Manchester United on Friday confirmed the appointment of Ruben Amorim as their next manager, with the Portuguese coach signing a two-and-a-half year deal with the Premier League club.
Amorim, though, will not take up his new role until November 11 and he will remain in charge of Sporting Lisbon for the next three games, starting with their Portuguese Primeira Liga match at home to Estrela on Friday night. Ruud van Nistelrooy will remain as interim manager until Amorim starts overseeing games against Chelsea on Sunday, then PAOK and Leicester City. The Dutchman oversaw a 5-2 win over Leicester City in the League Cup fourth round on Wednesday.
Amorim's first game set to be away to Ipswich Town on November 24, after the next international break. He will make his Old Trafford bow against Norwegian side Bodo/Glimt in the Europa League four days later in a tournament where United have drawn their opening three games.
And that clarification has arrived although it has also confirmed that the Portuguese will have to wait before starting his new job and is expected to lead Sporting into Tuesday's Champions League clash with Manchester City and the trip to Braga next weekend as well as the Estela game.
Amorim replaces Erik ten Hag in the hot seat after the Dutchman was sacked on Monday following a troubled start to the season that sees united languishing down in 14th in the Premier League, 13 points behind leaders Manchester City after nine games.
“Manchester United is delighted to announce the appointment of Ruben Amorim as head coach of the men’s first team, subject to work visa requirements,” the club said in a statement.
“He will join until June 2027 with a club option of an additional year once he has fulfilled his obligations to his current club. He will join Manchester United on Monday 11 November.
“Ruben is one of the most exciting and highly rated young coaches in European football. Highly decorated as both a player and coach, his titles include winning the Primeira Liga twice in Portugal with Sporting CP, the first of which was the club’s first title in 19 years.
“Ruud van Nistelrooy will continue to take charge of the team until Ruben joins.”
Amorin had promised clarification on his Sporting future after Friday's game after the Portuguese club revealed that United had agreed to pay the €10 million release clause required to prise the 39-year-old out of his current role. “It is a negotiation between two clubs,” he said on Thursday. “It's never easy. Even with the clauses it's never easy, they have to talk.”
He will become the sixth permanent United manager since Alex Ferguson left in 2013 after David Moyes, Louis van Gaal, Jose Mourinho, Ole Gunnar Solskjaer and Ten Hag.
He has an impressive recor4d at Sporting since joining the club in March 2020, taking charge of 228 matches, enjoying a win percentage of 70.61 per cent and guiding the club to two Primeira Liga titles and two League Cups.
Ahead of this weekend's game against Chelsea, Van Nistelroooy, a former PSV Eindhoven manager, had made clear that his goal was to remain part of United's coaching staff after his stint as interim coach comes to an end.
“I felt that I was called upon to help the club forward in the situation and obviously it was difficult that Erik had to leave.” said the ninth highest goalscorer in United's history with 150 goals.
“It was very disappointing, obviously with mixed feelings, but after that you have to switch the mindset to win because in the end there's 75,000 people waiting and celebrating, and millions watching at home.
“I think that's what we try to do and same for Sunday at least, then after that we'll see.
“As an assistant, I came here to help the club forward, and I'm still very motivated to do so in any capacity as an assistant and now as an interim manager, and after that I go back to my assistant contract that I have here for this season
Ten Hag at United – in pictures
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
COMPANY%20PROFILE
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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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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)