20-year wealth management veteran. Cummings oversees a team that provides planning and family dynamics services; asset management; private banking; trust, fiduciary and administrative services.The Wells Fargo Family History Center, based in San Francisco, has eight historians and associates, including two historians in the Madison Avenue office: Heidi Druckemiller, who holds a master’s degree from Columbia University, where she specialized in architectural and urban history, and Nicole DeRise, who has a master’s degree in archives and public history from New York University. “Our work illustrates a family’s unique story of challenges, survival and growth, typically across four generations,” Druckemiller said. “Though New York City is not central to every family’s history, it is featured, to some degree, in a significant number of our projects since the city has been the epicenter of immigration to North America since the 1600s. For our clients who have family roots in New York City, we are uniquely positioned to investigate their ancestors’ lives in the city – including where they lived, worked, and celebrated the milestones that led to the growth and evolution of their families.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts