Knicks Win Brings Big Business to Goldman Sachs
The New York Knicks' championship win has brought in over $9 million for the team's players, and Goldman Sachs is benefiting from this success. The investment bank's wealth-management business counts some of the Knicks players as clients, helping to attract more wealthy individuals.
Matt Kennedy, a former Villanova teammate of Knicks stars Jalen Brunson, Josh Hart, and Mikal Bridges, has worked with Goldman for two years. As an intern, he helped manage debt products such as collateralized loan obligations before joining the wealth-management business. His team helps manage money for a range of clients.
The Knicks' players often secure sponsorship deals after championship wins, which can bring in millions. Goldman's athlete clients generally have a long-term investment horizon and prefer private and illiquid investments. They also tend to retire young, seeking steady income from businesses or franchises.