Liverpool's Georginio Wijnaldum is without a new contract. PA
Liverpool's Georginio Wijnaldum is without a new contract. PA
Liverpool's Georginio Wijnaldum is without a new contract. PA
Liverpool's Georginio Wijnaldum is without a new contract. PA

Georginio Wijnaldum the unexpected anomaly in Liverpool’s all-conquering team


Richard Jolly
  • English
  • Arabic

For a year, the new contracts kept coming. The feared front three all signed, and both full-backs.

Virgil van Dijk put pen to paper, along with Joe Gomez and Joel Matip. Jordan Henderson, James Milner and Alex Oxlade-Chamberlain committed their futures.

It meant that, as Liverpool’s all-conquering team were being rewarded, one by one, Georginio Wijnaldum was next. He still is, after youngsters Curtis Jones and Neco Williams have had their deals upgraded, three months after a supposed breakthrough in talks, 10 from the end of his contract.

An impasse increases the possibility one of Jurgen Klopp’s flagship successes, a player plucked from relegated Newcastle United to become the most-used midfielder for European and English champions, could be the exception to the rule, the one who does not stay together.

Liverpool’s muted approach to the transfer market is in part because much of their energy and resources have been committed to keeping the team they assembled.

All bar Wijnaldum; every regular except him and the 34-year-old Milner is tied down until at least 2023.

He is the unexpected anomaly, a footballer valued by Klopp even when the wider world sometimes assumed he was surplus to requirements.

Go back to 2018 and Wijnaldum was tipped to leave when Liverpool signed Naby Keita and Fabinho. Klopp did not consider letting him go. Wijnaldum has only missed four league games since then.

Likeable and low-maintenance, he has often escaped attention. Until now, which highlights unexpected developments at two of Europe’s superclubs.

Wijnaldum helped hasten the end of an era at Barcelona, his brace at Anfield in the 2019 Champions League semi-final illustrating an ageing team could not cope with Liverpool’s pace.

The appointment of Ronald Koeman, who has made him more prolific for his country than his club during his days as Holland manager, has taken an admirer to the Camp Nou at a time when Barcelona need an overhaul.

Wijnaldum’s links with Koeman date back to when Erwin, Ronald’s brother, gave him his Feyenoord debut at 16.

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Liverpool 2019/20 player ratings

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Meanwhile, the sudden availability of Thiago Alcantara offers a ready-made replacement; one who, with a year left on his Bayern Munich contract, is in a similar situation.

It is unlike Liverpool to spend heavily on a 29-year-old, but Bayern believe they will submit a bid. “It looks like he will leave us,” CEO Karl-Heinz Rummenigge said this week. “I expect an offer in the next few days.” The Spaniard would reportedly love to play for Klopp.

The question is if Klopp wants to alter a winning formula, or indeed if he feels he needs to inject another dimension to his midfield: Wijnaldum has been essential to Liverpool’s unique blueprint, where the full-backs advance beyond the midfielders and provide more of the creativity.

Wijnaldum has not recorded an assist in either the Premier or the Champions League for two years, but he is charged with knitting a team together and covering gaps.

He is remarkably accurate in possession, completing 91 per cent of passes in the last two seasons in the Premier League, and sometimes those figures are still higher in major matches. He is trusted as a big-game player.

Thiago should bring similar metronomic reliability but offers the promise of more incision.

Klopp often benches his high-speed runners in favour of his most solid trio in midfield, especially against elite opponents, but Thiago is likelier to play a defence-splitting pass than any of them and a reliance on the full-backs’ crossing was highlighted in the Community Shield when the injured Trent Alexander-Arnold was missed.

Perhaps Wijnaldum will be sacrificed in the quest to evolve. Or maybe a saga will end with the most understated of Liverpool’s regulars signing after an increasingly strange delay.

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.”