WEST BROMWICH // Manchester United used to have an indelible association with late goals.
They mislaid their habit of supplying the right sort of drama at the death under David Moyes and, during Louis van Gaal's reign, their strikes have tended to come in the first hour.
Then, finally, there was a welcome reminder of their past to ensure the Dutchman did not suffer the same fate as his sacked predecessor.
United were trailing 2-1 to West Bromwich Albion, who had beaten Moyes’s side by the same scoreline 13 months ago, before Daley Blind curled an 87th-minute shot past Boaz Myhill.
Defeat had been averted, a point procured. In the broader scheme of things, that may not be enough and United are still to win away from home under Van Gaal, but at least they go into potentially season-defining matches against Chelsea and Manchester City having avoided a fourth loss of the campaign.
They could take solace, too, from the character they displayed to twice come from a goal behind.
The catalyst for the initial comeback was another to open his United account, although Marouane Fellaini’s wait extended a year more than the recent signing’s.
Mocked and dropped, injured and ineffective, he provided a belated return on United's £27.5 million (Dh162.3m) investment.
If he was the game-changer, West Brom possessed potent figures in their starting 11.
Stephane Sessegnon and Saido Berahino both scored and starred. Each showed that even the division’s underdogs have quality and Van Gaal was forced to rethink his selection and his side’s approach.
His initial problem was that United were overly timid. Indeed, it took the half-time introduction of the forceful Fellaini to spur them into life.
By then, their shortcomings were apparent as their ever-changing, often unconvincing defence were troubled.
West Brom’s twin assets of pace and movement allowed them to break at pace, led by Berahino, and United are yet to acquire the understanding to respond.
A theme of Van Gaal’s brief reign has been how often they have been exposed and Albion’s opener offered more evidence.
Andre Wisdom advanced into space behind Angel di Maria and delivered a low cross. Sessegnon met it with a magnificent finish, rifling his 20-yard shot past a blameless David de Gea.
It was a reminder of the mercurial Sessegnon’s ability.
Inconsistent as he can be, the Benin international was the best player on the pitch when West Brom won at Old Trafford, and his ability to elude Blind was an indictment of United’s eventual saviour.
Van Gaal gave his side a greater presence in the centre of the park when Fellaini was sent on for Ander Herrera, who played in a corset and may not have fully recovered from his cracked rib.
He made an immediate impact. Within three minutes, he used his magnetic chest control, outmuscled Joleon Lescott and unleashed an unstoppable shot.
For once, the United fans chorused his name; it certainly was not the soundtrack to last season.
United had raised the tempo and, with Di Maria particularly influential, looked the likelier to score next while West Brom had been pegged back for much of the second half. Finishers, though, can distort the pattern of a game.
So Berahino did, latching on to Chris Brunt’s slide-rule pass, springing United’s offside trap and picking out the corner of the goal.
Robin van Persie was the first to threaten a second United equaliser, volleying against the post after Radamel Falcao had come on to partner him in attack.
The Colombian had a nuisance value, and it was apparent again when he served as a distraction for the West Brom defence as Blind curled in his shot to earn a point.
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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.”
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
