Mohamed Al Fayed, the Fulham chairman, lambasted Mark Hughes in an open letter on Monday after the former manager criticised the club as lacking ambition.
Premier League in pictures
The best images from week nine of the Premier League.
In the letter posted on Fulham's website, Al Fayed disputed a claim by Hughes in a weekend newspaper interview that he quit in June because the west London club were going nowhere.
Hughes told a British tabloid that the club would not provide him with a big enough budget to fulfil his personal aim of regularly finishing in the top half of the table.
"He insults the club, saying it lacks ambition, and the players who delivered an eighth position finish last season and a place in the Europa League," Al Fayed wrote. "He is not just disrespectful but entirely wrong.
"It was not the club but Mark Hughes who lacked the courage and ambition to take on the task of leadership. If people are looking for a flop, they only have to look no further than the man who has lost his spark."
Al Fayed, the former owner of London department store Harrods, said Hughes walked out on the club after just a year in charge on the day he had agreed to sign a two-year extension to his contract.
Al Fayed said plans for a new stand at Craven Cottage contradicted the Welshman's depiction of the club.
"What a strange man Mark Hughes is," Al Fayed said. "Sacked by Manchester City, he was becoming a forgotten man when I rescued him to become manager of Fulham Football Club."
Elsewhere, Aldershot, the lowest-ranked side left in the Carling Cup, could face the full force of a Manchester United backlash when the teams meet in the last 16 tonight.
United were humbled 6-1 by Manchester City at Old Trafford in the Premier League on Sunday. Alex Ferguson, the manager, has challenged his players to bounce back when they visit Aldershot, who are languishing in 15th in the fourth tier of English football.
"That kind of defeat will make an impact on the players," Ferguson said. "There's a lot of embarrassment in the dressing room and quite rightly so. Hopefully they'll show that [reaction] next week."
Chelsea visit Everton and City travel to Wolverhampton Wanderers tomorrow in two of five all-Premier League games, but the most intriguing match-up takes place at The EBB Stadium.
Aldershot, managed by the former Bolton Wanderers striker Dean Holdsworth, have never progressed so far in the Carling Cup.
"On Tuesday night, we've probably got the biggest game in the club's history," Holdsworth said. "It could mean financial security for a long, long time."
Meanwhile, Javier Hernandez, United's Mexican forward, signed a new five-year deal yesterday. The 23 year old was initially signed from Chivas in July 2010 only as a long-term prospect, but scored 20 goals in his debut season.
"The last player I remember making an impact as big and as quickly as Javier is Ole Gunnar Solskjaer and he reminds me of Ole a lot," Ferguson said.
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
COMPANY%20PROFILE
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'Falling%20for%20Christmas'
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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.”
The%20Kitchen
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COMPANY%20PROFILE%20
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
Company%20profile
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THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
The%20specs
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE%20
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”