SOURCE:
THE MUSIC INDUSTRY REPORT
Investec Private Bank, the UK wealth manager, has launched a specialist division aimed at wealthy individuals in the music and film industry. The bank is targeting music and entertainment stars, managers and agents, which it believes is an under-serviced market.
Nicky Walden, head of specialist banking at Investec Private Bank said: “During our discussions with leading individuals in the entertainment industry it became apparent that this is an area that has largely been under serviced by the financial services sector.”
It said that in the music and entertainment industry, entrepreneurs’ income and overall wealth is harder to define and as a consequence these individuals can struggle to secure a mortgage or loan for themselves or their business. Even if they can, it is often not tailored to their individual needs.
The bank is offering music and film stars a more flexible product adapted to meet ever-changing cashflow and life stages.
Last year the bank began targeting the music entertainment industry in partnership with F10 sponsorship, Investec has been in discussion with leading entertainment stars, managers and agents at major events, including attending The Brit Awards 2010.
http://musicindustryreport.org/?p=18136