Knicks Stars Stash Wealth With Goldman and Ex-Villanova Teammate
A team that works with some of the Knicks players has a unique asset: Matt Kennedy, a 6-foot-2 Villanova University graduate who spent years as a teammate of New York Knicks superstars Jalen Brunson, Josh Hart and Mikal Bridges.
(Bloomberg) -- The New York Knicks’ championship year is proving to be a boon for Goldman Sachs Group Inc.
The Knicks, which broke a 53-year drought to win the NBA championship in June, were together awarded more than $9 million, and star players often snag even more in sponsorship deals after such victories.
That’s a win for Goldman’s massive wealth-management business, which counts some of the Knicks players as clients, according to people familiar with the matter.
Scoring more wealthy clients has helped Goldman build out that operation, which is part of its broader asset- and wealth-management unit led by Marc Nachmann. The division manages more than $4 trillion of assets across public and private markets.
A team that works with some of the Knicks players also has a more unique asset: Matt Kennedy, a 6-foot-2 Villanova University graduate who spent years as a teammate of New York Knicks superstars Jalen Brunson, Josh Hart and Mikal Bridges.
A spokesperson for Goldman said the bank brings its whole team to its clients and declined to comment on who it works with. Kennedy declined to comment. A spokesperson for the Knicks didn’t immediately respond to requests for comment.
During his time at Villanova, Kennedy won the NCAA Elite 90 Award at the Final Four, a designation now known as the Elite Scholar-Athlete award, which is given to the player holding the highest grade point average among the athletes competing in the event.
While Kennedy was on the court way less frequently than his more famous former teammates, his Villanova profile says he chose the college’s program “for its sense of community and the brotherhood of its men’s basketball team.” Indeed, Bridges served as best man at Kennedy’s wedding last year.
Kennedy has had a pass to Knicks games for a few years, he told The Athletic in June. “He’s never, ever, ever cutting corners,” Kennedy said about Bridges in the article. Brunson, he said, had a “maniacal” work ethic.
It’s not the first time former athletes have helped attract wealthy clients to Goldman. Two-time Super Bowl winner Justin Tuck, a former captain of the NFL’s New York Giants, joined its private wealth management unit in 2018. He has talked about the importance of long-term relationships in his business.
Football and basketball games are also perfect venues for the richest to mingle. Tuck has talked about how he has worked to court the high-flying executives who populate suites at MetLife Stadium. Knicks games in particular are packed with celebrities and executives, including Goldman Chief Executive Officer David Solomon, who attended a playoff game earlier this year.
Goldman’s athlete clients generally have a long-term investment horizon and are more comfortable with private and illiquid investments than some of their older counterparts, according to a person familiar with the unit who declined to be identified as the details are not public. Many of them retire young, meaning they’re seeking to put money to work into businesses or franchises that generate a steady stream of income.
After interning at Goldman and then working in its fixed-income business on debt products such as collateralized loan obligations, Kennedy made the jump over to the firm’s wealth-management business about two years ago. His current team helps manage money for a range of other clients as well, according to a person familiar with the matter.
Facts Only
* The New York Knicks won the NBA championship in June, ending a 53-year drought.
* Knicks players were awarded more than $9 million for the victory.
* Goldman Sachs Group Inc. manages a wealth-management division under Marc Nachmann.
* This division manages over $4 trillion in assets.
* Matt Kennedy is a Villanova University graduate and former teammate of Jalen Brunson, Josh Hart, and Mikal Bridges.
* Kennedy won the NCAA Elite 90 Award (now the Elite Scholar-Athlete award) at the Final Four.
* Mikal Bridges served as the best man at Kennedy's wedding last year.
* Kennedy worked in Goldman's fixed-income business before moving to wealth management two years ago.
* Justin Tuck, a former New York Giants captain, joined Goldman's private wealth management unit in 2018.
* Goldman CEO David Solomon attended a Knicks playoff game this year.
Executive Summary
Goldman Sachs is leveraging personal relationships to expand its wealth-management business, specifically targeting high-net-worth athletes. A primary example is the recruitment of Matt Kennedy, a former Villanova University teammate of New York Knicks stars Jalen Brunson, Josh Hart, and Mikal Bridges. Kennedy transitioned from Goldman's fixed-income division to wealth management approximately two years ago, positioning the firm to capture the financial windfalls associated with the Knicks' recent NBA championship victory.
This strategy mirrors previous efforts, such as the 2018 hiring of former NFL player Justin Tuck, to use athlete-to-athlete trust and high-profile sporting venues to attract wealthy clients and executives. These clients often possess longer investment horizons and a higher tolerance for illiquid assets, seeking steady income streams for early retirement. While Goldman representatives and the Knicks have declined to provide detailed comments on specific client lists, the firm continues to integrate athletic backgrounds into its broader asset management unit, which manages over $4 trillion.
Full Take
The strongest version of this narrative is that financial institutions are evolving their client acquisition strategies by hiring "cultural bridges"—individuals who possess both technical financial expertise and deep, authentic social capital within closed, high-wealth networks. This is presented as a pragmatic business expansion based on trust and shared history.
The narrative relies on a pattern of borrowed credibility, where the "brotherhood" of collegiate athletics is converted into a financial pipeline. By highlighting Kennedy’s academic achievements (Elite 90 Award) alongside his personal ties, the narrative frames the arrangement as a synergy of intellect and loyalty rather than a calculated strategic hire.
Patterns detected: none
The underlying paradigm is the commodification of intimacy. The unstated assumption is that the most effective way to enter a high-net-worth circle is not through superior service or product, but through the infiltration of existing social bonds. This echoes a long-standing pattern in private banking where "country club" networking is formalized into corporate HR strategy.
The implication is a further blurring of the line between personal friendship and professional solicitation. When a former teammate becomes a wealth manager, the fiduciary relationship is layered over a lifelong emotional bond, which may complicate the objectivity of financial advice or the boundaries of the friendship.
If this were a coordinated influence campaign, the playbook would involve "humanizing" a massive financial institution by associating it with the relatability of sports and the purity of collegiate friendship to soften the image of aggressive wealth accumulation. The actual content is standard financial journalism and does not match this structural attack pattern.
Bridge Questions:
1. How does the introduction of a personal friendship into a fiduciary relationship alter the risk profile for the client?
2. In what ways does the "athlete-to-athlete" recruitment model differ from traditional wealth management networking in terms of transparency?
3. What are the long-term effects on athlete financial literacy when wealth management is predicated on social trust rather than competitive shopping for services?