Threadneedle Investments has entered into a three-year partnership with the International Triathlon Union to become global financial sponsor of the World Triathlon Series at a time when sports sponsorships are becoming increasingly popular in the financial services industry.

At a time when sports sponsorships are becoming increasingly popular in the financial services industry, London-based asset manager, Threadneedle Investments has entered into a three-year partnership with the International Triathlon Union to become global financial sponsor of the World Triathlon Series.

The announcement follows Threadneedle’s partnership at the 2013 PruHealth World Triathlon Grand Final in London, where the company introduced the Threadneedle Team Triathlon for its clients and employees who helped raise over £20,000 ($33,400) for Access Sport, which was matched by the Threadneedle Foundation.

Threadneedle said it will again team up with UK sports development charity Access Sport to further develop Tri-3-Sportz, a legacy programme launched last year, that is designed to break down barriers to triathlon and make the sport more accessible to young people in London.

"We are pleased to confirm our three-year partnership with the ITU.  Triathlon is an exciting sport, rapidly growing in popularity around the world. Partnering with the ITU for the World Triathlon Series allows us to engage our clients and employees in key markets and support sports-related community organisations via the Threadneedle Foundation," said Gary Collins, head of EMEA sales and wholesale for Threadneedle.

The move is part of a growing trend of private banks and wealth managers to raise awareness of their brands through sports sponsorship. UBS has long been a major sponsor of F1 racing for example, and last month Mirabaud, the Swiss private banking group, signed a partnership deal with Spindrift racing in a sponsorship that will see the multi-hull sailing team through to 2016.

Other notable deals have included Denmark’s Saxo Bank, which announced its sponsorship of the Lotus Formula 1 racing team in January, and last year, Société Générale Private Banking renewed a two-year sponsorship deal with renowned French player Thomas Levet, winner of the 2011 French Open.