LONDON // The risks are beginning to pay off for West Ham United.
The one taken on a subsidised new Olympic Stadium home that has David Sullivan and David Gold increasing their shareholding in a club with a suddenly brightening financial future.
And the risk taken on the "ticking time bomb" knee that had Demba Ba failing a medical at Stoke City before taking employment in the East End.
Four goals in four Premier League appearances is the return on the last of those, with the Senegal international's somewhat fortunate opener here initiating a comprehensive defeat yesterday of the club who rejected him.
West Ham's first set of back-to-back home league wins in 11 months was sufficient to extract them from the drop zone.
"I'm very happy Stoke did that," said Avram Grant, the West Ham coach. "Nobody knew about Demba before I wanted to sign him. Stoke and Everton didn't know who he was and I followed him a long, long time as one of the best strikers in Germany.
"We brought him here, his name was in the paper and all the others teams started to be interested. But at the end of the day he came to the team that wanted him from the beginning.
"I must say that I was confident in this team. If you take all the 10 or 12 times we drew, 80 per cent of the time we were the better team. Even in the games that we lost. I was confident that we could improve a few things and the injured players were coming back."
It has been one of Grant's better weeks. On Friday he was fielding questions about Roman Abramovich's interest in bringing him back to Chelsea as sporting director - a bizarre situation for a man with just seven wins in 29 league games at West Ham, and whose principle achievement in his last stint at Stamford Bridge had been to depose the club's most successful manager.
With his entire senior squad fit to train for the first time this campaign and an energising victory over Liverpool to build on, Grant reshaped his team to meet Stoke's unsubtle challenge.
"The tallest West Ham team I've ever seen," was the stadium announcer's verdict on an 11 that added the elevation of Manuel da Costa and Carlton Cole while shifting James Tomkins from centre to right-back to aid the aerial combat.
The opening goal was inelegant. Mark Noble's direct through ball could have been gathered by Asmir Begovic or cleared by Marc Wilson but neither connected properly and it ran invitingly ahead of Ba.
As Wilson leaned on him, the former Hoffenheim forward stumbled into the six-yard box yet still found enough purchase to find the empty net. Stoke responded by collecting yellow cards; Wilson, Ryan Shawcross and Danny Pugh indulging in late tackles.
West Ham, with Ba and Frederic Piquionne spreading the visiting defence across the park, began creating chances in abundance.
Thomas Hitzlsperger and Piquionne came close; Da Costa required just one invitation. The Portuguese defender rose above Stoke's Jon Walters at the back post to bludgeon Hitzlsperger's precisely flighted free kick beyond Begovic and West Ham had their cushion.
"We're getting our bottoms smacked for every mistake we make," said Tony Pulis, the Stoke manager, who threw on Matthew Etherington, Ricardo Fuller and Kenwyne Jones in quick succession, almost receiving immediate dividend from the latter.
The game, though, had become stretched, offering opportunity on the counter. Cole had two shots saved and sent another past an upright before Scott Parker removed all residual concerns by manufacturing a final goal.
The midfielder rounded Glenn Whelan to reach the byline and cross for Piquionne, whose shot rebounded to Hitzlsperger. The German was one Hammer taking no risks as he put his full force behind the ball to drive it into the roof of the net.
sports@thenational.ae
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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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Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Four%20scenarios%20for%20Ukraine%20war
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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