Morgan Stanley Wealth Management has established a new Global Sports & Entertainment (GSE) division that delivers financial advice and services to professionals in the sports and entertainment industries.

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The new division will be headed Drew Hawkins, a managing director and executive who most recently served as a wealth management regional director.

The division has been set up to cater the needs of veteran and emerging talent and their advisors in the sports and entertainment industries.

As part of the launch, the firm has hired a group of financial advisors who will provide sports and entertainment professionals with access to resources and programs, including asset and liability management, philanthropic and lifestyle advisory services, family governance and advanced financial planning, insurance, investment banking and private equity solutions.

In addition, the unit is also developing financial education curriculum across the country with pilots starting in early 2015.

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Gregory Fleming, president of Morgan Stanley Wealth Management, said: "HNW earners in the sports and entertainment industries have sophisticated wealth management requirements.

"Our services are provided by a group of experienced financial advisors, backed by specialized training and the full resources of a leading, global investment bank, which we believe will set a new standard in the industry."

Hawkins said: "We are committed to cultivating money-smart young adults to help curtail issues that may arise from sudden wealth, unpredictable career spans and unintended consequences."