Pressing matters for Ralf Rangnick as Manchester United go from bad to worse

For many, the most damning comment came from Luke Shaw. “I didn’t think we were all together,” he said after defeat to Wolves. It is not the first time of late that unity has seemed elusive for Manchester United. Perhaps, however, there was a worse part still for the ‘godfather of gegenpressing.’ Ralf Rangnick, who has been defined by that philosophy, said: “We didn’t press at all.”

United were lacklustre, missing the energy Rangnick wants. But they also missed a cogent game plan; a half-time switch to 3-4-3 illustrated that 4-2-2-2 failed. The German’s references to the “overload” Wolves had in midfield underlined the way his first loss was a tactical triumph for Bruno Lage.

Wolves, Rangnick said, were the best team he has faced at United. The others are Young Boys of Bern, currently 44th in the Uefa coefficients, Crystal Palace, and the Premier League’s bottom three. And of them, Newcastle were definitely better than United. Norwich arguably were. But for such a kind fixture list, defeat would surely have come sooner. As it is, United have conceded more shots than they have attempted in five league matches.

Rangnick’s reign has been underwhelming so far. United have played reasonably well twice, against Palace and Burnley. Trying to bolt pressing principles on to a mismatched collection of individuals has proved no simple task. “I knew it would be a difficult job,” Rangnick said.

Covid and the temporary closure of their Carrington training ground rendered it harder, but six games have proved that United’s problems did not disappear with Ole Gunnar Solskjaer. Nor is all the fault Rangnick’s: their players can make them look unmanageable, a team trapped in a cycle of underachievement, forever less than the sum of their expensive parts.

And yet comparisons can be drawn with two of Rangnick’s fellow gegenpressers, showing each was quicker to impart his ideas and have an impact. Jurgen Klopp’s fifth match with Liverpool was the stunning 3-1 win over Chelsea at Stamford Bridge, the day he unveiled his plan of using Roberto Firmino as the false nine. Thomas Tuchel devised the system that won Chelsea the Champions League, 3-4-2-1, before his debut.

Meanwhile, United have struggled to create in Rangnick’s preferred 4-2-2-2 formation. Bruno Fernandes has looked a square peg in a round hole as one of the wider No 10s; it feels as though he can only play in a central role. United were at their brightest against Burnley when the Portuguese was suspended. It is a shape that, in theory, could suit Marcus Rashford and Mason Greenwood.

Manchester United 0 Wolves 1: player ratings

However, Rashford has been unimpressive for Rangnick. Greenwood has been the first player replaced against both Newcastle and Wolves when he seemed United’s best attacker. As with Rangnick’s needless call to scrap the League Cup — a competition his United are not even in — his judgment could be questioned.

Rangnick has confounded predictions he would drop Cristiano Ronaldo, even making the veteran stand-in skipper against Wolves. But if United’s lack of pressing reflects in part on Ronaldo, the most prolific goalscorer ever has been less potent under Rangnick. He has scored two goals, one a penalty, in five outings under the German, compared to three in three for Michael Carrick and nine in 12 for Solskjaer. Thus far, he and Rangnick look an imperfect fit.

The paradox of a midfield that can look a wasteland — which is part of Solskjaer’s legacy — and who were outclassed by Wolves’ Ruben Neves and Joao Moutinho is that Fred and Scott McTominay have scored the two best league goals of the interim manager’s tenure. But perhaps that is another sign of how things are not going to plan for United or Rangnick.

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.”

Pressing matters for Ralf Rangnick as Manchester United go from bad to worse

German's underwhelming reign continues after his team is outclassed by Wolves

Manchester United 0 Wolves 1: player ratings