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.
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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.
Unique characteristics
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By GlobalDataThe 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.
Basketball star
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.
