The Barcelona squad attended a memorial space at the Camp Nou on Saturday to pay their respects to former coach Tito Vilanova, who died on Friday after a long battle with cancer aged 45.
Vilanova was first diagnosed with cancer of the salivary gland over two years ago and forced him to step down as Barcelona manager last July after just one season in charge to continue receiving treatment.
“It is a very hard moment,” Barca captain Carles Puyol told Barca TV.
“For two and a half years Tito was an example for us all, he fought until the last day, the last moment. He showed great strength and showed a brave face through it all.
“From here we send all our strength to his friends and family. A great person has left us, it is a very hard blow to take.”
The players were accompanied by the coaching staff, led by Gerardo Martino, who succeeded Vilanova, club president Josep Maria Bartomeu and sporting director Andoni Zubizarreta.
After signing a condolence book, the group held a minute’s silence in front of a portrait of Vilanova in a space in the main stand of the Camp Nou, which has been opened for supporters to pay their respects over the next two days.
Vilanova’s funeral will then take place on Monday evening in Barcelona cathedral at 8pm local time.
Barca will return to action on Sunday when they visit Villarreal and all games in La Liga this weekend will hold a minute’s silence before the game.
Vilanova played a key part in one of the most successful periods in Barcelona’s history as he was Pep Guardiola’s assistant as the Catalans won 14 trophies in four years under their former captain, including two Champions Leagues.
When Guardiola stepped down at the end of the 2011/12 season, Vilanova was promoted to replace him, but his only season in charge was disrupted by health problems as he had to spend two months in New York receiving chemotherapy treatment.
He returned to the sidelines in time to see Barca seal their 22nd La Liga title with a record 100 points tally.
However, he was eventually forced to step down just two weeks before the start of the current campaign due to his ongoing health problems.
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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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Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
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2016 Lewis Hamilton (Mercedes-GP)
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2014 Lewis Hamilton (Mercedes-GP)
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2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)