Zlatan Ibrahimovic is expected to join the LA Galaxy after he was released from his Manchester United contract on Thursday.
The 36-year-old scored 29 goals in 53 games for the Premier League side but has been let go ahead of a move to the United States.
Ibrahimovic was released last summer after a fine first season at Old Trafford ended in a serious knee injury, only to be rewarded with a new contract until the end of the 2017-18 season in August last year.
However, Ibrahimovic has only managed seven appearances this term as a knee issue halted his comeback and United have now confirmed his exit.
It is understoos the former Sweden international is set to sign for Major League Soccer's LA Galaxy.
A statement from United read: "Manchester United confirms that it has agreed to the termination of Zlatan Ibrahimovic's contract with immediate effect.
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"Everyone at the club would like to thank Zlatan for his contribution to the team since his arrival and wishes him well for the future."
Ibrahimovic wrote on Instagram: "Great things also come to an end and it is time to move on after two fantastic seasons with Manchester United. Thank you to the club, the fans, the team, the coach, the staff and everybody who shared with me this part of my history."
Ibrahimovic returned for United in November after recovering from surgery to repair his ruptured cruciate ligament.
But his last game was on December 26, when he was substituted at half-time of the 2-2 draw at home to Burnley.
The arrival of Alexis Sanchez in January and the form of Romelu Lukaku have made it more difficult for Ibrahimovic to regain his place and, with question marks over his fitness and his contract ticking down, the time appears right for a move.
Marcus Rashford and Paul Pogba were among those to pay tribute to the outgoing striker on Thursday.
Rashford wrote on Twitter that Ibrahimovic "helped me become a better player for years to come", while Pogba wrote: "You'll be missed Lion, wish you all the best".
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Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
UAE currency: the story behind the money in your pockets
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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