Tevez does not need agent


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I have met Carlos Tevez a few times since he moved to England. He lives close by in south Manchester and I like him. But each time I told him the same thing: "Enjoy your time at Manchester United because no other club compares to it." He was one of the best players when United won the Champions League in 2008 and scored key goals, such as the equaliser at Lyon in the same competition. He always worked so hard for United and looked happy to me.

But when United bought Dimitar Berbatov, I could understand why Tevez would be disappointed. He could not have done much more, yet he found himself out of the starting line-up. People can talk all day long about squad systems, but as a striker you want to feel like you will play every week. Carlos started just 18 league games last season, Berbatov 29. If he began to think about leaving I can understand why. I did the same when Ruud van Nistelrooy was brought in and I found myself on the bench at Old Trafford in 2001.

I was 30 and had the 2002 World Cup ahead of me which I wanted to play in. I was not going to get picked sitting on a bench. Tevez has a World Cup too - not that Argentina are guaranteed to reach it - but he is also a lot younger than I was. Players at 24 or 25 do not want to be anywhere near the bench. I left United and have regretted it ever since. Tevez left - and that is the only fact we really know. The truth has been muddied by opinions on both sides. Everyone puts their slant on things to suit their argument. Did United sell him or did he leave? What is the truth? Who knows?

All parties will have their side to the story - not that fans see it like that. You are either a hero or villain and Tevez has been cast a villain by United fans who booed him. That reaction surprised me, but I guess it is hard to be loved by United and City fans at the same time. I learned the hard way with agents. My brother acted as my agent, but we were pretty useless as a pair. Or rather I was. When I signed my first contract worth any money with Bristol City, he told me not to sign anything in the first meeting. I was impatient and signed a three-year contract straight away, worth £450 (Dh2,700) a week. I got a signing on fee of about £20,000. I thought I was minted.

It was when I moved to Newcastle that I got stung. Out of the blue, I received a call from a famous former player who was working as an agent. "Hi Coley," he said, all friendly. "How you doing, brother?" I'd never spoken to him before, but I listened to what he said because I knew that he'd been a top-level player. I also felt my brother would be out of his depth dealing with this transfer. I genuinely thought this man was trying to help me out when he said, "I've got someone who can advise on the deal."

My friend Michael Thomas had also put me on to the solicitor Michael Kennedy, who looks after Roy Keane and Niall Quinn, but I didn't end up using him. Instead, I ended up using the guy recommended by the ex-player and went up to Newcastle in his car. A deal was done to sell me for a club record fee. When it was concluded, he said, "That'll be £30,000 for my services." "Can I pay in instalments?" I asked.

"No, I want the money now." "I had to pay him out of my signing on fee. He obviously had a carve up with the former player. I've never heard from either of them since. The same man got involved when Ruel Fox signed for Newcastle, but Foxy didn't pay him. Maybe I was naive, but Newcastle wanted me and had already agreed a fee, so there was no need for any help. I would have got the signing on fee regardless.

I don't think that the very top players actually need an agent. They need a financial advisor and solicitor, but not an agent. Because if you play well the offers are going to come. I had a different agent for my time at United. He behaved like he was my best mate, but that all stopped when I finished playing, when I couldn't make any more money for him. It leaves a very bitter taste. sports@thenational.ae

WORLD RECORD FEES FOR GOALKEEPERS

1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)

2) Alisson, Roma to Liverpool (£67m)

3) Ederson, Benfica to Manchester City (£35m)

4) Gianluigi Buffon, Parma to Juventus (£33m)

5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m

 

 

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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