London & Capital is to relaunch its sports
wealth management service as wealth managers hone in on
sportspeople due to rapid salary growth in recent decades.
London & Capital’s service, to be headed
by Adam Osper formerly of Conforto Financial Management, will
initially focus on football and rugby as its core markets.
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According to some estimates published as part
of a special PBI sport management
feature, salaries of sportspeople have grown at a compound rate
of 8% a year for the past 40 years making it a fast-growing and
virtually recession-proof segment.
Private banks, particularly in Europe and
Asia, are seen to have the strongest advantage in working with
international clients.
In the UK, resident non-domiciled footballers
are an important market, with around 420 of the 700 players in the
league registered as such, according to Barclays Wealth
estimates.
Standard Chartered set up a global sports
practice in July last year to work on a target market of 600
athletes in Australia, New Zealand and South Africa with around
$1bn in assets under management.
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By GlobalDataLondon & Capital managing director and
co-founder Daniel Freedman sees great potential for the new
division.
“The Retail Distribution Review (RDR) will
force more and more intermediaries to outsource their investment
business, and sports professionals will need to look increasingly
to firms that can handle these requirements,” Freedman said.
