Magazine article American Banker

State Street Global, Targeting Athletes, Signs a Specialist

Magazine article American Banker

State Street Global, Targeting Athletes, Signs a Specialist

Article excerpt

Derek Sanderson knows a thing or two about switching teams in search of a bigger contract from his days as a professional hockey player with the Boston Bruins.

And now the hockey star turned investment adviser -- and most of his team from State Street Research -- has moved to State Street Global Advisors' new wealth management unit for professional athletes.

"My players are becoming extremely wealthy, and they needed diversification," said Mr. Sanderson, a 13-year National Hockey League veteran who retired from the sport in 1978. "We can build it from soup to nuts here -- and with the market in the condition it's in, we need to be here now."

Last Wednesday, Mr. Sanderson joined State Street Global Advisors, the wealth management unit of Boston's State Street Corp., as director of the Professional's Group, which will focus on high-net-worth professional athletes. Mr. Sanderson moved from State Street Research, a Boston-based unit of Metropolitan Life Insurance, where he established State Street Research Sports to manage assets for former athletes such as Cam Neely and Bobby Orr, as well as current players.

Mr. Sanderson said he brought along 10 of his 14 managers and expects that some of the athletes he represents will follow him as well.

He said he moved to State Street Global because he wants to expand the products and services available to his client roster. In the new shop, "there is really no need for a client to go elsewhere. Clients like that, and athletes like that. If they need anything, it is here," he said.

Warren Toland, a spokesman for State Street Research, said that, with the departure of Mr. Sanderson and his team, the firm will no longer maintain a sports group and has no plan to reenter that field. Larger financial services firms such as State Street Global Advisors are joining the smaller boutique firms that have found a niche in managing money for athletes. …

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