Antoine Griezmann is struggling to get to grips with “cruel and magnificent” Euro 2016, but pledged France will kick on after the exasperating extra-time loss to Portugal.
Didier Deschamps’s men have united a country at a difficult time and were fancied to follow in the footsteps of the classes of 1984 and 1998 by making home advantage count.
However, Portugal broke French hearts at the Stade de France on Sunday, upsetting the apple cart as substitute Eder's extra-time effort from distance secured a 1-0 win.
“It’s cruel and magnificent at the same time,” Griezmann said after the final.
“We’ve lived through some extraordinary moments, and the saddest moments as well. We have to learn.
“But tonight we gave it all and we have no regrets. I’m proud of the squad, proud of everybody. Now we have to come back stronger.
“This time we didn’t manage it, unlike against Germany. It is a pity.
“We hit the post, I had chances as well and I almost scored. The goalkeeper played well, too. It’s frustrating, but we must come back stronger.”
See also:
• Ian Hawkey: Portugal prove they are greater than sum of their parts
• Eder: The 'ugly duckling that became the beautiful one' and hero of Portugal
• Richard Jolly: In a war of attrition, it was fitting Portugal were the last men standing
• The stars: Ronaldo, Griezmann, Bonucci, Ramsey and Krychowiak
• Greg Lea: When it came to landing knockout blow, France sucker-punched by plucky Portugal
• Gallery: Moths, Cristiano Ronaldo's pain and Eder's joy as Portugal win
Griezmann, just like his teammates and compatriots, looked crushed after falling at the final hurdle.
It felt particularly harsh on the Atletico Madrid attacker having shone so bright during the tournament, netting six goals en route to the final.
Griezmann sheepishly collected the Golden Boot in the post-match press conference, an impressive achievement but one overshadowed by defeat.
“Maybe later I can feel proud, but for now, it’s about the group,” he said, having also provided two assists during Euro 2016.
“I’m very disappointed for my teammates. I really wanted to offer them this trophy, but I couldn’t score and I’m disappointed.”
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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.”
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
