Harry Maguire admitted he was “extremely disappointed” after being stripped of captaincy by Manchester United manager Erik ten Hag.
The England centre-half remained club captain last season despite spending much of the campaign out of the United starting XI, with Bruno Fernandes usually taking over the armband.
The Portugal midfielder is expected to be given the role on a permanent basis.
Maguire – who started just eight Premier League games last season as United finished third in the table while also winning the League Cup – has been linked with a move to West Ham United.
The Hammers, who have just sold Maguire's England teammate Declan Rice to Arsenal in a record £105 million deal, have money to spend and are thought to be keen on the defender.
Ten Hag has always maintained any decision will effectively rest with the player, who is contracted to until the summer of 2025.
But now the Dutch coach has decided the time is right to take the captaincy off a player who joined the club for £80 million from Leicester City in 2019.
“After discussions with the manager today he has informed me he is changing captain,” Maguire, 30, said on social media.
“He outlined his reasons to me and whilst I’m personally extremely disappointed, I will continue to give my all every time I wear the shirt.
“So, I wanted to say a massive thank you to the Manchester United fans for all their brilliant support whilst I’ve been wearing the armband.
"Since the day I took on the role, three and half years ago, it’s been a huge privilege to lead Manchester United and one of the proudest moments of my career to date.
"It’s one of the greatest honours in club football. I’ve done everything I possibly could to help United be successful – on and off the field.
"I will always be grateful to Ole Gunnar Solskjaer for first giving me the responsibility and I wish whoever now takes it on every success and they will have my full support.”
Ten Hag was asked about the player's future in May after a campaign when Maguire often found himself fifth-choice centre-half behind Raphael Varane, Lisandro Martinez, Victor Lindelof and even Luke Shaw, whose usual position is left-back.
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“Let’s say I’m happy he’s here and when we needed him he did his job,” the former Ajax manager said.
“But it’s also a decision he has to make. No one would be happy with this situation – he is not, as well.
"He trains always on the best levels, so with 100 per cent effort. So, he handles that situation well and he’s in that manner and in his captaincy, he’s important for the squad.”
Maguire – who has made 175 appearances for United, scoring seven goals – will need regular game-time before Euro 2024 in Germany next summer.
Three Lions manager Gareth Southgate stuck by Maguire last season despite his lack of first-team football, with the player starting all five of England's games at the Qatar World Cup.
But another campaign of Maguire warming the Old Trafford substitute's bench will test Southgate's loyalty to the limit.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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UAE currency: the story behind the money in your pockets
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
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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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Labour dispute
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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