Switzerland's largest banking group, UBS, has launched a Sports and Entertainment Group to look after the financial interests of top athletes and entertainers.This content was published on July 14, 2000 - 10:21
UBS says that with increasing expenditure on leisure, the flow of money into these businesses has seen significant growth in recent years.
In a statement, UBS said that more than SFr36 billion was spent on sports sponsorship worldwide last year, and that money was filtering through to the athletes and entertainers in the form of record levels of earnings.
"The individuals concerned differ in many ways from the classic private client: they are typically young and do not necessarily have a great deal of financial expertise," the statement said.
"They do not always have the time or the wish to take care of their investments, or to think about wealth planning or retirement when concentrating on their own career," it added.
The Group plans to offer an integrated package of UBS products including cash management, investment management, portfolio management, investment advisory services, tax planning, as well as insurance and legal advice.