Manchester United interim manager Ralf Rangnick has insisted that striker Edinson Cavani will not be leaving the club this month.
The Uruguayan has scored 19 goals in 49 appearances for the Red Devils since joining on a free transfer in October 2020, although his spell in England has been hampered by injury problems.
Cavani agreed a one-year extension after looking all set to leave Old Trafford last summer but he has recently been linked with a January move to La Liga giants Barcelona.
But Rangnick, speaking ahead of United's Premier League game at home to Wolves on Monday, made it clear Cavani is very much in his plans. “We had quite a few conversations in the last couple of weeks — probably the player with whom I have spoken most,” said the German coach.
“I told him from the very first day that, for me, he is a highly important player. He is probably the only one who can play as a striker back to goal and face to goal.
“His professionalism, his work ethic is just amazing and I told him that I desperately want him to stay until the end of the season. He knows that.
“He also knows how highly I rate him and how highly I respect him, and that was also the reason why I played him [in the 3-1 win against Burnley] from the beginning together with Cristiano [Ronaldo].
“I will definitely not let him go. For me, he is a highly important player for the rest of the season, still playing in three competitions, so we will definitely need Edi.
“I would rather have another Edi on top of that but for me it’s clear that Edi has to stay.
“With regard to the other players, yes, our squad is maybe a little bit too big with regards to numbers.
“But we still have Covid, we have three competitions, as I said, and I think we could do with a bigger squad than maybe in times without Covid.”
Anthony Martial is one of United's attacking options who looks set to leave in January with Sevilla reportedly close to agreeing a loan deal for the French international.
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Martial has expressed his desire to leave United and Rangnick has left the forward out of recent squads. “He made it very clear that he wants to leave and, in a way, I can understand his wish to leave and to try to play more regularly somewhere else,” Rangnick said.
“But, again, it’s a question not only of what he wants to do but it’s also a question of which kind of clubs are interested in him and do they meet the demands of the club, so we have to wait and see.
Dean Henderson, Donny van de Beek, Juan Mata and Jesse Lingard could also move on in search of more first-team action, while injured midfielder Paul Pogba is entering the final months of his contract.
Rangnick said of Dutch international Van de Beek: “So far as I have got to know him he’s got a top mentality, he works hard in every training session.
“He’s a team player through and through and there will be games where he will get his chance to play I’m sure.
“I also had a longer conversation with him last week about that and, again, of course it’s difficult for him right now because he also wants to play for the Dutch national team.
“He wants to qualify for himself and play in the World Cup in Qatar and in order to do that he needs to get game time here.
“But I still believe that we should keep him, that he should stay here, definitely until the end of this season and try to get as much game time as he possibly can.”
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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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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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