“The world might see you through one lens: a star during game time. We know you’re more than that...more than a name, more than a role model, more than a jersey, more than a superstar.” No, that’s not the script of the latest Nike commercial. It’s part of Goldman Sachs’ pitch aimed at millionaire athletes that it hopes to court under a new strategy within its private wealth management unit.
The new platform, known as Sports and Entertainment Solutions, was quietly launched earlier this year, according to sources close to the bank. It’s said to be aligned as more of a new strategy within Goldman’s existing private wealth management division rather than its own siloed business unit.
The firm recently began circulating a two-page PDF seen by eFinancialCareers designed to woo high-net-worth athletes. Outside of investment management, Goldman touts services like assisting athletes with charitable campaigns, managing their liquidity needs and helping them improve their knowledge of financial markets.
“We’re also best positioned to offer meaningful introductions to expand your network and access,” Goldman noted in the document.
Former New York Giants all-pro defensive end Justin Tuck was hired by Goldman Sachs in July as a VP within its private wealth management unit. It’s unclear whether Tuck is concentrating his efforts on the new strategy, though it would certainly make sense considering his former career. Earning his MBA from Wharton in May, Tuck also runs a charity aimed at helping educate low-income children that included a partnership with Citi, according to LinkedIn.
The move coincides with Goldman's more general push into private wealth management. The firm hopes to increase headcount within the division by 30% over the next two-plus years, outgoing CEO Lloyd Blankfein said in February. The bank employed roughly 700 private advisors at the time.
Goldman isn’t the first firm to launch a superstar-focused wealth management unit. Morgan Stanley operates a Global Sports & Entertainment (GSE) division that caters to professional athletes as well as musicians and actors. Goldman's similarly-named platform suggests that it too could begin targeting Hollywood talent, though the marketing materials seen by eFC were specifically focused on athletes. Goldman Sachs confirmed the launch of the new platform but didn’t respond to requests for details on the strategy.
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