UBS has installed a former professional football player at the helm of a group that will work exclusively with the steadily growing group of rich sportspersons.
It’s a growth market where UBS expects rich pickings: the list of professional sportspeople who have earned millions during their careers is lengthening even as the pandemic has hit the industry temporarily.
Names such as Roger Federer from tennis or Cristiano Ronaldo in European football have risen to become among the best-known personalities overall, but they have also turned into seriously rich entrepreneurs. Athletes and entertainers are a new strategic client segment that UBS has committed its resources to, according to a statement from the bank.
Footballer on a Finance Mission
Adewale Ogunleye (see below), a former professional in the American football league, will oversee the group that has been given the task of snapping up the wealthy sportspeople. He earned an MBA from George Washington University and joined the bank in 2019 as head of sports and entertainment at the global wealth management division.
The group will work in close collaboration with the UBS financial advisers team, who had the segment as part of their curriculum for a long time, the bank said.
Helping Avoid Poor Decisions
«I joined UBS to create a sports and entertainment business that educates and speaks to our clients in an authentic and relatable manner,» said Ogunleye. «Far too often we see stories of athletes and entertainers making poorly guided financial decisions, which leads to a loss of personal wealth and trust in those who can provide sound financial advice and guidance. Our main priority is to change that narrative and help athletes and entertainers build a path to long-lasting financial success.»
Successful sportspeople are known to find it hard to make the best use of their assets because, in order to become great at their sport, they need to devote all their energy to developing that talent and often neglecting their formal education.
U.S. Rivals With Sports Units
Stars such as Federer, who has ties to UBS-rival Credit Suisse, would seem the exception rather than the rule, with a steadily expanding business empire emerging all the while he still plies his trade as a tennis player.
UBS isn’t the only major financial to invest in the segment catering to sportspeople. Morgan Stanley and Goldman Sachs both have units within wealth management devoted to the industry.
Ogunleye believes that his background as an NFL-player will help him get better access to the clientele.
