Radamel Falcao is about to enjoy a sustained run in the most elite competition of the sport in which he has made his name.
He has long been described as a world-class footballer but there have been doubts, mainly to do with his lack of appearances at Uefa Champions League level.
With his move to the Premier League, a true judgment of his excellence can be made.
It may go some way to dispelling the impression that he is allergic to Champions League football.
For all the financial investment the Colombian has attracted in his career, and all the goals at domestic and Europa League levels, his latest move means he again sidesteps, for at least another 12 months, the greatest of stages.
By joining Manchester United, initially on loan, instead of a potential gig with the champions of Italy – Juventus – or, at a stretch, a stint with the holders of the English Premier League title, Manchester City, Falcao has agreed to a second successive season without European football.
When he agreed to sign for Monaco, in May 2013, a few eyebrows were raised, not because of the size of the fee – €60 million (Dh289.5m) was steep, but his qualities are plenty – but because of what the destination might say about his ambition.
Monaco, freshly enriched by the patronage of a Russian billionaire, had only just been promoted to France’s Ligue 1. They play to relatively small audiences in a bijou city-state.
When Falcao then sustained a serious cruciate ligament injury playing a French Cup tie last January, it seemed he must be fated to bypass the biggest occasions.
His Colombia had qualified for their first World Cup finals this century, thanks in large part to his goals, and though he worked valiantly to regain fitness for June, the deadlines for his recovery were too tight.
He missed the Brazil tournament, where he would have added considerable punch to a dynamic team who ran the hosts close for a place in the semi-finals. That was a sad setback for him personally.
He returned to fitness restless to advance his club career, aware that Monaco’s chief backer Dmitry Rybolovlev was keen to try to bring the club’s budgets into line with Uefa’s Financial Fair Play regulations, a tough task given Monaco’s limited revenue streams.
It is no secret Falcao wanted to move upwards and a barely concealed fact that he was attracted by the idea of Real Madrid.
United will give him the big crowds that Monaco could not, but they will hardly sate any impatience to collect trophies or chase European honours.
He joins a club clearly in transition, unlikely to reclaim the Premier League title this season.
For United, the deal looks beneficial in the medium term, though there must be a significant gamble in that Falcao, who turns 29 in February, has recently suffered a damaging injury.
Fully fit, he will supply power in attack and deadly finishing. He has a fine scoring record in three distinct European leagues, or four if you count the Europa League. In that competition he is legendary, with 30 goals from 31 games.
He thrived in Spain’s Primera Liga, too, with Atletico Madrid, whom he left for Monaco.
Atletico’s recent progress owes much to Falcao. Pity for him, though, that he was not around for their coronation as Spanish champions last year, or for their Champions League final in May.
He contributed, at least until his injury, to accelerating Monaco’s status as French football’s second power behind Paris Saint-Germain.
It is easy to liken what United need from him to those two episodes of his career. Atletico and Monaco needed galvanising; United need rebooting.
They will pay Falcao a significant portion of his vast salary – reportedly close to €300,000 per week – and manager Louis van Gaal will have to fit Falcao in a front line that already includes Wayne Rooney and Robin van Persie. Rooney and Van Persie’s alliance, when first formed two summers ago, prompted former United manager Alex Ferguson to wonder out loud if United had the best collective striking resources in Europe.
Danny Welbeck, deemed surplus to requirements, and Javier Hernandez, now on loan at Real Madrid, were part of his argument.
Falcao is an upgrade on them, even if his credentials as truly world class must be suspended, as he commits to another year outside the most exacting competition of all.
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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.”
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
WRESTLING HIGHLIGHTS
Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
More from Neighbourhood Watch:
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
