This latest news is an example of the increasing wealth in the sports and media industries, and private banks and wealth managers are looking to tap into the market to expand their business.

Banc of California has launched an entertainment division in its private banking operation in Los Angeles. The bank has also launched a new sports banking team which will be lead by Ryan Donohue, senior director of private banking.

This is another example of how the increasing wealth in sports, media and entertainment is starting to make firms take notice and implement the segment into their business.

The bank has appointed Adrian Ward as private banking market executive for entertainment banking and Randi Greenberg as senior director of private banking. 

As market executive, Ward is responsible for leading Banc of California's entertainment banking group, which includes music, digital, film and television production banking. He joins Banc of California from Pacific Mercantile Bank, where he served as division manager for the entertainment industries division.

Greenberg joins Banc of California from Pacific Mercantile Bank, where she served as senior vice president and senior relationship manager, focused on entertainment industries banking. Greenberg has more than 30 years of commercial banking experience. 

Ward and Greenberg will work with Donohue, who is responsible for the sports banking group at Banc of California. The sports banking group will focus on professional athletes as well as expanded new products including disability insurance premium financing for athletes, stadium finance, and banking services for professional teams and their owners. 

Donohue joined Banc of California in early 2017 and previously worked with City National Bank, where he served as vice president and relationship manager in the sports and entertainment department of the private bank. 

"The addition of Adrian and Randi to the Banc of California team is directly tied to our initiative to expand the reach and capabilities of our already market leading private banking division," said Doug Bowers, president and chief executive. "The Southern California market, and Los Angeles specifically, is the heart of the sports and entertainment industries, and the expansion of our efforts around the private banking opportunities related to this sector is a logical next step in the growth of our private banking division."

In March, this publication reported that Banc of California had appointed Joubin Rahimi as senior vice president of private banking of its San Diego operation.