SBD/Issue 56/Sports Industrialists

Canseco Switches Agents W/ Hope Of Building Outside Business

MLB free agent OF/DH JOSE CANSECO has changed agents, switching from the BEVERLY HILLS SPORTS COUNCIL to Chicago-based agent ALAN NERO in October, according to Jerry Crasnick of BLOOMBERG NEWS. Canseco said that his decision "was based largely upon a desire to market his company's services to Nero's players." Canseco: "This will give us the opportunity to represent more clients and build more assets." Crasnick noted that Canseco runs a Miami-based investment firm called CANSECO FINANCIAL GROUP. The firm, which was started last year, manages about $750M for corporations and individuals. However, Canseco "declined to disclose the names of any clients." Nero said that the group was on his firm's list of "recommended investment managers before Canseco decided to become one of his clients." Crasnick added that Nero's players have the option of investing with 11 other companies, including firms such as SALOMON SMITH BARNEY INC., MERRILL LYNCH & CO., MORGAN STANLEY DEAN WITTER & CO. and UBS PAINE WEBBER GROUP INC. Nero said that his clients can "make their own decisions on where to invest their money." Nero: "We did our due diligence on Jose's company and were impressed with what they could offer" (BLOOMBERG NEWS, 12/2).

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