AP Photo/Alvaro Barrientos, File
AP Photo/Alvaro Barrientos, File

Sunderland finally have their man in David Moyes, who looks to rebuild his own standing and theirs



So now Sam Allardyce, Dick Advocaat, Gus Poyet and Paolo di Canio know. They were only ever second on Sunderland’s shortlist at best. “David Moyes was my No.1 managerial target for the last five appointments,” said owner Ellis Short. Good things are supposed to come to those who wait and Moyes’ eventual arrival represents very good news for Sunderland. They have lost their manager to England, banked compensation and arguably traded up.

This is a chance to finally end their run of Groundhog seasons, with awful starts only partially redeemed by late scrambles to safety. They have been trapped in a damaging cycle of relegation battles, often provoked by poor planning and marked by excessive spending and a high turnover of players and managers alike. This is an opportunity to finally abandon the short-termism that appeared institutionalised and embrace the sort of stability that should stop them being seen as a dysfunctional club with the wrong culture.

• More: Moyes to Sunderland | Tough job ahead for Allardyce

They might have done, too, had Allardyce stayed, but he is 61 and an increasingly itinerant figure. Moyes is 53, scarred by club-hopping and in need of a project. Short said the Scot eluded Sunderland in the past because of a reluctance to break contracts. They may have landed him now because his standing has dropped.

On Moyes’ part, perhaps there is a recognition now that he is not destined for better things. Failure at Manchester United was not solely his fault – his inheritance was more difficult than was recognised at the time and the club’s inability to land his transfer targets compounded his problems – but he would not figure on the top six’s wishlists now. An underwhelming spell at Real Sociedad suggested he will get few offers from leading European clubs. He is a manager with limitations, but also with marked strengths that render him suitable for Sunderland.

Because the most pertinent part of his CV is not the shortest managerial stint at Old Trafford since the 1930s, but as Everton’s longest-serving since Harry Catterick, who left in 1973. Sunderland, now with a 10th manager in as many years, can only envy that longevity. If Everton belong in a different bracket to the Wearsiders now, it is because of Moyes. He secured eight top-eight finishes in 11 years, following 10 lower-half finishes in the previous 11, including flirtations with demotion, that bears comparison to Sunderland’s recent record.

He turned a club around with relentless dedication and astute recruitment, not merely of players but of characters who shared his granite-faced resolve. “Anybody who works tremendously hard day in, day out over the course of eight, nine, ten years is going to get your respect,” his Everton goalkeeper Tim Howard told this writer in 2014. “As senior players, there was a mutual respect between David Moyes and ourselves.”

Moyes compensated for the lack of a managerial Midas touch, revolutionary tactical ideas or an overriding philosophy with incremental improvement that stemmed from meticulous preparation and a determination to spend the club’s money as though it was his own. He scouted Tim Cahill 25 or 30 times before signing the Australian, a bargain at £1.75 million. He developed a very fine Everton squad with an annual net spend of just £2.8 million.

Financially, his Everton punched above their weight. Sunderland have punched below theirs. In 2014-15, the most recent year for which figures are available, they posted the fourth highest loss in the Premier League, had the 11th biggest wage bill and came 16th. It is little wonder the fiscally prudent Moyes has such allure.

He also has an attitude that should appeal. Like Everton, Sunderland are a working-class club in a port city. Prima donnas are not appreciated; instead Moyes’ blue-collar willingness to put a shift in, and to get his players to do likewise, should renew a bond with the fanbase. His job is to revisit and repeat his past.

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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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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4