ON THE MOVE-Wells' Abbot Downing hires Citi director in New York

Sept 4 Wed Sep 4, 2013 12:00am EDT

Sept 4 (Reuters) - Wells Fargo & Co said on Wednesday it hired investment veteran Peter Barcia from Citi Private Bank in New York to join the company's Abbot Downing business catering to the ultra-wealthy.

Barcia, who had been director of portfolio solutions at Citi Private Bank, joined Abbot Downing as a managing director and senior portfolio manager. In his new role, Barcia will work with clients in New England and the New York metro area.

Barcia, who has worked in the financial services industry for nearly three decades, also previously worked at UBP Asset Management, Bessemer Venture Partners and Deutsche Bank-Asset Management. He started his career in 1985 at Deloitte & Touche.

Abbot Downing is the ultra-high-net-worth wealth management unit that Wells launched in April 2012 after combining its family wealth unit and Lowry Hill boutique subsidiary.

The unit, a part of Wells' Wealth, Brokerage and Retirement group, caters to individuals and families, their foundations and endowments with $50 million or more in investable assets. It has a total of $34 billion in client assets under management.

Abbot Downing said it plans to expand in New York and New Jersey and open a new office in Manhattan next year. The firm hired former Bank of America Merrill Lynch managing director Paul Cummings last year to build out the firm's Northeast footprint.

Citi did not immediately return a request for comment on Barcia's departure.