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Michael Laudrup named as new Swansea manager

Former Barcelona and Real Madrid midfielder replaces Brendan Rodgers, who left the club to take over at Liverpool at the start of the month.

Reuters

June 15, 2012

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Swansea City appointed former Denmark international and Barcelona great Michael Laudrup as their manager today in what could be a perfect fit for the 'Barcelona of Welsh football'.

The English Premier League club announced in a statement that Laudrup, who won four titles in a row with Barcelona in a career that also saw him acclaimed as Denmark's best ever player, had signed a two-year deal.

"Contracts were completed at noon today," Swansea, whose playing style has drawn glowing comparisons with the Spanish giants, declared on their website.

It will be Laudrup's first foray into English football management, after resigning from Primera Liga side Real Mallorca in September, and he will be the third manager in four years at the Liberty Stadium.

He will also be the first Dane to manage in the Premier League.

Laudrup, who celebrated his 48th birthday on Friday, replaces Brendan Rodgers who moved to Liverpool last month with three backroom staff.

Swansea finished 11th this year in their debut Premier League season, winning plenty of admirers with a possession style inspired by Barcelona's rapid passing 'tiki-taka' philosophy.

The Dane will be expected to build on that with all the experience he acquired as a Barca and Real Madrid player who won five successive Spanish titles between 1991 and 1995 with a reputation as an elegant passer of the ball.

The attacking midfielder also won league championships in Italy and Netherlands with Juventus and Ajax.

He won 104 caps for Denmark and has managed in Denmark, Spain and Russia.

Former Swansea player-manager and compatriot Jan Molby said earlier in the week that Laudrup's appointment would be a "marriage made in heaven".

"I think he'll do well. I know Michael was very impressed with the way things are done [in the Premier League], the way in which he is in control of footballing matters, selling of players, buying of players," Molby told the BBC.

"I know that's some of the problems he's had at previous clubs and of course he has a very specific way he wants to play," added the former Liverpool midfielder.

"He was strongly influenced by Johan Cruyff when he was at Barcelona in the late 1980s, early 90s.

"That's how he wants to play his football that's how Swansea played last year under Brendan Rodgers, so if it happens I think it's a marriage made in heaven."

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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.”

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FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.