LeBron James of the Miami Heat reacts on the bench against the San Antonio Spurs during their Game 5 loss in the NBA Finals on Sunday. Andy Lyons / Getty Images / AFP / June 15, 2014
LeBron James of the Miami Heat reacts on the bench against the San Antonio Spurs during their Game 5 loss in the NBA Finals on Sunday. Andy Lyons / Getty Images / AFP / June 15, 2014

LeBron James on Heat loss: ‘You win some, you lose some’



Moments after the San Antonio Spurs completed their demolition of the Miami Heat in the NBA Finals, speculation about whether the LeBron James-led Big Three would stay in South Florida kicked into high gear.
James, Dwyane Wade and Chris Bosh are all eligible to become free agents this offseason but, following Sunday's crushing loss to the Spurs, they deflected questions about their NBA futures.
Despite representing the Eastern Conference in the NBA Finals all four seasons they have played together, expectations for Miami are so high James felt compelled to defend the team's 2014 season, which failed to produce a third straight title.
"You know, we're not discrediting what we were able to accomplish in these four years," he said.
"We lost one, we won two, and we lost another one. (I'll) take 50 percent in four years in championships any day. Obviously, you want to win all of them, but that's just the nature of the game. You win some, you lose some."
The Heat were dominated in this year's best-of-seven finals, losing in five games. Each San Antonio win was by at least 15 points, while Miami's lone victory was a 98-96 thriller.
James played well against the Spurs, scoring 31 points with 10 rebounds and five assists in Sunday's series-ending, 104-87 drubbing. Wade and Bosh, however, were inconsistent, forcing James to shoulder more of the load than usual.
The 29-year-old James, a four-time NBA MVP, said he and Wade did not know what to expect when they decided to become teammates years ago.
"We just knew that we felt as individuals that we could do it, that we could put our egos to the side and not care about the individual part of the game and become a great team and become two leaders of that team," said James.
"It's been a hell of a ride in these four years. And when we decided to play together, we didn't say, 'OK, let's try for four years.' We said, 'Let's just play together and let's see what happens.'"
Bosh said, albeit cautiously, that he wanted the trio to stay together in Miami.
"We've got plenty of time, hopefully," said the 30-year-old, nine-time All-Star. "We're all young men and hopefully we're all healthy. This year I can't complain. I made it through healthy with no nicks, and scratches, bumps or bruises."
The past winter James said he couldn't see himself leaving Miami. Now, if he's thinking of bolting for, say, Los Angeles, where the Lakers have some room under the salary cap, he's not saying.
"I will deal with my summer when I get to that point," he told reporters. "Me and my team will sit down and deal with it. I love Miami. My family loves it. But obviously right now that's not even what I'm thinking about.
"You guys are trying to find answers. I'm not going to give you one. I'm just not going to give it to you. When I get to that point, I'll deal with it."
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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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