Sept 4 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
Citi did not immediately return a request for comment on