Private Banking

After a decade in Twin Cities, Paddock heads to San Diego for job at Wells Fargo


Margaret Paddock, who for the past decade has managed the high-end private client wealth-management business for U.S. Bancorp in the Twin Cities, has resigned to take the same job with Wells Fargo in San Diego. Paddock, 46, said she and her husband, who moved from Chicago, are empty nesters without Twin Cities roots, and were ready to start a new life sans winter.

“Recently my daughter, sister and best friend moved west,” Paddock said last week. “My husband and I are active and it would be great to be outside 12 months a year. This gave us a great opportunity. This was more about family and lifestyle [than U.S. Bancorp].”

Paddock, who started with U.S. Bancorp in Chicago, managed a business of 140 people and affluent-family assets of $16 billion.

Paddock, not born to the silk-stocking trade, learned early about hard work and managing the financial affairs of others.

Paddock’s father left the family when she was 13. Her mother took a retail job. And Paddock worked her way through high school and college as a bank teller. Paddock’s mother was diagnosed with dementia and was fleeced by a financial scam artist of her life savings. Paddock, by then a working mother, took in her mom.

“I … worked my way up,” Paddock said last year. “I enjoyed the customer interaction and being of service. As a first-generation [Polish] immigrant, I feel my success came from a strong work ethic and belief that we are only bound by the limitations we set on ourselves.”

neal st. anthony


Housing developer Doran expands commercial book, buying Calhoun Village

Doran Companies has acquired for $24.9 million Calhoun Village Shopping Center at 3200 W. Lake St., on the north end of Lake Calhoun.

Founder Kelly Doran, best known since the recession ended in 2009 for upscale student housing around the University of Minnesota and multifamily apartment projects, cut his teeth on commercial projects in the 1980s at the former Robert Muir Co. Doran and Muir in the 1990s developed Calhoun Commons, across Lake Street from Calhoun Village, and sold it several years ago.

Doran bought 90,000-square foot Calhoun Village, completed in 1988, from investor Pfaff Calhoun. Calhoun Village is in a busy locale with potential for upgrade and expansion, Doran said. It is 90 percent-plus leased and includes a Walgreens, Punch Pizza and Barnes and Noble.

Doran’s commercial business manages more than 1.7 million square feet of shopping centers in the Twin Cities and St. Cloud.

Doran several months ago broke ground on the Moline in Hopkins, a $50 million, 241-unit luxury apartment complex, on the site of a 1960s-vintage warehouse/office development on Excelsior Boulevard. It’s in downtown Hopkins near the former Minneapolis Moline tractor plant site. The Moline also is close to the proposed Southwest light rail transit line.

Neal st. anthony

Health care costs

UnitedHealth Group-related study looks at what drives ‘low-value’ services

A new study examines claims data collected by UnitedHealth Group’s Optum data division to determine how often a group of 1.5 million adults used 28 low-value services during 2013. Those services tend to run up costs with little beneficial outcome.

Nearly 115,000 patients received low-value services in 2013 resulting in $32.8 million in spending, about 0.5 percent of total spending.

The most commonly received low-value services: Hormone tests for thyroid problems; imaging for low-back pain; and imaging for simple headaches. The biggest driver of cost was spending for spinal injections for lower-back pain at $12.1 million, according to the report from researchers at Rand Corporation and the University of Southern California.

Imaging for uncomplicated headaches ran up an estimated $3.6 million in costs. Imaging for general low-back pain cost $3.1 million.

Researchers estimate $750 billion in wasteful health care spending each year in the U.S., including about $200 billion in overtreatment.

“Reducing overuse could improve quality and access while reducing spending,” researchers wrote in the medical journal JAMA Internal Medicine.

The study found that low-value spending per $10,000 in total spending was less among patients who were older, male, black or Asian, low-income or enrolled in health plans with big deductibles.

“Efforts to reduce waste in health care may be bolstered by efforts that focus on over treatment, insurance designs that discourage overuse and programs that target groups and regions at greater risk of low-value care,” researchers concluded.

Christopher snowbeck