On this day, April 20, 2018: Arsene Wenger announces he is leaving Arsenal


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It was a decision that many had been expecting for several years, but still one that seemed to shock the football world.

With the end of the 2017/18 closing in, Arsene Wenger suddenly announced that he was leaving Arsenal after 22 years at the club, despite having 12 months of his current contract still to go.

The Frenchman had overseen a footballing revolution at Arsenal and the transformation at the club from when he took over as an unknown manager in 1996, to the one he would leave behind at the end of the season, was truly remarkable.

"Arsene Who?" read the London Evening Standard billboards after the quietly spoken manager of Japanese side Grampus Eight was announced as the full-time replacement for Bruce Rioch. Everyone would know his name soon enough.

In his time, Arsenal won three Premier League titles and a record seven FA Cups, including the Double in 1998 and 2002.

He would guide his 2003/04 team of 'Invincibles' through an entire season unbeaten, was the driving force behind the club's state-of-the-art, purpose-built training ground and was in charge for the move from their old Highbury ground to the Emirates Stadium in 2006.

Paying for that £390 million (Dh1.79 billion) impressive new 60,000-seater arena would ultimately deny Wenger the chance to compete at the very top during what should have been his peak years as a manager.

With his transfer budget severely restricted, any hopes of adding to his three league titles were pretty much ended.

The likes of Chelsea, old rivals Manchester United and, later, Manchester City would dominate the Premier League landscape as Arsenal would be forced to settle for Champions League qualification, season after season.

When Wenger finally announced he was going, Arsenal had not won the league in 14 years and the manager himself had been on the receiving end of vicious abuse form supporters for a number of seasons. It was testament to Wenger's inner-strength that he had lasted so long.

“After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season,” the 68-year-old said in a statement.

“I am grateful for having had the privilege to serve the club for so many memorable years. I managed the club with full commitment and integrity.

“I urge our fans to stand behind the team to finish on a high. To all the Arsenal lovers take care of the values of the club.

"My love and support for ever.”

Arsenal’s majority shareholder, Stan Kroenke, paid tribute to Wenger and hailed his influence on the club.

“This is one of the most difficult days we have ever had in all our years in sport,” Kroenke said. “One of the main reasons we got involved with Arsenal was because of what Arsene has brought to the club on and off the pitch.

"His longevity and consistency over such a sustained period at the highest level of the game will never be matched."

Alex Ferguson, Wenger's old sparring partner when Arsenal and Manchester United were the dominant forces in England, hailed his "talent, professionalism and determination".

"I am pleased he has announced he is leaving at this stage of the season as he can now have the send-off that he truly deserves," said Ferguson, who retired from football in 2013.

"He is, without doubt, one of the greatest Premier League managers and I am proud to have been a rival, a colleague and a friend to such a great man.

"It is great testament to his talent, professionalism and determination that has been able to dedicate 22 years of his life to a job that he loves."

Wenger would later reveal that it “was not my decision” to leave and has not returned to the Emirates since.

Bob Wilson, who was Arsenal's goalkeeping coach when Wenger first became manager, believes Wenger should have gone the previous season and that his friend and colleague missed out on the happy ending he deserved.

He told The Athletic: "I wish, like mad, that when we lifted the trophy in that FA Cup final against Chelsea [in 2017] he had realised that was the time."

But, Wilson insists, that should in no way detract from the "revolution” Wenger brought to English football from the moment he arrived back in 1996.

“Arsene was different to everybody else who was around at that time," he said.

"He changed the philosophy of managers, of clubs, of players. He brought football into a totally different era. The man was a visionary.”

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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.”