Abbot Downing, the ultra-high-end wealth management business of Wells Fargo, has nabbed industry veteran Paul Cummings from Merrill Lynch to serve as regional managing director for the Northeast Region. Cummings will oversee the delivery of asset management, banking, planning, trust and fiduciary, and family dynamics services through offices in New York and Philadelphia, the bank announced Thursday.
Cummings was formerly managing director and head of Channel Management for Merrill Lynchs Managed Solutions Group, responsible for client segment solution delivery and strategic planning and execution for the institutional, international, U.S. trust and Merrill Edge channels. Prior to that, he led the Institutional Investments Group.
Paul understands the distinct needs of the ultra-high-net-worth client and how we can deliver the full breadth and depth of Abbot Downings services to support clients in using their wealth to positively impact their families and communities, Jack Ginter, Abbot Downing senior managing director, said in a statement.
Prior to joining Bank of America in 2006, Cummings was a managing director of the Advisor Wealth Services Group at The Bank of New York where he oversaw product development, strategic planning, client service and sales. During his 14-year career there, he held various positions in the Private Client Services and Asset Management groups.
Abbot Downing has $31 billion in client assets and is part of Wells Fargos Wealth, Brokerage and Retirement group.