Sheffield United announced that their chairman Prince Musa'ad bin Khalid Al Saud has resigned from his position for personal reasons.
The 28-year-old became the Premier League's youngest chairman when he was appointed by his father-in-law, club owner Prince Abdullah bin Musa'ad bin Abdulaziz Al Saud, in September 2019.
Prince Musa'ad leaves as the Blades sit bottom of the Premier League with 14 points from 31 games – with a possibility their relegation will be confirmed on Saturday.
"It has been an absolute pleasure and a real privilege to be chairman of this great club and I have always tried to uphold the values of the club and act as a true custodian," he said in a statement.
"To say I am disappointed of how things turned out this season is an understatement. I have great faith that we have a bright future and I look forward to seeing everyone back at Bramall Lane in good health and cheering on our Blades."
Last month manager Chris Wilder left his role after five years in the job, during which he guided them from League One to the Premier League.
Club owner Prince Abdullah said: "On behalf of the board of directors, I offer our thanks to Prince Musa'ad for his efforts, he has made a valuable contribution to the development of the football club."
Vice chairman Yusuf Giansiracusa will take on the role of interim chairman.
Highest paid players at Sheffield United
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Phil Jagielka was the Blades' top earner, according to spotrac, on £50,000 a week. EPA -
Sander Berge, £32,692 a week. EPA -
David McGoldrick, £28,846 a week. Getty -
Rhian Brewster, £27,500 a week. Reuters -
Lys Mousset, £25,000 a week. PA -
Aaron Ramsdale, £22,212 a week. PA -
Michael Verrips, £20,000 a week. PA -
Oli McBurnie, £20,000 a week. AFP -
Jayden Bogle, £16,500 a week. AP -
Oliver Norwood, £15,000 a week. AP -
Jack Rodwell, £13,200 a week. Getty -
Billy Sharp, £12,000 a week. AP -
Jack Robinson, £11,000 a week. AFP -
Jack O'Connell, £10,000 a week. PA -
Chris Basham, £9,365 a week. Getty -
Oliver Burke, £8,800 a week. Getty -
John Fleck, £8,000 a week. Reuters -
Ethan Ampadu (on loan from Chelsea), £7,500 a week. PA -
John Egan, £7,500 a week. PA -
Wes Foderingham, £5,500 a week. Getty -
Max Lowe, £4,400 a week. AP -
George Baldock, £4,000 a week. AFP -
John Lundstram, £4,000 a week. EPA -
Ben Osborn, £4,000 a week. Getty -
Enda Stevens, £4,000 a week. Getty -
Kean Bryan, £3,000 a week. AFP
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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.”
