Accountancy in Hollywood Films
By Ali Ahmad
As I always said and believe that accountants can work in any industry. The scope and range of this professional is sometimes limitless.
You might see girls or boys waiting for hours in rain for their favorite celebrity just to get a view of them or a signed autograph. But, if you are an accountant and you also have a “Favorite celeb” then things could be other way round! Or may I say, these celebs need an autograph (let say it signature) from you for their movies! Isn’t it interesting? But How?
According to a corporate website, Iron Man 2, which stars actors including Robert Downey Jnr, Samuel L Jackson and Gwyneth Paltrow, is set to take the box office by storm when it opens across the UK on Friday, after winning over critics in the US on its release last month.
And it has been revealed that York-based accountant ‘Garbutt and Elliott’ has invested more than £8m in the movie, on behalf of clients of its wealth management team.
Jeremy Gibbs, director of Garbutt and Elliott wealth management, admitted the investment is unusual, but said such investments are being sought by the business amid the continuing uncertainty in the economy.
The investment in Iron Man 2 follows a financial commitment from Garbutt and Elliott – which performed strongly last year, with a 15 per cent increase in fee income, and almost doubled its office space – to the development of a renewable energy plant in Grimsby, which will create biofuel from crops and produce numerous Eco-friendly by-products including animal feed and bottled gas.
Could This Be Done in Pakistan?
So, if you are an accountant or in a wealth management department of any corporate group, there could be a possibility that a future star need your approval for his/he next blockbuster?
I talked with Mr. Ahsan Raza Khan, a finance manager at UBL Asset Management. He said, “In Pakistan, Securities & Exchange Commission of Pakistan oversee this business and lays down the rules to run the business. So far, asset managers on behalf of their clients, can invest in Money Market and Stocks. Where investment in real estate is also added by SECP for increasing the Investment Avenues”.
So I ask him whether in Pakistan we can see asset management companies are investing in movies? Pakistani movies especially?
“Iron Man 2 is a different story, but yes it is possible that in future SECP could allow the asset managers in Pakistan to invest in Entertainment Business on behalf of their clients”, he said.
Entertainment he said, not movies. Well only time will tell whether SECP could allow such investments and whether our entertainment industry could compel the authorities by impressing with their work for law making.
What do you think? Is our entertainment industry strong enough to capture an eye of SECP Law makers?