Platini's attack stuns Wenger



The Arsenal manager Arsene Wenger admits he is stunned by Uefa president Michel Platini's attack on him in an interview with a French newspaper. Platini, the head of European football's governing body, questioned the Arsenal manager's priorities in football during a frank interview with Grenoble daily Dauphine Libere. The former France midfielder criticised Wenger for having a business mentality rather than a football one.

And he also berated the Gunners coach for calling for the introduction of video replays to rule on questionable refereeing decisions. Wenger has been taken aback by Platini's criticisms. "I am stunned by the aggressive content of Platini's words," he told L'Equipe. "I am effectively a supporter of video assistance for referees, like all coaches, and I believe Uefa have an important role to play in this. I am for sporting justice and Uefa must be the guarantor of it."

Wenger added: "I am a supporter of good management of clubs, for financial equilibrium. "And Uefa must equally support this idea. I am fighting for the future of the game and of football. I don't see why Uefa should take umbrage at ideas that are different from theirs." In Platini's interview, Wenger's name was raised during a question about the introduction of video technology. Platini replied: "I like to talk about football, him [Wenger] about business. We must stop with Wenger and all that."

Platini then said he hoped video assistance would never come into football, adding: "It would make me happy that Arsene Wenger never sees it." Later in the interview, Platini again targeted Wenger when asked about his thoughts on Romanian side CFR Cluj's unexpected victory over Roma in the Champions League last week. "That is what makes football so great," Platini said. "It is what people like Wenger do not want, little clubs beating the big clubs, because they want their business."

The Newcastle captain Michael Owen admits he and his teammates were very upset to see manager Kevin Keegan leave the club. The caretaker manager Chris Hughton now faces the task of raising the players' morale, who have lost three straight games, for tonight's Carling Cup third-round tie with Tottenham, and Owen admits the manager's loss has had a lasting effect. He said: "We are all feeling it at the moment - but we have got to snap out of the doom and gloom."

* PA Sport

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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.”

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Neil Thomson – THE BIO

Family: I am happily married to my wife Liz and we have two children together.

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