Sat, 11/21/2020 – 09:55
His job is going to entail making sure that wealthy professional athletes with more money than they know what to do with don’t blow it all and go broke – an all too common scenario in the world of professional sports.
While Ogunleye “initially had little experience with investments”, he said he eventually moved from football to finance to be able to protect the fortune that other professional athletes have mistakenly thrown away, according to Bloomberg.
Ogunleye’s financial track record, before educating himself, was plagued with bad deals. For example, he bought 5 apartments in one building in Miami prior to the housing crash. He also fell victim to a ponzi scheme run by a financial adviser that was registered with the NFL Players Association.
“I was inadequate at understanding the financial jargon. I didn’t know what a basis point was,” he said.
And so, after his playing career, he went on to complete an MBA at George Washington University and then joined UBS in 2019. UBS is joining peers Morgan Stanley and Goldman Sachs, who both have their own wealth management divisions that cater specifically to athletes.
Ogunleye thinks his experience – not only as a player, but as a failed investor – can help UBS align with athletes better. He said: “Finance isn’t diverse. Financial advisers typically don’t speak athletes’ language, so athletes and entertainers gravitate toward those people who do.”
He concluded: “My job now being at this reputable place is to make sure we’re diverse. If we can do that together, the culture will change throughout the entire industry.”
Yeah, and also not to lose your client’s money, right?
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Author: Tyler Durden