The beauty of the Europa League, now occupying the mezzanine storey of Uefa’s expanding hierarchy of midweek competitions, lies in the eye of the beholder. For Liverpool or Ajax, clubs who boast 10 European Cups between them and are far more accustomed in recent years to being in the senior Champions League, participation in this season’s second-tier event can feel grudging.
But for the teams who now get to rub shoulders with them, to visit Anfield and Amsterdam in a major international club competition for the first time, the Europa League is a thrilling endorsement of progress, a proof of upward mobility.
These are the sorts of nights that Brighton & Hove Albion, the admired upstarts of the English Premier League, and Union Saint-Gilloise, the agile climbers of the Belgian leagues, have to look forward to as they on Thursday embark on European campaigns that for both would have seemed far-fetched a very short time ago.
Six years ago, Brighton had only just come up from the Championship, England’s second division. They will host AEK Athens this evening, a landmark for a club who have never before qualified for a Uefa competition, ahead of a series of trips in the group phase to major hubs of the continent: Marseille next month; Ajax in Amsterdam in November; and then Athens.
Union SG, as they are known for short, have risen even more swiftly, up from the second level of the Belgian professional pyramid only in 2021, after almost half a century in the lower tiers. They were immediately competing for the league title.
This will be Union SG’s second successive Europa League adventure, and among the destinations ahead of them if they are to again reach the knockout phase are Liverpool, who they meet at Anfield next month and Toulouse, the French club they host on Thursday.
“Our target is to reach the next stage,” said Alexander Blessin, the Union SG head coach. “And to win every game, even if with Liverpool in the group that’s going to be hard. We have a lot of new players and I want them to enjoy the atmosphere, and write a new story.”
The high turnover of players is part of the ritual for any successful Belgian club, ambition driving the better performers to more prestigious, wealthier leagues. During the summer, Union SG sold key individuals to clubs in France’s Ligue 1, Italy’s Serie A, Spain’s La Liga and to the German Bundesliga, from where Bayer Leverkusen swooped for the Nigerian striker Victor Boniface.
He had performed well for Union SG against Leverkusen in last season’s Europa League; he has scored five times at a rate of a goal a game for his new club already this season. Union SG sold Boniface, 22, for over €20 million, more than three times what they had paid Bodo/Glimt, of Norway, a year earlier.
That, in a nutshell, is what Union SG do so skilfully: they scout talent from far and wide, in many cases painstakingly curating performance data and identifying what they perceive to be the most relevant metrics. On a bigger scale, in the wealthier Premier League, that’s been a key to Brighton’s rise: midfielder Moises Caicedo, scouted in Ecuador, was this summer sold to Chelsea for €116 million, more than four times what Brighton bought him for two-and-a-half years earlier.
The shared methods are no coincidence. Brighton chairman Tony Bloom, a methodical analyst of form and the numbers that explain it, has held a stake in Union SG for five years, a holding he was obliged to reduce so he was no longer the majority owner once Brighton and the Belgian club found themselves in the Europa League at the same time – in order to satisfy Uefa concerns about potential conflict of interest should the clubs meet one another.
The relationship between the clubs has involved some mutually beneficial transfers. Kaoru Mitoma, the Japan winger, was loaned to Union SG for a season ahead of his superb impact for Brighton in 2022/23. And when this summer, Union SG studied the form and the statistics of an Argentinian defender with the capacity to play across the back line and backed him to thrive in Europe, they were tracing very closely a path Brighton had already taken.
Union SG’s new Argentine is one Kevin Mac Allister. He’s the younger brother of Alexis, who joined Brighton direct from Argentinos Juniors in 2019, debuting in England a year later. The older Mac Allister has since won a World Cup and in July moved for over €40 million, yielding another handsome profit for Brighton. His new club are Liverpool, where, all being well, the Mac Allister brothers will face another in the Europa League next month.
Manchester United 1 Brighton 3 - player ratings
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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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