Such a segment plays to the specific needs of sports figures and entertainers, such as making the most of uneven income, risk of injury, short earnings periods and advice on intellectual property, branding and promotion.
UBS Global Wealth Management is launching a new business segment for athletes and entertainers, highlighting how some firms prospect for clients by occupation and wealth source as much as by investible assets.
The firm is calling this unit – aimed at the US market - the Athletes and Entertainers Strategic Client Segment. It is to be led by professional football veteran Adewale Ogunleye. After his sports career ended, he earned an MBA from George Washington University and joined UBS last year as head of sports and entertainment.
The segment will collaborate with UBS financial advisors.
Ogunleye is a football defensive end who played 11 seasons in the National Football League. He was signed by the Miami Dolphins as an undrafted free agent in 2000 and also played for the Chicago Bears and Houston Texans. He played college football at Indiana.
A number of firms, such as Colony Group in the US or private bank Coutts in the UK have developed niche segments centered on sports, media and entertainment. These play to the specific needs of sports figures and entertainers, such as making the most of highly uneven income, risk of injury, short earnings periods and advising on intellectual property, branding and promotion. Such segments show how certain firms try to differentiate from their peers.
To see an article on this topic from back in 2014 – illustrating how this news service has covered this area for a while – click here.