LONDON // Aitor Karanka was sacked as Middlesbrough manager on Thursday as the Premier League strugglers made a last-ditch bid to avoid relegation.
Karanka paid the price for Middlesbrough’s slump into the relegation zone after a miserable run of 10 league games without a win.
“Both parties have agreed that it is in the best interests of the club to make this change,” a statement on Middlesbrough’s website read.
“The club would like to thank Aitor for all his hard work over the past three and a half years and for the success we’ve had during that time. We wish him all the best for the future.”
Karanka’s assistant Steve Agnew steps up to take control of first-team affairs ahead of Sunday’s league clash against Manchester United.
A tame 2-0 FA Cup quarter-final loss at home to Manchester City last weekend proved Karanka’s last match in charge of Middlesbrough, who are currently second bottom of the Premier League table.
“I’d like to thank Middlesbrough for a wonderful opportunity and the players, staff and all the people at the club who I have worked with. I’d also like to thank the fans for their support,” Karanka said.
“This club will always hold a special place for me and I wish everyone connected with Middlesbrough Football Club the very best for the future.”
The 43-year-old Spaniard had watched Middlesbrough score only two goals in their last eight league matches and his team found themselves three points from safety with just 11 games remaining.
Faced with the prospect of relegation just one year after Karanka led them to promotion from the Championship, Middlesbrough owner Steve Gibson decided to act in a desperate attempt to avoid a financially damaging drop into the second tier.
Karanka was handed the reins at Middlesbrough in November 2013 after working as Jose Mourinho’s assistant at Real Madrid.
He was Middlesbrough’s first non-British manager and took them to the Championship play-off final in the 2014/15 season before a Wembley defeat against Norwich City.
Less than 12 months later, Karanka appeared set to quit Middlesbrough after missing a match at Charlton Athletic following a reported row with his players.
But he was persuaded to return and led Middlesbrough into the Premier League on the final day of last season following a 1-1 draw with promotion rivals Brighton & Hove Albion in what amounted to a shoot-out for a top-flight place.
Despite going unbeaten in their first three matches this season, Middlesbrough were unable to steer clear of the relegation dogfight.
The final months of Karanka’s reign were marred by disharmony as he questioned his players’ hunger for success and criticised the board’s failure to sign his targets in the January transfer window.
When attempts to land Robert Snodgrass and Bojan Krkic were unsuccessful, Karanka began to turn his frustration on the players he was left with.
Former England winger Stewart Downing and young striker Patrick Bamford were reported to have fallen out with Karanka after being dropped from the matchday squad, with the Spaniard pointedly claiming he needed “18 fighters”.
Aside from Agnew, Steve McClaren, recently sacked by Derby County, former England manager Roy Hodgson, former United States manager Jurgen Klinsmann and former Crystal Palace manager Alan Pardew are among the leading candidates to replace Karanka on a permanent basis.
* Agence France-Presse
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The Sand Castle
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
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Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
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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.”
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
