David Moyes will begin his second stint as Everton manager following Sean Dyche's sacking, the struggling Premier League club announced.
Moyes previously managed Everton from 2002 to 2013. He returns to the club who are struggling in 16th place in the Premier League, winless in the last five league games and sit just a point above the relegation zone as they look to continue their 71-year run in the English top flight.
Everton, who were taken over by the Friedkin Group last month, are also set to move to a new stadium later this year.
"David is widely recognised as one of the Premier League's most experienced and accomplished managers, having led Everton for more than 500 matches from 2002 to 2013," a statement on the club's website read.
"We are pleased that David is joining us at this pivotal time in Everton's history," Everton's executive chairman Marc Watts said. "With over a decade of experience at the club, he is the right leader to propel us through our final season at Goodison Park and into our new stadium. We look forward to working with David to build the foundation of a new era for Everton," he added.
"It's great to be back! I enjoyed 11 wonderful and successful years at Everton and didn't hesitate when I was offered the opportunity to rejoin this great club," Moyes remarked.
The club's new owners, the Friedkin Group, made a move for Moyes after dismissing Dyche just hours before Thursday's 2-0 win against Peterborough in the FA Cup third-round.
Moyes is reported to have agreed a two-and-a-half year contract to return to Everton 12 years after leaving for an unsuccessful spell in charge of Manchester United.
The Scot, 61, has been out of work since leaving West Ham at the end of last season. He is set to start his second spell as Everton boss against Aston Villa in the Premier League on Wednesday.
Moyes, who led Everton to the FA Cup final in 2009, had an uninspiring spell at Man United following the exit of Sir Alex Ferguson. He has since managed Real Sociedad, Sunderland and West Ham United, winning the Conference League with the latter.
"I’m excited to be working with The Friedkin Group and I am looking forward to helping them rebuild the club," Moyes added.
"Now we need Goodison and all Evertonians to play their part in getting behind the players in this important season so we can move into our fabulous new stadium as a Premier League team."
Everton, without a major trophy since 1995, were bought last month by the Texas-based Friedkin Group in a deal reportedly worth in excess of £400 million.
Former Everton defender Leighton Baines, now under-18s head coach, and club captain Seamus Coleman, who is currently injured, took charge for the 2-0 win against Posh.
Speaking after that game, Michael Keane conceded that the players have to take some responsibility for Dyche's sacking.
"Any time you lose a manager it's really disappointing and sad," Keane said. "He has been brilliant for me. He's been a brilliant manager, is a brilliant manager. It's just one of those things. It's football and it doesn't always work out."
Everton will be desperate to avoid relegation from the Premier League under Moyes as they prepare to move to their new Bramley Moore Dock Stadium next season.
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
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Gertrude Bell's life in focus
A feature film
At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.
A documentary
A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.
Books, letters and archives
Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
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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