Duff McKagan to Launch Wealth Management Firm for Rockers
Former Guns ‘N’ Roses bassist Duff McKagan will launch a wealth management company for musicians in October. The company is called Meidian Rock Capital, and intends to educate musicians about their finances while offering them a more approachable alternative to accountants.
When McKagan’s pancreas burst in 1994 due to substance abuse he was forced to make a lifestyle change. During the recovery period he was determined to understand more about money management and how the music industry works in regards to how they pay their artists.
First he took some basic math classes and later followed that up by attending Seattle University Albers School for business and economics. McKagan has admitted that he hadn’t a clue as to what happened to the millions he had earned as an international rock star. Although he hadn’t lost all his fortune, he recognized that many of his peers had.
Once the word spread that Duff knew his numbers, his phone started ringing. Other musicians were regularly looking for financial advice, which inspired the idea of the company.
Teaming up with British investor and former banker Andy Bottomsley, the two businessmen are now the men with suits – only, without the suits. McKagan’s musical background gives him an insider’s knowledge that other accountants don’t have, so fellow rockers are less likely to view them as the enemy. The company’s three tenets are righteousness (i.e., not screwing people over), transparency, and education.
Though he is currently the bassist in the dormant Velvet Revolver and rhythm guitarist / lead vocalist for Duff McKagan’s Loaded, this business venture is something he’s been working towards for several years. This is more than just investing expertise – this is Duffonomics.