Jadon Sancho celebrates after Borussia Dortmund's Champions League last-16 win over PSV Eindhoven on March 13, 2024. EPA
Jadon Sancho celebrates after Borussia Dortmund's Champions League last-16 win over PSV Eindhoven on March 13, 2024. EPA
Jadon Sancho celebrates after Borussia Dortmund's Champions League last-16 win over PSV Eindhoven on March 13, 2024. EPA
Jadon Sancho celebrates after Borussia Dortmund's Champions League last-16 win over PSV Eindhoven on March 13, 2024. EPA

PSG v Dortmund: Rejuvenated Jadon Sancho aims to propel BVB into Champions League final


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From first-team exile at Manchester United to being 90 minutes away from playing in the Uefa Champions League final with Borussia Dortmund, it would be fair to say that this has been a season of the unexpected for Jadon Sancho.

Dortmund face Paris Saint-Germain in the French capital on Tuesday having secured a 1-0 first-leg win when Sancho earned rave reviews for his display. Former England and Bayern Munich midfielder Owen Hargreaves describing Sancho's performance as "outrageous", adding that he "out-performed the best player in the world" in Kylian Mbappe.

Back in September, Sancho's already stop-start United career had ground to a complete halt after a public falling out with manager Erik ten Hag, who dropped the England winger from the match-day squad that would go on to lose 3-1 at Arsenal.

Ten Hag had cited his poor attitude in training, which Sancho denied on a social media post calling the claims "completely untrue" and that he had been made "a scapegoat". The Dutchman in turn would banish the player from training with the first team and demand an apology that never arrived.

Whatever the rights or wrongs on either side, Sancho last kicked a ball in anger for United in August's 3-2 win over Nottingham Forest and was left training on his own at the club academy until January, when former club Borussia Dortmund came calling and a six-month loan deal was completed.

Sancho spent four seasons with the Bundesliga club from 2017 – moving to United for €85 million in August 2021 – having previously been a Manchester City academy player.

The winger's record at Dortmund was impressive, scoring 50 goals in 137 appearances, and Sancho made clear the move "felt like coming home" after a tough spell back in England.

“I can’t wait to see my teammates again, get out on the pitch, play football with a smile on my face, get assists, score goals and help the club qualify for the Champions League," he added.

It would take Sancho a while to regain form and fitness and he didn't score his first goal until March 9 when in Dortmund's 2-1 win at Werder Bremen. His previous goal involvement had been providing an assist at Darmstadt 22 minutes into his comeback match on January 13.

Sancho's last United goal came in their win at home to Fulham on the final day of the 2022/23 season – one of only 12 he notched in 82 games, a far cry from his stats in Germany.

"In my first spell at BVB, I registered a goal involvement in almost every match," Sancho told the club's media after the Bremen win. "So I can understand that the fans expect a lot of me. I do from myself too. I could also accept it if some people were angry with me. I want to continue to improve for the team."

Manager Edin Terzic was delighted with what he had seen from the 24 year old. "We were working in training all week on him getting into situations where he can gain confidence," said the German-Croat coach. "It showed what he is capable of, and hopefully he can continue like this."

Sancho had joined a team that had already made it out of the Champions League's "Group of Death", having topped a table that included future semi-final opponents PSG, Serie A giants AC Milan and big-spending Premier League club Newcastle United.

He was named man of the match after scoring in Dortmund's 2-0 home win over PSV Eindhoven in the last-16 second leg that sealed a 3-1 aggregate victory in what Terzic called Sancho's "best performance since he returned to us".

"I'm just grateful that I got the goal for the team," Sancho added after finding the back of the net in front of Dortmund’s 82,000-strong home crowd for the first time since May 2021.

"I've always got a special place for Borussia Dortmund, this is where I kind of made my name so I've got to be grateful to them but also to my teammates for believing in me."

In the quarter-finals, Dortmund recovered from a 2-1 first-leg deficit against Atletico Madrid to defeat the Spanish side 4-2 in a thriller at Signal Iduna Park to set-up the PSG last-four clash.

Last week saw Niclas Fullkrug score a first-half winner against PSG to secure a narrow advantage but it was Sancho who made the headlines and looked back to the sort of levels that made him one of the most sought-after talents in European football.

What happens at the end of the season remains to be seen but for now, Dortmund are glad to have him to call upon.

"We are really happy with him. I think you can feel that he is happy to be with us," Terzic said in Monday's pre-match press conference. "Big games are decided by big players and tomorrow he will have the opportunity to decide it.

"We don't know how long the story will continue. This is part of the deal, that he is not our player from July 1, but until then we are going to make this time that we have as special as possible."

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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Updated: May 07, 2024, 6:27 AM