Sacked Liverpool manager Brendan Rodgers has spoken of his disappointment at being dismissed but has wished his successor well for the future.
The Northern Irishman was relieved of his duties after Sunday's 1-1 Merseyside derby draw after owners Fenway Sports Group decided a change was needed to deliver success.
Rodgers’ standing has declined since the high of almost guiding the club to their first league title in over two decades in 2013-14 and results towards the end of last season and the beginning of this forced FSG to pull the trigger, albeit earlier than many expected.
Liverpool have reportedly taken steps to sound out Jurgen Klopp about taking up the managerial reins at Anfield.
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In his final news conference, just over an hour before his contract was terminated, Rodgers spoke of the rebuilding job which was required at Anfield and the time needed and he reiterated that in a statement released by the League Managers’ Association.
“I am, of course, incredibly disappointed to be leaving Liverpool Football Club,” he said.
“It has been both an honour and a privilege to manage one of the game’s great clubs for the last three years.
“I have worked every day to represent the club to the best of my ability, to develop both individual players and a team that the club’s magnificent fans can be proud of.
“There have been some very memorable moments during my time at Liverpool and I would like to thank all of the players for their hard work and commitment.
“The current squad is one in transition, but they have some real talent and are showing a strong sense of togetherness.
“I expect to see them continue to grow and develop over the coming weeks and I wish them and my successor well for the rest of the season.”
Despite the manner of his departure, Rodgers spoke fondly of the club and the owners.
“Liverpool has a magnificent football heritage and I have nothing but respect and admiration for the history, tradition and values that make the city and the club so exceptional,” he added.
“As well as my players, I would like to thank everyone connected with the club; Fenway Sports Group, the Liverpool directors, in particular (chief executive) Ian Ayre, my coaching staff, the staff throughout the club, the volunteers, the academy staff and its young players and of course the amazing Liverpool fans for their unwavering support, passion and dedication which has made my time at the club so special.
“Finally, I would like to give a special mention to John W Henry, Tom Werner (chairman) and Mike Gordon (FSG president).
“They gave me this great opportunity and even though we will no longer be working together I am sure our relationship and friendship will continue into the future.”
LMA chief executive Richard Bevan is confident Rodgers will not be out of work for long.
“Brendan is without doubt one of the most talented and forward-thinking British managers in the game,” he said.
“His abilities were formally recognised in 2014, when his peers voted him LMA Manager of the Year following his brilliant work at Liverpool, which very nearly guided them to the Barclays Premier League title.
“His time at Liverpool has demonstrated he has both the skills and personality to manage at the highest levels of the game.
“Brendan has dedicated his entire professional life to developing players and teams, and I am certain that with his knowledge and passion for the game it won’t be too long before he finds a new challenge.”
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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.”
