Swiss private banking group Mirabaud is to set up a new business unit in Spain, Mirabaud Sports, Art & Culture, specialising in providing services to professionals in sport and the arts.
Former professional basketball player and private banker Ferran Martínez Garrida will lead the project, which has a goal of 10% annual growth.
Mirabaud estimates that the market in Spain for sporting and artistic professionals is worth nearly €3.9bn ($5.18bn) a year, with professional athletes representing 54% of the figure.
Several private banks, including Banco Sabadell, Coutts and HSBC, have similar units aimed at courting sports stars and celebrities as clients.
The bank believes that professionals in these fields have unique characteristics such as an earnings potential that is restricted to a short period of time which means they need advice on how to maintain their wealth when their careers end.
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.
Such clients require global financial planning covering investment advice and inheritance management, the bank said in a statement.
Ferran Martínez Garrida previously headed up a similar sports unit at Banco Sabadell and was a private banking consultant at UBS.
He is also famous as a former professional basketball player with FC Barcelona and Club Joventut de Badalona in Spain and Panathinaikos in Athens.
He was capped 156 times for the Spanish national team and is the founder of a number of companies including Global Sports Advisors, which represents athletes, and Leaders Factory, a sports consultancy.