Many of the best NBA teams in the modern era have been built around a trio of elite players, and Jim Dolan, owner of the New York Knicks noticed. He assembled his own Big Three and waited for glory days to return to Madison Square Garden, which last saw a championship team in 1973.
Good idea; poor execution. The Knicks won only seven of their first 20 games and many fans in Manhattan already are calling for coach Mike D'Antoni's job; they dream of replacing him with Phil Jackson, the 11-time champion coach and a former Knicks forward.
Most serious NBA followers hardly blame D'Antoni. The real problem is a poorly assembled roster: three above-average front-court players but wretched guards and a thin bench.
When the Knicks brought together Carmelo Anthony, Amar'e Stoudemire and Tyson Chandler, they talked of an NBA title. Now, they might not make the play-offs.
Stoudemire was New York's big signing before the 2010/11 season. After much drama, they swung a big trade last season to bring in Anthony and Chauncey Billups from the Denver Nuggets.
The Knicks were 14-14 with the new additions and averaged an entertaining 107 points per game. But they are scoring only 93.7 points per game this season.
"It's not puzzling, it's just plain awful," D'Antoni said. "We just can't make a shot and we're not real good."
When the Knicks signed Chandler, a fine rebounder and excellent defender, who was fresh from a championship with the Dallas Mavericks, they had to release Billups to slip under the NBA salary cap. Without Billups, the Knicks lack a point guard to lead the offense. It has been a recipe for disaster because both Stoudemire and Anthony are ball-hogs who kill the movement in an offence meant to be played at a high tempo. The Knicks are reduced to hoping for improvement when Baron Davis, the perennially overweight point guard, is healthy enough to play.
For now, they launch away. The Knicks have cast off at least 25 three-pointers in eight games, and are 2-6 in those games.
"We all have to be willing to space the court, willing to move the ball," Stoudemire said. "It has to be something that we all have to buy into. It works, and it's been proven that it works."
It may not work with this set of players. Anthony's scoring average is down two points from last season. Stoudemire is putting up 17.1 points per game, his worst average since his rookie season in 2001/02.
Meanwhile, the Knicks are a half game out of the Atlantic Division cellar, still waiting for the magic of their Big Three to materialise.
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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.”
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Disclaimer
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Best vacation: Returning home to China
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Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
