John Peace, Standard Chartered's chairman; and Christian Purslow, Liverpool FC's CEOPrivate
banks are missing out on the segment of professional
sportspeople and entertainers, currently growing as quickly as 30
percent a year in loans, deposits and client assets.

Steve Talboys, a director at Aon, the
insurance broker, said just three of his 370 sporting clients had
their investments managed by private banks. “Usually a football
player, when he signs a lucrative contract, will have an agent who
will have a preferred financial adviser in place,” he said. “It is
under their [the IFAs’] umbrella before a player gets his exclusive
bank account in place, so it tends to be financial advisers who
look after the players’ wealth rather than the private banks.”

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He said there was an opportunity for private
banks to gain a larger slice of the resident non-dom market. Thomas
Carroll, head of SunTrust’s specialist Sports and Entertainment
business in the US, said he forecast the unit would grow at a rate
of 30 percent in loans, deposits and assets under management in the
next three to five years. Sports, and increasingly entertainers,
were becoming a significant part of its private banking business,
he added.

Currently, Standard Chartered, Barclays
Wealth, Coutts and HSBC Private Bank are among the leading private
banks in the sports and entertainment segment. Businesses like
Conforto, a UK-based sports wealth management specialist, is
another leader in the field and last week completed the acquisition
of First Artist’s Optimal Wealth Management business.

See next edition of PBI for full
analysis of the sports/entertainer segment, out on February
16

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