Freebie Five: The Premier League’s most important free transfers of the summer



James Milner is not the only player in the Premier League to have moved on a free transfer this summer. Richard Jolly looks at five other players to have joined new clubs and what impact they could have.

Glen Johnson, Stoke City

It was a curiously low-profile move. Johnson was England’s first-choice right-back in two World Cups, the most expensive defender in Liverpool’s history and had spent 10 of the past 12 years on the books at either Anfield or Stamford Bridge. Yet his move to Stoke City came with comparatively little fanfare. Johnson was a bit-part player at Liverpool last season, but there are few more gifted attacking full-backs in the country. Stoke City have a track record of snapping up talented players who were underused elsewhere.

Sylvain Distin, Bournemouth

He is the unheralded record holder. No foreign outfield player has made more Premier League appearances than Distin. The Frenchman, who will be 38 in December, has gone on for longer than most because he is formidably fit. Released by Everton, where his six-year spell ended in anti-climax, the former Newcastle United, Manchester City and Portsmouth centre-back was snapped up by Bournemouth. His experience could be vital in a team where few have much of a track record in the top flight.

Micah Richards, Aston Villa

The youngest defender to represent England, Richards is still only 27 but his career is at a crossroads after three seasons when he has been injured, unused and loaned out. Now Manchester City’s longest-serving player has become one of Aston Villa’s newest; one whose recent football has often been at right-back is being installed in the centre of the defence. Richards will be charged with replacing Dutch stalwart Ron Vlaar, who became a free agent in the summer. It is a sign of his importance in manager Tim Sherwood’s plans.

Tom Cleverley, Everton

Cleverley turns 26 in the opening week of the season. He is no longer a youngster but he still feels a player trying to find his place in the game. His season-long loan at Aston Villa ended up as a qualified success as he belatedly scored goals, helped them stay up and reach the FA Cup final. He spurned a permanent deal there for a reunion with Roberto Martinez at Everton. As in his loan spell at Wigan Athletic, he has appeared on the left in pre-season rather than the central role he occupied for Manchester United and Villa.

Christian Fuchs, Leicester City

Leicester had certain problems at left-back last season as it became ever more apparent that Paul Konchesky was struggling. The more attack-minded Jeffrey Schlupp displaced him and impressed in their spring revival, but his defensive credentials can be questioned. Fuchs represents a more solid option. The 29-year-old Austrian, who has won 66 caps for his country, was available after leaving Schalke following a four-year spell there. He has the experience of making more than 200 appearances in the Bundesliga.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5