Edin Dzeko's header would be all the scoring Mancester City would need against South China to reach the final of the Asia Trophy tournament, where they will meet a familiar Premier League foe in Sunderland, who were 3-1 victors over Tottenham Hotspur.
Edin Dzeko's header would be all the scoring Mancester City would need against South China to reach the final of the Asia Trophy tournament, where they will meet a familiar Premier League foe in Sunderland, who were 3-1 victors over Tottenham Hotspur.
Edin Dzeko's header would be all the scoring Mancester City would need against South China to reach the final of the Asia Trophy tournament, where they will meet a familiar Premier League foe in Sunderland, who were 3-1 victors over Tottenham Hotspur.
Edin Dzeko's header would be all the scoring Mancester City would need against South China to reach the final of the Asia Trophy tournament, where they will meet a familiar Premier League foe in Sunde

Pellegrini's first win as Manchester City beat South China in Asia Trophy


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HONG KONG // Manuel Pellegrini celebrated his debut victory as coach of Manchester City as Edin Dzeko's first-half header was enough to defeat South China in the Asia Trophy on Wednesday.

Pellegrini had missed City's previous pre-season match to be at his mother's side before her death last week in Chile.

"It was important to see my mother before she died," he said.

"She was an old woman, and she was sick. Life must end sometime. I appreciate that I was able to see her.

"Now that is finished and I am here and I am thinking only about Manchester City."

The victory was City's first in three pre-season matches and puts them in the championship match of the four-team Asia Trophy tournament versus Sunderland, who earlier defeated Tottenham Hotspur 3-1.

"We are preparing the whole squad to arrive at the Premier League start in our best moment," Pellegrini, the 59-year-old Chilean, told the club's website. "So it is always important to win, but not absolutely necessary at this time of the year.

"I think it was a very useful game for us. It was necessary to improve, physically and technically. As we play more matches, the players are playing with more enthusiasm."

The match marked the unofficial debut of Alvaro Negredo, the Spain striker purchased from Sevilla for an estimated £20 million (Dh112.7m). He came on in the second half and nearly scored on an acrobatic effort.

"It was good to start and get some time to play with the lads. I really enjoyed myself," Negredo said. He conceded a goal would have been nice on his debut. "It was really, really close, a cross from [Aleksandar] Kolarov. It was close, but what is important now is to get fit for the league."

Pellegrini said he has high hopes for Negredo. "I know him very well from the Spanish league, and what he did today was no surprise to me. He is a very good striker and he will be very useful. Our target was to have him be an important forward because we need a competitive team, not just in league but in the Champions League."

Negredo expressed delight with his new situation.

"I'm overwhelmed," he said.

"It's a team with a lot of top players, and they have been extremely friendly to me and I'm very happy to be here."

Dzeko nodded in a James Milner cross in the 21st minute of the Asia Trophy match at Hong Kong Stadium to secure City's passage into the tournament's final.

Due to torrential rain, the Sunderland game with Tottenham began 30 minutes behind schedule, and was reduced to 40 minutes per half, a format then also adopted for the City contest.

Pellegrini, appointed as successor to the dismissed Roberto Mancini in June, included the midfielder Fernandinho, one of City's summer signings, in the starting line-up and saw his team look comfortable in the opening exchanges, with Dzeko firing into the side-netting and Yaya Toure then having a header saved.

City took the lead when Milner neatly evaded a challenge on the right and delivered a ball which Dzeko headed into the ground and past the goalkeeper from close range.

Sunderland 3 Tottenham Hotspur 1: Jan Vertonghen injures ankle at Hong Kong

HONG KONG // Jan Vertonghen faces a race to be fit for the start of the season after the Spurs defender suffered an ankle injury in a 3-1 loss to Sunderland.

A Tottenham side already without Gareth Bale - also injured - lost the influential Belgian international shortly after he came on as a substitute when he fell awkwardly on the wet surface.

The friendly, part of the Asia Trophy, had been delayed 30 minutes because of torrential rain at Hong Kong Stadium. Each half was only 40 minutes long.

"He might have sprained ligaments in his ankle so we obviously need the MRI to know the full extent of the injury," said Andre Villas-Boas, the Tottenham coach. "He has some range of movement, which gives us some indication that probably it may not be too long."

Asked if Vertonghen, a key man in the Tottenham defence last season, would be back for the start of Spurs' season on August 18, he added: "Depends on the extent (of the injury) from the MRI. I think because of the range of the movement that he has I think we have the possibility he will be back for the start of the season."

The Portuguese conceded that he had been concerned beforehand about the state of the pitch, which was heavily waterlogged in patches and had players slipping frequently.

"The choice of the venue is this one and the weather is unpredictable. The pitch is what it is and has always been like this in this trophy. It isn't great but nobody is going to change it for next time.

"Obviously the conditions are extremely poor and the players are vulnerable to this type of situation."

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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.

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“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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