Wells Fargo & Co. said Thursday it has promoted a Winston-Salem executive to serve as managing director of planning for its new "boutique" business serving ultrahigh-end clients.
Lisa Featherngill will remain here with her new position with Abbot Downing. The Abbot Downing brand, which will debut in April, combines the bank's Family Wealth and Lowry Hill units.
The business serves individuals and families with $50 million or more in assets, as well as their foundations and endowments. It is part of the bank's Wealth, Brokerage and Retirement group, which also has a major office in Winston-Salem. The business will have $27.5 billion in client assets and a staff of about 300. It has 35 employees serving 70 families in the Carolinas. Overall, there will be more than 50 local employees, spokeswoman Julie Yeager-Andrews said.
Featherngill will also continue to lead the business' financial administration segment. She has 25 years of experience in tax and financial planning, most recently serving as director of Wealth Planning for the Carolinas and mid-Atlantic offices.
She is a 15-year veteran, having been hired by First Union Corp. in 1996, before Wachovia merged with First Union. Wells Fargo took over Wachovia in 2008.
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