Morgan Stanley Wealth Management has announced the launch of Global Sports & Entertainment (GSE), a new division that will serve the unique needs of veteran and emerging talent and their advisors in the sports and entertainment industries.
“High net worth earners in the sports and entertainment industries have sophisticated wealth management requirements. Our services are provided by a group of experienced Financial Advisors, backed by specialized training and the full resources of a leading, global investment bank, which we believe will set a new standard in the industry,” said Gregory J. Fleming, President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management.
An inaugural group of Financial Advisors across the country has been chosen for their experience working with athletes, entertainers, directors, writers, producers, owners, agents and business managers. These Financial Advisors recently completed an education program, attaining the title of Sports & Entertainment Director. They provide sports and entertainment professionals with access to customized resources and programs, including asset and liability management, philanthropic and lifestyle advisory services, family governance and advanced financial planning, insurance, investment banking and private equity solutions.
GSE is led by Drew Hawkins, a Managing Director and veteran executive who served most recently as a Wealth Management Regional Director. “Sports and Entertainment professionals have unique financial profiles that do not subscribe to conventional planning. With the resources of the Global Sports & Entertainment division, our Directors are equipped to work with talent and their personal advisors – agents, business managers, family and other spheres of influence – to help make smart choices around how they invest, borrow, protect and give.” Mr. Hawkins said.
To help educate emerging talent on financial basics and issues relevant to those pursuing professional careers in the sports and entertainment industries, Global Sports & Entertainment is developing financial education curriculum to be taught in sports, film and music departments across the nation with pilots beginning in early 2015. According to Hawkins, “We are committed to cultivating money-smart young adults to help curtail issues that may arise from sudden wealth, unpredictable career spans and unintended consequences.”