Wells Fargo has named investment banking veteran Joseph Colianni head of banking of Abbot Downing, the company’s newly launched business catering to America’s wealthiest households.
He will oversee a range of services, including checking, foreign exchange and treasury management services as well as interest-rate risk management strategies, such as swaps, collars and caps, Wells Fargo announced.
Colianni was previously managing director in Wells Fargo’s Financial Sponsors Portfolio Management Group, where he led a team that managed a portfolio of transactions related to investment banking and traditional commercial lending. Prior to joining Wells Fargo in 2001, he worked nine years at RBC Capital Markets as a principal in investment banking. He held leadership roles at Deloitte Consulting LLP and Charter Westbrook Hospital earlier in his career, according to Wells Fargo.
“Joe’s extensive investment banking experience will be invaluable to our Abbot Downing clients who often have complex credit needs,” James Steiner, president of Abbot Downing, said in a statement.
Wells Fargo launched the Abbot Downing brand in April to increase its market share among the roughly 10,000 U.S. households that have $50 million or more in investable assets and collectively control more than $1 trillion. Abbot Downing combines the company’s former Lowry Hill and Wells Fargo Family Wealth businesses. It manages $32.9 billion in client assets.
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