Pardew looking finally out: Newcastle give permission for manager to speak to Crystal Palace

Alan Pardew is set to quit Newcastle United and take over as the new manager of Premier League rivals Crystal Palace after being granted permission to speak to his former club about the move on Monday.

Palace are looking for a new coach after sacking Neil Warnock on Saturday and Pardew is on the verge of a surprise return to Selhurst Park now that Newcastle have given Palace the green light to discuss a contract.

It has been reported that Palace will pay a £2 million (Dh11.4m) compensation fee to land Pardew, who still has five years left on his St James’ Park contract.

“Newcastle United can confirm that Crystal Palace have made a formal approach requesting permission to speak to Alan Pardew in relation to their vacant managerial position,” a statement on the club’s website announced.

“Crystal Palace have offered compensation at a level whereby Alan has now been permitted to speak to them.

“As a result of this development today (Monday), Alan will not be at training on Tuesday. Training will be the responsibility of assistant manager John Carver. The Club will make a further announcement in due course.”

Pardew made 128 appearances for Palace between 1988-91 and scored the winning goal in his side’s famous 4-3 win over Liverpool in the FA Cup semi-finals at Villa Park in 1990.

Despite a mounting campaign for his dismissal from a large section of Newcastle supporters, Pardew retained the faith of club owner Mike Ashley.

But although Newcastle are a bigger club than Palace, Pardew has been frustrated by the transfer policy in recent seasons and continuous criticism from a large section of fans to get him out of the job.

Pardew is one of the lowest paid managers in the league and Palace are said to be willing to improve his salary.

And the 53-year-old stoked the speculation over his future by failing to attend the post-match press conference following his side’s 3-2 win over Everton on Sunday.

Palace chairman Steve Parish wants to act swiftly following the departure of Warnock to allow his new manager time to spend in the January transfer window.

The south Londoners are in the relegation zone after Sunday’s 0-0 draw at fellow strugglers QPR, with Keith Millen in charge of Palace in a caretaker capacity for the third time.

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Engine: Long-range single or dual motor with 200kW or 400kW battery

Power: 268bhp / 536bhp

Torque: 343Nm / 686Nm

Transmission: Single-speed automatic

Max touring range: 620km / 590km

Price: From Dh250,000 (estimated)

On sale: Later this year

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

SPECS

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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.”

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.

Company%20Profile

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