Rich Asians Turn to Music After Betting on Soccer Craze
Asia’s legions of wealthy investors are getting a chance to profit from the boom in music streaming as Spotify and its peers gain popularity.
Swiss-Asia Holding Pte, which previously marketed soccer-linked notes to clients, aims to raise $100 million for securities linked to royalties generated from song rights, according to Anthony S. Casey, investment manager for the Singapore-based company. Investors in the soccer product — notes backed by soccer clubs’ TV rights — are expected to switch to the new security now that the old ones have matured, he said.
The Music notes have already been bought by DBS Private Bank, Julius Baer Group Ltd. and Bank of Singapore for Asian clients. Even as rising interest rates present wealthy people with more options for investment, there’s still demand to diversify into alternative assets that aren’t correlated to broader market volatility.