BS Sports & Entertainment, a unit of Spanish bank Banco Sabadell (BS), is to provide asset management advice to top sports people and entertainers in an agreement with international agency IMG.
BS Sports & Entertainment director Ferran Martínez said the agreement will enable BS to continue to grow and consolidate its private banking services for sportspeople in Spain.
According to a PBI special report on sports pros and entertainers, salaries of sportspeople have grown at a compound rate of 8 percent a year for the last 40 years making it a fast-growing and virtually recession-proof segment.
BS Sports & Entertainment and IMG between them manage a total of 1,500 sportspeople and celebrities.
BS Sports & Entertainment is a business unit created by Banco Sabadell in 2007. It specialises in offering advice and private banking financial services and asset management to top athletes and entertainers.
Banco Urquijo, a subsidiary of Barcelona-based Banco Sabadell, is estimated to have the fifth-largest private banking operation in Spain.