Sunderland will make a significant loss on Asamoah Gyan, left, when he leaves the club for Galatasaray.
Sunderland will make a significant loss on Asamoah Gyan, left, when he leaves the club for Galatasaray.

Asamoah Gyan on brink of leaving Sunderland for Turkey



Duncan Castles

Galatasaray hope to conclude the signing of Asamoah Gyan, the Sunderland centre forward, before Turkey's extended transfer window closes tomorrow. The Turkish club have offered Sunderland £5.25 million (Dh31.4m) plus £1.75m of variable payments for the 25-year-old Ghana international.

Gyan is Sunderland's record signing following a £13.1m switch from Rennes last summer, but has become an increasingly difficult figure around the club since discovering that several teammates are paid more than his £25,000 weekly wage.

Though Sunderland are asking for bank guarantees from the Turkish club before completing the deal, they attempted to loan Gyan to both Mallorca and Marseille last week.

"Sunderland proposed that we could have Asamoah Gyan, but we decided not to follow through with it," said Marseille sporting director Jose Anigo. "This was simply because Jean-Pierre Gignac did not want to go to Sunderland [in exchange]."

Gyan suffered a thigh injury on a scoring return to international duty in a 2-0 African Cup of Nations qualifier win over Swaziland on Friday night, the damage is not thought to be significant. Other Turkish clubs with an interest in Gyan include Champions League qualifiers Trabzonspor.

Meanwhile, Arsenal's hesitancy in the summer transfer window cost the club the signatures of not one, but two Spain internationals. It has been widely reported that a failure to exercise Juan Mata's buyout clause by the middle of August ultimately saw them lose the forward to Chelsea.

Arsene Wenger also lost Santi Cazorla to Malaga after hesitating on a formal offer.

Like Mata, Cazorla, 26, had agreed personal terms with Arsenal. The Premier League club, however, did not want to conclude what would have been a £16.6m transfer from Villarreal before the sales of Cesc Fabregas and Samir Nasri had been completed, allowing Malaga to beat them to the deal.

Instead, Wenger ended up scrambling to recruit Mikel Arteta from Everton for £10m and Yossi Benayoun on loan from Chelsea on deadline day.

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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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