Wells Fargo has opened its new Abbot Downing business - a move involving the merge of two of its wealth management units under a new brand. 

Abbot Downing serves ultra high net worth individuals and families with at least $50 million in investable assets, and is an integration of Wells Fargo Family Wealth and Lowry Hill. The unit is led by James Steiner, who was appointed as president last year.

In February, the firm appointed Lisa Featherngill as managing director of planning of the division, based in Winston-Salem, NC, reporting to head of wealth planning, Anthony McEahern.

Since details of the merger were announced in November, the combined business has grown by approximately 20 per cent to $32.9 billion in client assets under management, according to Reuters. More specifically, the group has reportedly added five billionaires and 13 individuals with $100 million or more in investable assets.

Steiner told the publication that people are leaving more money to foundations and endowments. He also said cash from the sale of company stakes in initial public offerings, mergers and acquisitions have been the “biggest drivers” of wealth creation. 

Abbot Downing has four divisions, including an asset management division, a private banking channel, a combined trust and fiduciary service, and a group which addresses family psychology and governance.