The Spurs striker Dimitar Berbatov is poised to leave White Hart Lane and sign for Manchester United.
The Spurs striker Dimitar Berbatov is poised to leave White Hart Lane and sign for Manchester United.

Sport

A transfer gold rush

The 'Big Four' all ready to do business. An end to Berbatov saga is imminent while Chelsea boss still covets Robinho.

Alam Khan

August 25, 2008

The Spurs manager Jaunde Ramos has called for an end to the Dimitar Berbatov transfer saga ahead of what promises to be a busy time for managers throughout Europe. Ramos wants the Bulgarian's protracted move to Manchester United to be sorted quickly as he homes in on his own targets, with Diego Forlan, Klaas-Jan Huntelaar and Andrei Arshavin linked.

"We need to get this matter resolved before the transfer deadline," he said. "If Berbatov goes, we will need time to sign a replacement. We want to have the best centre forward we can possibly get." The Premier League's "Big Four" could all be involved in last-minute deals before the transfer window closes on Sept 1. While United's Sir Alex Ferguson is keen to complete the capture of Berbatov, the Chelsea manager with Luiz Felipe Scolari wants to bolster his talented squad.

Having seen his side stifled by Wigan at the JJB Stadium with Deco's clever free-kick making the difference on Sunday, Scolari is keen to add the man he sees as the final piece in his jigsaw. The skilful Brazilian Robinho is the one he covets and despite Real Madrid's attempts to keep him and Scolari's reluctance to talk him up, a deal is still on the cards. Shaun Wright-Phillips could also be on his way out with his former club Manchester City keen to bring him back.

"When I am back at the club I will discuss these things," said the Chelsea coach, relieved after the battling second successive Premier League win. "Last week we only talked about Wigan but [now] I will talk about players. When I come [back] into the club I will discuss this or that, who comes, who goes." The Arsenal manager Arsene Wenger wants to bolster his midfield after his side's defeat at Fulham, but he could lose Philippe Senderos to AC Milan with a one-year loan deal with a view to a permanent move.

The Liverpool coach Rafa Benitez, preparing for a crucial Champions League final qualifier with Standard Liege tomorrow, is still chasing a left-sided player with Stewart Downing, Gareth Barry and Albert Riera in the frame. Espanyol claim two bids have been made for Riera, who also interests Everton, from English clubs, but the £12million-rated (Dh82m) Spaniard will not be sold cheaply. Daniel Sanchez Llibre, the club president, said: "We will not be selling any of our players for less than the amount that we believe they are worth."

The Manchester City manager Mark Hughes, lifted by Sunday's 3-0 win over West Ham, is looking for more quality despite worries over Thaksin Shinawatra's future as owner. The former Thailand Prime Minister is fighting corruption charges in his homeland and speculation has linked him with selling his shares. A buy-out from a mystery consortium in the Emirates was among the latest rumours. But Garry Cook, City's executive chairman, said that was not the case: "He [Shinawatra] is even more adamant now, because this is his love, and he wants to show people he is really committed. I asked the question as well as everyone else, 'Is the club for sale?' and he is quite adamant this club is not for sale and he is here for the long haul."

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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.”