After only five games, champions Liverpool were five points clear at the top of the Premier League with five wins from five, including over rivals Arsenal, neighbours Everton and highfliers Bournemouth.
Liverpool were clear favourites to retain the title and looked even stronger after spending record amounts on striker Alexander Isak and midfielder Florian Wirtz. They also defeated Atletico Madrid in the Uefa Champions League.
Today, Liverpool are seventh and no team in the top half of the table has conceded more than their 14 goals in nine matches. Arne Slot’s side have lost four league games on the bounce, three of them away from Anfield, plus at home to Manchester United.
Before that game on October 19, United were 14th in the table after six league matches. They are now sixth after nine games.
A month ago, the talk was of coach Ruben Amorim losing his job. But what is ‘talk’? It’s cheap and irrelevant if those who employ him don’t dismiss him. Sir Jim Ratcliffe, who heads the Ineos-led decision makers at Old Trafford, spoke about giving Amorim three years to do a job when many thought he’d be out of work in three days.
Instead, he won consecutive league games for the first time and made it three straight wins on Saturday against bogey team Brighton. United had the most difficult set of opening fixtures and are targeting a top-six finish to qualify for European football again after an awful 2024/25 campaign, where they finished in 15th place.
The Premier League will reach its quarter-way mark this weekend. England's top division is a league which often surprises, one of the main reasons why it’s so attractive to a global audience.
In France, serial winners Paris Saint-Germain win the league almost every season. In Spain, Barcelona or Real Madrid have won the league in 18 of the past 20 seasons. In Germany, Bayern Munich have been crowned champions in 12 of the past 13. There have been five different Premier League champions in the same period – and not one of them were the current leaders Arsenal, who are now four points clear and chasing a first Premier League title since 2004. Arsenal boast seven consecutive wins, five successive clean sheets and have only conceded three goals all season.
Bournemouth, who play in the smallest stadium in the league – the Vitality Stadium holds only 11,500 – are second. They were anxious to temper fan expectations after their bright start, which seemed reasonable given they sold £200 million worth of talent in the summer. Interest will continue in those who stayed like Antoine Semenyo, Justin Kluivert, David Brooks and Marcus Tavernier. For now, they can’t stop winning under Basque coach Andoni Iraola and Portuguese sports director Tiago Pinto.
Brentford are a similar story. They sold their best players over the summer and also lost their manager, Thomas Frank, who took over at Tottenham Hotspur, yet they have already beaten Manchester United, Liverpool and Aston Villa at home.
It’s not towards the top of the league where the biggest surprises await. Leeds United, Sunderland and Burnley were the three promoted teams who were favourites to be relegated this season. That was understandable since Leicester City, Ipswich Town and Southampton, the three promoted teams last year, went straight back down (as did the three promoted teams the season before that). The 13-point gap between 18th-place Leicester and Spurs in 17th last May demonstrated exactly how far things could go wrong.
This season? Sunderland are fourth, having defeated world champions Chelsea away with a last-minute winner on Saturday. Leeds are 15th, Burnley 16th, positions both would be delighted to finish in after 38 games.
It’s a long season with three quarters of it still to run, but they already have a six-point cushion over teams occupying the relegation places. If they carry on their current trajectory, Leeds will have 46 points, Burnley 42. Sunderland will have 71 and be playing Uefa Champions League football next term for the first time in the club's history.
That’s unlikely to happen, but what a turnaround: Sunderland finished 24 points behind Leeds and Burnley last term in the Championship and were in England’s third tier from 2018 to 2022. They are a huge club who have risen without fanfare. Not owned by Hollywood actors, but by 27-year-old chairman Kyril Louis-Dreyfus from a hugely wealthy family. They have been smart so far, though Premier League broadcast revenues mean they can outspend almost every non-Premier League team in the world, and they did so.
There are oddities all over the Premier League. Nottingham Forest, who finished seventh last season, have won just one game from their nine and sit 18th in the standings. They have already sacked two managers (Nuno Espirito Santo after three games and Ange Postecoglou after eight).
West Ham United, the team with the league’s second-highest average home attendance of 62,457, are second bottom, with fans furious with most of their owners. They, too, have already changed manager, with Nuno replacing Graham Potter.
Wolves are bottom without a win in the league, but will hope for a repeat of last season when they were 19th after 16 games with only two wins but ended up finishing 17 points clear of relegation. The task is all the more harder this time around, though having sold key players Matheus Cunha and Rayan Ait Nouri.
These swings of form have become the norm, as Liverpool and United and many others have shown. It doesn't reflect well on those fans of clubs who demand a managerial change after a few games without a win. Aston Villa failed to win any of their opening five games, and there was no shortage of voices talking about their demise. Villa have since won four on the bounce, the latest Sunday’s win against Manchester City.
After beating City in last season's FA Cup final, then Liverpool in the Community Shield, Crystal Palace went six Premier League games unbeaten to start the new campaign, rising to third in the league. They have since lost two of their past three, slipping to 10th.
The Premier League’s first quarter has been gripping, exciting and unpredictable – which is exactly how the league would want it after the title and predicted relegation places were decided so early last season.
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Engine: twin-turbocharged 3.5-liter V6
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Three out of five stars
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Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
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South Pole stats
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Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
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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.”