City executives chill out on virtual fairways

Five minutes after birdieing the 18th hole at St Andrews in Scotland, hedge fund manager Diego Wauters is back at his desk in London's financial district, 805km away.

Wauters, 49, is a member of London's City Golf Club, where executives can play the world's top courses on indoor computer simulators. The six-storey clubhouse is just a chip- shot away from the Bank of England and the former site of the stock exchange.

"When the pressure is too high in the office, I can relax here for 45 minutes," said Wauters. "It's nice to meet people who share the same passions as you: Golf and finance."

Bankers say there's less time to mix business and pleasure on the golf course these days. The Jack Nicklaus-designed London Golf Club is an hour's drive from the financial district, in addition to the four hours it normally takes to play 18 holes.

Instead of bringing a client to such a course, it's better to hit a few "virtual" balls, says John Redford, vice-chairman of Millnet Financial, a London-based producer of financial and legal documentation.

"Because most of my dealings are with merchant bankers or brokers, I wanted somewhere where I could come and meet them for a coffee and whack a ball around," Redford, 45, said. "It's half an hour out of your day."

Since opening in July, the club has signed up 350 people who spend as much as £160 ($457) a month for membership. Benefits include two-monthly lessons with a professional, the use of a gymnasium and bar, and the chance to host up to three guests free. London Golf Club charges a joining fee of £5000 and £3000 a year for full membership.

Members can also video their swings and use the 3m-high screens to compare techniques with world No 1 Tiger Woods. Redford said he used the club once a week to lower his handicap and build relationships with potential customers. But the club was no substitute for playing on the open fairway.

"I don't think any simulator could ever capture that, but it's about the nearest that I've found," said Redford.

The club has leather seats, wireless internet access and a marble bar serving cocktails, canapes and champagne. Golfers are encouraged to socialise at competitions, wine-tasting evenings and talks from visiting speakers.

The venue is staging a Ryder Cup-style charity event this month, in which European and US members will compete.

The final 12-member teams will be decided by "longest drive" and "nearest-the-pin" contests on the simulators, which use infra-red to calculate the speed and trajectory of the ball before it hits the screen.

Director Toby Heelis recalled a "celebratory feel" at the club in February as members indulged their company bonuses.

"There were a few bottles of Dom Perignon and Cristal champagne knocked back and quite a few new sets of golf clubs," Heelis said. "In March, we had a phone call from Dubai with a member ringing up to thank us because he'd just sunk a hole-in-one."

Heelis, 32, and business partner Rupert Fisher, 42, bought the club for £1.3 million last year after earlier opening a smaller centre on the outskirts of the financial quarter.

Wauters, an eight handicapper who visits the club twice a week, will make his first "pilgrimage" to St Andrews in July - to put his virtual practice to the ultimate test. 

- BLOOMBERG