Julen Lopetegui has been sacked as manager of West Ham United just six months after taking charge of the Premier League club.
The Spaniard replaced David Moyes last July and the club spent around £140 million on new players ahead of the new season as they looked to build on the ninth-placed finish of the previous campaign.
He was tasked with bringing a more attacking style of play to the London Stadium after some fans grew frustrated with Moyes' pragmatic approach, even though the Scot led the club to a first trophy in 43 years when they won the Europa Conference League in 2023.
But Lopetegui struggled to win over Hammers fans as the team fell to a number of heavy defeats that included miserable performances against London rivals Chelsea (3-0), Tottenham Hotspur (4-1) and Arsenal (5-2).
The 58-year-old was reported to be close to the sack before the home game against Wolves on December 9 but a 2-1 win turned out to be the start of a four-game unbeaten run that was West Ham's best of the season so far.
But successive humiliating defeats against Liverpool (5-0) and Manchester City (4-1) were Lopetegui's final games in charge and he leaves with the team in 14th place, seven points above the relegation zone.
Lopetegui took training as usual on Tuesday – ahead of Friday's FA Cup third-round tie at Aston Villa – but West Ham cancelled Wednesday's scheduled press conference with widespread reports saying that the former Real Madrid and Wolves coach would soon be heading for the London Stadium exit.
And, after managing just six wins in 20 league matches, the club announced his sacking hours later. Assistant manager Pablo Sanz, head of performance Oscar Caro, head analyst Juan Vicente Peinado, fitness coach Borja De Alba and technical coach Edu Rubio also left the club with immediate effect.
The Hammers are expected to name former Brighton and Chelsea manager Graham Potter as the Spaniard's replacement in the next 24 hours.
Reports in the UK media on Tuesday night suggest that talks with Potter are at an advanced stage, with a few contract details still to be ironed out.
Former Ostersund and Swansea City coach Potter has not held a managerial role since he was sacked after less than seven months into a five-year contract at Chelsea in April 2023.
“The first half of the 2024/25 season has not aligned with the club’s ambitions and the club has therefore taken action in line with its objectives,” West Ham said in a statement.
“The board would like to thank Julen and his staff for their hard work during their time with the Hammers and wish them every success for the future.
“The process of appointing a replacement is under way. The club will be making no further comment at this time.”
Lopetegui is the fifth Premier League manager to lose his job this season, following the sackings of Erik ten Hag (at Manchester United), Steve Cooper (Leicester City), Gary O'Neil (Wolves) and Russell Martin (Southampton).
Technical director Tim Steidten, who is understood to have advocated appointing Potter in the summer, has been staying away from the training ground amid reports of tension between him and Lopetegui.
West Ham say the German, 45, is focusing on the January transfer window, which opened last week.
The club are looking at potential striking options with Jarrod Bowen out for six weeks with a fractured foot and Michail Antonio facing a long road back after he was injured in a car accident last month.
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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.”
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JUDAS AND THE BLACK MESSIAH
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Engine: 3-litre V6
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FIGHT CARD
1. Featherweight 66kg
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2. Lightweight 70kg
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3. Welterweight 77kg
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4. Lightweight 70kg
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5. Featherweight 66kg
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6. Catchweight 85kg
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7. Featherweight 66kg
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8. Catchweight 73kg
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9. Featherweight 66kg
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10. Catchweight 90kg
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FFP EXPLAINED
What is Financial Fair Play?
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What the rules dictate?
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What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
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