Alex McLeish has been backed by his old manager Sir Alex Ferguson
Alex McLeish has been backed by his old manager Sir Alex Ferguson

Ferguson backs McLeish as Villa manager



Sir Alex Ferguson, the Manchester United manager, is convinced that Alex McLeish can survive the backlash from Aston Villa fans and succeed at Villa Park.

After quitting as manager of arch-rivals Birmingham City a week ago, McLeish completed his contentious move to manage Aston Villa yesterday and accepted that he needs to win over supporters who opposed his appointment as the club's third manager in less than a year.

Ferguson, who gave McLeish his break as a player at Aberdeen, believes McLeish has the tools and the players to win over the Villa faithful.

"I have known Alex since he was 18 years of age when he went to Aberdeen," Ferguson said. "He was always intelligent, he was always inquisitive in his nature, he was always asking questions, and these to me are essential ingredients for being a successful manager."

McLeish's first competitive fixture at Villa will be the Premier League opener at Fulham on August 13.

Ferguson said: "Once the fans are confronted by the reality that Alex is the manager, they will step back and say, 'Well, we have made our complaints and voiced our opinion, let's see what happens next and give the man his chance.'

"There are some good players at Aston Villa and overall it's a really good set-up. There are some good young players and therefore he will have that opportunity to weld it all together, the youth and the experience."

McLeish, whose contract details have not been announced, is replacing Gerard Houllier, who left Villa last week because of heart problems after just nine months in charge.

"I am honoured to have this opportunity to manage a club with such a fantastic history as Aston Villa's," McLeish said.

"I know that some of our fans have voiced concerns and I can understand why. It will be up to me to convince you that I am the right man to drive the club forward and I intend to give absolutely everything to prove that I can be a success at the club."

Paul Faulkner, the Villa chief executive, defended the appointment.

"Unquestionably, Alex meets the criteria we set out at the beginning of our search, which was based on proven Premier League experience, leadership, a hardworking ethic and, most importantly, a shared vision for Aston Villa," Faulkner said.

"Alex's vast experience and proven abilities demonstrate clearly that he is a strong leader and an ambitious man."

One of McLeish's first tasks as Villa's manager will be to shore up a defence that leaked 59 goals in 38 league games last term.

One player believed to be under consideration is McLeish's former charge at Birmingham, Scott Dann, who looks set to depart St Andrew's following the club's relegation.

McLeish faces competition from rival clubs, though, with Stoke City reported to have bid £12 million (Dh71.2m) for the defender yesterday, according to British newspaper The Daily Mail.

Dann, 24, has proved an impressive performer in England's top flight and his calf injury sustained in January proved a damaging blow in Birmingham's doomed bid for survival.

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Round 3: February 7-9, Dubai Autodrome – Dubai
 
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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.”

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