Vahid Hallhodzic bids adieu after Algeria surprise World Cup run

Algeria coach Vahid Halilhodzic has announced that he will not remain as coach after leading the country to an historic last-16 finish at the World Cup.

The 61-year-old Bosnian saw Algeria into the knockout stages for the first time in their history in Brazil before an extra-time defeat to Germany.

“I leave proud of my record after serving out my contract with the FAF,” he said on the official website of the Algerian Football Federation (FAF).

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“Having lived for three years in Algeria, my family obligations and the attraction of new sporting challenges weighed heavily on my decision.”

Halilhodzic’s contract expired after the World Cup but his departure comes despite calls for him to stay on.

Algeria beat South Korea 4-2 in Group H, and also drew with Russia and took the lead against Belgium before losing 2-1 and finished second in the group behind Marc Wilmots’ side.

They put up an impressive performance against the Germans before losing 2-1 in extra time.

Halilhodzic added: “I want to thank, first of all, his Excellency President Abdelaziz Bouteflika, whose warm words profoundly touched me.

“I also want to thank Prime Minister Abdelmalek Sellal for his encouragement and kind wishes, and the president of the FAF, Mohamed Raouraoua, with whom I have worked for three years to realise our objectives and who put at my disposal a squad with all the necessary means to achieve this difficult mission.

“I wish to pay tribute to the players and the technical, medical and administrative staff who gave me every assistance throughout this mission.

“The wonderful Algerian public wished me well since the day I first arrived and have remained loyal to me. I will always keep the fond memory of the extraordinary welcome they gave us on our return from the World Cup.”

Halilhodzic took over in 2011 on a three-year deal to qualify the Desert Foxes for the 2013 Africa Cup of Nations and the World Cup.

He added: “The only sour note, which I want to confront, is the behaviour of certain - though thankfully not all - members of the press, who never ceased to stigmatise not only my work but also me and my family.

“I will never forget nor forgive that,” added Halilhodzic, who on account of his febrile relations with the Algerian press did not turn up at the press conference after the match with the Germans.

He has been tipped to take over Turkish side Trabzonspor with Frenchman Christian Gourcuff, former coach of Ligue 1 side Lorient, touted as a possible successor for the Algeria job.

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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.”

Vahid Hallhodzic bids adieu after Algeria surprise World Cup run

The architect of Algeria's run to the last-16 has announced he will not remain as coach of the team, with an expected move to Turkey to take over at Trabzonspor.

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