Jurgen Klopp confidant: He said he’s ‘ready for a team that’s not on the highest level’

Former Germany midfielder Stefan Effenberg believes his compatriot and good friend Jurgen Klopp is well-suited to Liverpool.

The former Borussia Dortmund manager is the outstanding favourite to succeed Brendan Rodgers, sacked after the 1-1 Merseyside derby draw on Sunday, and Press Association Sport understands the club have already taken steps to sound him out.

“He gave me this answer a couple of weeks ago. He said: ‘I’m ready for a team that’s not on the highest level, to create something, to build something up’. This could be Liverpool, right?” Effenberg told BBC World Service Sport.

And speaking at the Aspire For Sport conference in Berlin he added: “Liverpool is one of the greatest atmospheres. It’s pretty much the same as Dortmund.

“The fans stay with everything behind the club and this is what Jurgen Klopp likes and what he needs.

“So maybe, very soon, we’ll hear something from Jurgen Klopp, to make a decision, maybe, for Liverpool.”

Liverpool chief executive Ian Ayre is liaising closely with the club’s United States-based ownership group – principal owner John W Henry, team chairman Tom Werner and Fenway Sports Group president Mike Gordon – over the recruitment process which they hope to have completed before the players return from the international break next week.

Henry had personal involvement in the last appointment, famously being pictured meeting Roberto Martinez for coffee in Miami before the Spaniard withdrew himself from the process, but having opted for a young manager with potential back in 2012 FSG are now inclined to appoint someone who has a proven record.

Klopp won two Bundesliga titles and reached a Champions League final and is seen by many as the ideal fit at Anfield with plenty of parallels being drawn with his spell with Dortmund, restoring the fortunes of a club which had lost its way.

However, despite the clamour for Klopp and his position as the outright favourite Liverpool will keep their options open, although the available three-time Champions League winner Carlo Ancelotti is widely viewed as less of a good match than his German rival.

While FSG are keen to have their new manager in place as soon as possible it is understood there is nothing imminent in the next couple of days.

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Saudi Arabia 1-0 Japan

Saudi Arabia Al Muwallad 63’

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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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Day 3, Dubai Test: At a glance

Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.

Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.

The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.