Barcelona completed the signing of Ferran Torres from Manchester City on Tuesday for a fee of €55 million. AFP
Barcelona completed the signing of Ferran Torres from Manchester City on Tuesday for a fee of €55 million. AFP
Barcelona completed the signing of Ferran Torres from Manchester City on Tuesday for a fee of €55 million. AFP
Barcelona completed the signing of Ferran Torres from Manchester City on Tuesday for a fee of €55 million. AFP

Ferran Torres deal a statement signing for Barcelona


Ian Hawkey
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It is not yet four months since Pep Guardiola was advertising the brilliance of Ferran Torres as a finisher. “In this position,” said the City manager of Torres accomplishments as a central striker, “his movements are like the best strikers’.”

Guardiola compared the Spaniard to Jamie Vardy, Leicester City’s king of the counter-attack, as he purred his approval of Torres’s two goals - plus an assist - in a 5-0 win over Arsenal.

It was three matches into Manchester City’s defence of their Premier League title, and Guardiola had come to accept that City’s determined bid to buy Harry Kane from Tottenham Hotspur was going to be unsuccessful in the summer transfer window. And that, given Sergio Aguero’s departure for Barcelona, City would have to thrive by continuing to adapt their wingers and attacking midfielders to centre-forward tasks rather than field established, orthodox number nines.

Torres on Tuesday introduced himself to Barcelona as the finisher, or winger, or support striker, ready to resolve a number of shortcomings at the struggling Catalan club, and effectively reminded City, who agreed an initial fee of around €55m for his sale to Barca, what a fine piece of business they did when they recruited him, aged 20, from Valencia. That was 18 months ago, and City paid less than €30m.

The deal is also understood to include add-ons worth up to €10m to City should the player reach certain targets. Among them, Torres’ contributions to bringing major trophies to Barcelona, which may seem a distant objective at a club sitting seventh in La Liga and freshly eliminated from the Champions League but speaks of City’s faith in Torres potential over the long-term and of Barcelona’s mission to stabilise and then climb back to former heights.

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It is a statement signing, a signal to Barca supporters that, amid the crises brought on by the club’s vast accumulated debt and the closing of their Camp Nou stadium through most of the Covid-19 pandemic, they can access the sort of finance to bring in Torres.

The fee will be paid via installments from next June. Barcelona were confident, in agreeing it, that the Spanish league’s tight limits on clubs’ spending according to income can be met and Torres be registered as theirs from next month.

Aguero’s enforced retirement, four months after he joined from City, because of a heart problem has created some space in a collective wage-bill that was so close to its ceiling that, last July, Lionel Messi was told he could no longer be accommodated at Barca.

The club are also seeking exits for high earners like Samuel Umtiti, the France defender, and Philippe Coutinho, who has made little impression since becoming Barca’s all-time record transfer - over €150m - four winters ago.

The price agreed makes Torres the most expensive Spaniard in the club’s history at the end of a year when he was the Spanish national team’s highest scorer by a distance, with eight goals and very significant contributions to Spain’s reaching the semi-final of the European championship and the final of the Nations League in October. There, he picked up a foot injury that prevented him building on his early-season momentum with City.

Once Barcelona’s interest, pushed by head coach Xavi, became known the player was interested in moving. He looked at the competition for attacking places at the English champions - the queue that includes Raheem Sterling, Phil Foden, Jack Grealish, Riyad Mahrez and Gabriel Jesus - and, at 21, saw the offer of a senior role at Barcelona persuasive.

He is not the first City starlet to reach that conclusion. Leroy Sane is now enjoying a fine second season at Bayern Munich - 11 goals and 11 assists so far - following his summer 2020 move from Manchester. Brahim Diaz, who left City in 2019, is playing an influential part in AC Milan’s push for the Serie A title. Both left Manchester in search of more minutes of first-team action.

Torres should anticipate a very senior role at Barcelona, as leader of a front six that could include four teenagers - Torres’s Spain international team-mates, striker Ansu Fati, both 19, and midfielders Pedri, 19, and Gavi, 17; along with midfielder Nico, 19. Both Nico and Gavi have been promoted to the Barca first team this season.

New winter signings can only be registered on or after January 3, when right-back Dani Alves - at 38 a temporary reinforcement - will also officially rejoin Barcelona five and half years after he left. He may not be available to play immediately, though, having joined a list of the club’s players who have tested positive for Covid-19 this week, thinning Xavi’s options for the Liga fixture against Real Mallorca on Sunday.

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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: December 28, 2021, 3:06 PM