Abbot Downing, Wells Fargo's elite brokerage unit for the ultrawealthy, named an attorney as its new chief fiduciary officer, a spokeswoman said.

Jason Davis succeeds Darryl Meyers, who is retiring from the position after a 30-year legal career, the firm said.

Davis, who studied law at Villanova University, joined Wells Fargo's family wealth unit in 2004 after working in private practices. His previous title was senior vice president, director of client management.

He has more than two decades experience in tax and business succession planning, making him a good fit for the role, Jim Steiner, president of Abbot Downing, said in a statement.

"We take our responsibility as a fiduciary very seriously and having someone with Jason’s credentials is extremely important not only for Abbot Downing but also for Wells Fargo and its clients," Steiner said.

Abbot Downing focuses on ultrawealthy clients as well as foundations and endowments. The firm has $37 billion in client assets, and its namesake built the iconic stagecoaches that are part of Wells Fargo's brand.

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