'It's an historic moment' - Argentina coach Scaloni proud of thrilling World Cup triumph


John McAuley
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Argentina manager Lionel Scaloni paid tribute to his “unbelievable” players after their incredible World Cup final victory against France, at the same time telling his country to enjoy the moment of a third global success.

Argentina seemed set for a first World Cup win in 36 years at Lusail Stadium on Sunday, when they charged to a 2-0 lead against the reigning champions. Lionel Messi, their captain, scored from the spot and Angel Di Maria added a second to give the South Americans a 2-0 lead at half-time.

However, France rebounded late on with two quick-fire goals – 97 seconds separated them – from Kylian Mbappe to force extra-time.

Messi then scored again before Mbappe struck a second penalty for his side to push the contest to the shoot-out. There, Argentina goalkeeper Emiliano Martinez saved from Kingsley Coman, Aurelien Tchouameni sent his spot-kick wide, leaving Argentina defender Gonzalo Montiel to seal the most memorable of wins.

Speaking immediately afterwards to TV, a tearful Scaloni said: "I cannot believe that we have suffered so much in a perfect game. Unbelievable, but this team responds to everything.

"I am proud of the work they did. It is an exciting group. With the blows we received today and we keep taking, with the draws, this makes you emotional. I want to tell people to enjoy - it's a historic moment for our country."

Argentina's coach Lionel Scaloni gets emotional during a press conference at the end of World Cup final win against France. AP
Argentina's coach Lionel Scaloni gets emotional during a press conference at the end of World Cup final win against France. AP

Scaloni, who last year guided Argentina to Copa America glory to end the country’s 28-year wait for a major trophy, added: "This is what happened today: [France] reacted and that's huge credit to them. Above all, it is an incredible enjoyment to be at the top, as we are. It's something unique."

In capturing a third World Cup, Scaloni's side add to the previous victories for the country in 1978 and 1986. The national team have also lost three finals, most recently in 2014.

Messi, whose six goals in Qatar were second only to Kylian Mbappe (eight), was named the player of the tournament, while Martinez was awarded the prize for best goalkeeper.

"It was a game where we suffered," Martinez said. "Two crappy shots and [France] levelled. They give them another penalty, they scored. Thank God later I did my thing, what I dreamed of.

"There could not have been a World Cup that I have dreamed of like this. I was calm during the penalties.”

Argentina midfielder Rodrigo De Paul added: "I'll never forget it. We had to suffer, but we deserved to win. We've beaten the last champions - it's a joy I cannot put into words.

"I'm proud of being born in Argentina and today we are on top of the world."

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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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