Duff McKagan, the former bassist of rock legends Guns N' Roses and Velvet Revolver, has set up his own wealth management firm with musicians as the target market, and it is set to open in October, The Sunday Times (London) reveals.

In an interview with the publication, McKagan said the decision to open a wealth management business came after an unfortunate health-related incident in 1994 which inspired him to study Guns N' Roses' financial books, and enroll in a basic finance course. He went on to enroll at Seattle University's Albers School of Business and get involved in managing his own portfolio.

He says the financial know-how that sprung from his study eventually led to him being the go-to guy in the music industry for questions on money management and finance.

Thus, the wealth management firm Meridian Rock Capital Management, which was formed along with British investor Andy Bottomley, was born. McKagan played with Guns N' Roses until 1997 and Velvet Revolver until 2002.

McKagan has said previously the firm will aim to “educate rockers about their finances instead of pandering or lying to them,” as in the world of rock, businessmen “are often seen as the enemy”.

"Even when I was taking my first math class, I started getting calls from friends who were in the same business saying, 'Duff, you're in business school, can you help me invest my money?'" McKagan was quoted as saying in The Times.

"I realized there was great need for some kind of advice service. It wasn't just me who was freaking out about being broke," he added.

This publication originally reported on McKagan’s plans in March.