Alexander Isak scored both goals in Newcastle's 2-2 Premier League draw at West Ham. PA
Alexander Isak scored both goals in Newcastle's 2-2 Premier League draw at West Ham. PA
Alexander Isak scored both goals in Newcastle's 2-2 Premier League draw at West Ham. PA
Alexander Isak scored both goals in Newcastle's 2-2 Premier League draw at West Ham. PA

Eddie Howe 'frustrated' after Newcastle held to draw by West Ham


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Newcastle United manager Eddie Howe said he was left "frustrated" after his side drew 2-2 with West Ham in the Premier League on Sunday.

Newcastle led 2-1 at London Stadium after Alexander Isak's double had cancelled out Tomas Soucek's early opener for the Hammers, but Mohammed Kudus struck late to earn the hosts a share of the points.

Given their position of strength in the game with just minutes left to play, the draw marked a slightly disappointing end to an otherwise memorable week for Newcastle, who thrashed French giants Paris Saint-Germain 4-1 in the Champions League.

And Howe admitted that his team's exploits in midweek may have impacted their performance against West Ham.

"A frustrating game for us," Howe told the BBC. "Probably a hangover from midweek. A really good response in the second half but we're frustrated not to get over the line.

"I think we did really well in the second half and showed great character to come back. We took control of the game, caused problems, and created chances."

Isak had the opportunity to complete his hat-trick and could have put the game beyond West Ham, and while he missed the chance to do so, Howe was keen to focus on the positives from the Swedish striker.

"Isak's hat-trick opportunity was probably the defining moment," the Newcastle manager said. "He's an outstanding player, the first in particular is an outstanding finish. He is unlucky not to score the third but they are the small margins."

The result keeps West Ham in seventh and Newcastle eighth in the table, separated by a single point.

Elsewhere, Wolves and Aston Villa played out a 1-1 draw in a Midlands derby, with both goals scored in the space of two second-half minutes at Molineux.

Hwang Hee-chan opened the scoring in the 53rd minute, only for Pau Torres to hit straight back with his first goal for Aston Villa. Wolves later had Mario Lemina sent off for a second booking in injury time.

The draw sees Villa remain in fifth, while rivals Wolves moved up one place to 14th.

"A little bit disappointed with the result," Wolves manager Gary O'Neill told the BBC. "When you go 1-0 up and you are controlling the game, I didn't feel there was much danger. There was a bit early and we needed to get to grip on things.

"[Goalkeeper Jose] Sa had to make a couple of saves but in the second half, I don't remember him having to do anything really. We had two big chances. We had decent control until the sending off. After that we were hanging on."

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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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Updated: October 08, 2023, 4:45 PM