Lionel Messi holding a PSG team shirt. Paris Saint-Germain
Lionel Messi holding a PSG team shirt. Paris Saint-Germain
Lionel Messi holding a PSG team shirt. Paris Saint-Germain
Lionel Messi holding a PSG team shirt. Paris Saint-Germain

Sport

Lionel Messi completes move to Paris Saint-Germain

The Argentine champion has joined the Ligue 1 giants on a two-year contract, with the option of a third

Soraya Ebrahimi
Soraya Ebrahimi

August 10, 2021

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Paris Saint-Germain have confirmed the signing of Argentine superstar Lionel Messi.

Messi, 34, who has left Barcelona as a free agent after 21 years, has joined the Ligue 1 giants on a two-year deal with the option of a third.

"Paris Saint-Germain is delighted to announce the signing of Leo Messi," the club said.

"The six-time Ballon d'Or winner is justifiably considered a legend of the game and a true inspiration for those of all ages inside and outside football.

"The signing of Leo reinforces Paris Saint-Germain's aspirations, as well as providing the club's loyal fans with not only an exceptionally talented squad, but also moments of incredible football in the coming years."

The Argentina international, who scored 672 goals in 778 appearances for the Catalan giants, left for France on Tuesday.

That was two days after he said a tearful farewell to the club he had helped to win 35 trophies after they were unable to agree on a contract extension that satisfied La Liga's financial regulations.

"I am excited to begin a new chapter of my career at Paris Saint-Germain," Messi said.

"Everything about the club matches my football ambitions. I know how talented the squad and the coaching staff are here.

"I am determined to help build something special for the club and the fans, and I am looking forward to stepping out on to the pitch at the Parc des Princes."

Messi joins former Barca teammate Neymar and France star Kylian Mbappe, as well as fellow free-agent signings Gianluigi Donnarumma, Sergio Ramos and Georginio Wijnaldum, in Paris.

The Qatar Sports Investments-backed club, managed by Mauricio Pochettino, stepped up its quest for Champions League glory in spectacular style.

"I am delighted that Lionel Messi has chosen to join Paris Saint-Germain and we are proud to welcome him and his family to Paris," said club president Nasser Al Khelaifi.

"He has made no secret of his desire to continue competing at the very highest level and winning trophies, and naturally our ambition as a club is to do the same.

"The addition of Leo to our world-class squad continues a very strategic and successful transfer window for the club.

"Led by our outstanding coach and his staff, I look forward to the team making history together for our fans all around the world."

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: August 11, 2021, 5:33 AM
Paris Saint-GermainLionel MessiBarcelona