Robin van Persie celebrates with coach Louis van Gaal after scoring against Spain. Manu Fernandez / AP Photo
Robin van Persie celebrates with coach Louis van Gaal after scoring against Spain. Manu Fernandez / AP Photo

Take note of visionary Louis van Gaal, the Netherlands’ match-winning manager



When Louis van Gaal was head coach at Barcelona, he became known for his “libreta”, his notebook.

He has always been a diligent scribbler on the bench, a pen and paper man, not a new-technology notetaker. The habit is still with him, a dozen years after he last worked at Camp Nou.

Back then, the “libreta” was sometimes taken as a symbol of Van Gaal’s overzealous obedience to certain dogmas, of a stubborn determination that the commandments in his book of the game were the only ones that counted, the sole laws to obey.

But right now, as Van Gaal prepares his Netherlands team for a World Cup semi-final, many are those who would like to glimpse the notes he has taken over the last four weeks, and look at them for clues, diagrams, ideas that support the notion he is anything but a rigid follower of preordained ideas, but, rather, a brilliant improviser.

Van Gaal’s notes are classified, they may in fact be indecipherable to anybody but King Louis, but the thinking behind them has been made open to all.

Van Gaal has enjoyed being celebrated for his tactical alterations, his apparent adaptability and quick-thinking during the World Cup and relished the praise his decisive substitutions has drawn.

“What did you see?” he asked a reporter in a press conference after the Netherlands had beaten Mexico, the first of two narrow, taut Dutch victories in the knockout phase of the tournament.

Van Gaal then went on to explain what we the audience may not not have seen, which was a visionary in the technical area, second-guessing the opposition, finding the right system to undo them, the right changes at the right times.

Van Gaal does not do false modesty. He draws attention to the coach as an enabler, match-winner, as the most sensitive diviner of micro-climatic shifts in the circumstances of a game.

One of his achievements at this World Cup is to have boasted loudly in public without, apparently, alienating his players.

Footballers generally thrive on being given credit, lauded by their boss, and though Van Gaal has not been mean with his public expressions of support for all of them – and 21 of the squad have all been given minutes on the pitch – his self-congratulation has been very conspicuous.

The game-changing interventions of Van Gaal are already the established shorthand by which the rungs of the ladder the Netherlands have climbed in Brazil are described.

After the defending champions, Spain, were toppled 5-1 in Holland's opening fixture, for which Van Gaal had altered the formation he mostly used in qualifying to something closer to a 3-5-2 scheme, he confronted an Australia who took the lead against the Dutch.

At half time, he adapted his personnel: four at the back again, and a speedy substitute who proved decisive, Memphis Depay. Against Chile, there would several changes to the XI, and some surprises. Dirk Kuyt, a centre-forward for most of his long career, played as a sort of wing-back.

Against Mexico, Kuyt occupied three very distinct roles in the course of another comeback from behind.

A very late substitute, Klaas-Jan Huntelaar set up the first goal, and scored the second in a 2-1 win.

The flourish came last Saturday, at 0-0 after 119 minutes against Costa Rica: A fresh goalkeeper, Tim Krul, introduced for the penalty shoot-out.

Krul dived the right way for all the Costa Rican spot-kicks, and saved two of them. “He has the longer reach,” explained Van Gaal of his decision to being on Krul for Jasper Cilessen, who can expect to be restored to the XI against Argentina. “I was a bit proud of the idea to bring him on.”

Can Van Gaal’s resourcefulness, imagination and pride in his own instincts reach all the way to a final? There is now an expectation that his notebook must have special pages left for coping with Lionel Messi and tracing out the skeleton key that will unlock an Argentina who in many ways have resembled the Dutch for long periods of the knockout phase.

Like the Netherlands against a well-organised Costa Rica, Argentina looked impotent, their ideas limited, for much of the two hours they needed to defeat Switzerland at the last-16 round.

Van Gaal will have recorded that in his libreta, noted how Iran, compact and very defensive kept Argentina goalless until very late in their group match, how Nigeria troubled the South Americans on the counter-attack. He also knows that a very wide audience indeed now watch the Netherlands with a sense of anticipation that the man with the pen and paper is likely to think of something radical, when the Dutch team look short of ideas, predictable, even dull.

It may be that so far Van Gaal’s cleverest trick has been to make the Dutch more watchable. This is the side who have scored only one goal from open play in three and half hours of the knockout phase and yet, because their manager now seems a magician, we dare not look away.

If we do, we might just miss the moment when he pulls the surprise trump card, the Ace of Spades, from somewhere up his sleeve.

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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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