Wells Fargo has appointed Michael Lee as a relationship manager and wealth planning strategist at Abbot Downing in Chicago, IL, as the firm expands its ultra high net worth business operations in the region.

Lee joins from William Blair & Company, where he was a partner and head of corporate and executive services. He also has experience in the areas of wealth, tax and estate planning, having previously been a tax attorney.

In his new role, Lee will focus on issues faced by owners and executives of private and public companies. He joins a Chicago-based team providing planning and family dynamics services, asset management, private banking, trust, fiduciary and administrative services.

Abbot Downing has $33.4 billion in client assets and is part of Wells Fargo’s wealth, brokerage and retirement group. It serves clients with at least $25 million in investible assets. Since its inception in April 2012, Abbot Downing has significantly expanded its presence in Chicago, having added eight new professionals over the past 12 months. As a result, next year it will move to new office space in the Chicago Mercantile Exchange Center, Wells Fargo said.

Abbot Downing serves clients across the US from offices in San Francisco, CA, Palo Alto, CA, Los Angeles, CA, Scottsdale, AZ, Denver, CO, Houston, TX, Minneapolis, MN, Chicago, IL, Philadelphia, PA, Washington, DC, Charlotte, NC, Winston-Salem, NC, Raleigh, NC, Naples, FL, Jacksonville, FL, and Palm Beach, FL.

Net income at the firm's wealth, brokerage and retirement group dropped 4 per cent from $351 million at the end of December 2012, to end the first quarter of 2013 at $337 million. Year-on-year, however, net income in this division is up 14 per cent.