Bloomberg reports that the 46-year old quit his job as a vice president at UBS’s private-banking unit in Zurich where he advised wealthy clients in countries from Jordan to Lebanon and in 2011 began offering bets on British horse races.
Reichstein said his service, which mostly places lay bets - a wager that a horse won’t win - is unique.
'Very wealthy private clients like the approach, they say it’s not correlating to anything', said Reichstein, who wore sports trousers and a hoody during the interview and spends afternoons betting his client’s money on losing horses at popular U.K. racetracks such as Kempton Park or Wolverhampton.
His betting service is one of various emerging business models tied to horse racing that also include funds that buy and sell horses -- offering alternatives to traditional investments such as equities, bonds or even gold, which dropped 28% percent last year. Reichstein, who rises at 5 a.m. to ride one of his six horses, said his bets returned 6% last year.
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image: © Paolo Camera