Manchester United players applaud supporters following their last home game of the season, against Arsenal, on Sunday, May 17, 2015. Jon Super / AP Photo
Manchester United players applaud supporters following their last home game of the season, against Arsenal, on Sunday, May 17, 2015. Jon Super / AP Photo

David de Gea set to leave Manchester United with some net gains as Arsenal draw showed



It felt like it was the last they will see of him as David de Gea disappeared into the Old Trafford tunnel, a lap of honour complete, the ground reverberating to the sound of his name.

The man paid to repel shots has halted Manchester United’s decline. He has stopped things getting any worse and, in the process, been the catalyst for revival.

He has saved at least 10 points this season, maybe 15.

Perhaps, had he been able to complete this game, he would have saved another two. Instead victory escaped United eight minutes – but four months – into Victor Valdes’s career at the club.

He was wrong footed when Theo Walcott’s cross shot took a sizeable deflection off Tyler Blackett.

It certainly did not rank as a goalkeeping error but the temptation was to wonder if De Gea, had he not been hamstrung, would have added to his compendium of stupendous saves.

Instead Walcott rescued a point and Arsenal preserved the status quo with a scoreline to satisfy them, which meant that third place and automatic qualification for the Champions League is almost certainly theirs.

Yet it was evident that this fixture has been downgraded.

For years United against Arsenal was the top two, the dominant duo, but now they rank as the second pair, trailing the nouveaux riches forces of Chelsea and Manchester City.

De Gea may experience El Clasico in Real Madrid’s colours next season, whereas the English equivalent felt low key, lacking the intensity, the urgency and the sense that irresistible force was meeting immovable object.

It was emblematic that 10 years after the two captains were Roy Keane and Patrick Vieira, the respective sides were led out by Chris Smalling and Per ­Mertesacker.

The match began with Vieira’s name echoing around Old Trafford, the Arsenal fans providing a reminder of past titanic battles.

This highlighted flaws, rather than force, with Arsenal curiously timid in the first half, as though forgetting they won on United soil in the FA Cup as recently as March, while remembering their previous seven league trips to Old Trafford had only yielded one point.

United had a virtuoso display of Phil Jones’s brand of comical commitment.

They were the better team for an hour, despite playing with 10 men, because Radamel Falcao was a passenger, a shadow of his former self.

He left the Old Trafford pitch, almost certainly for the final time, with a contrite wave that seemed to acknowledge he has been a let down. The standing ovation he was granted when replaced was, like his £265,000-a-week contract (Dh1.53m), an exercise in ­generosity.

If the shame for United fans is the probable loss of De Gea, the consolation is that they will not have to witness any more of Falcao’s painful decline.

Lacking a striker of note, they relied on midfielders to compensate and two did: a sprightly Ashley Young crossing for a clinical Ander Herrera to open the scoring.

Young’s season is a triumph of functionality. He has exuded reliability and if United aspire to more, as the signing of the wunderkind Memphis Depay proves, it has nonetheless been effective.

So, too, Marouane Fellaini’s ungainly but forceful approach.

It is unlikely a title-winning team can be constructed around both, but each has made a considerable contribution to United’s renaissance.

In contrast, Walcott has been a bit-part player in Arsenal’s campaign and ranks among the litany of players, De Gea included, whose contract expires in 2016 and whose future is shrouded in speculation. He may not want the role of impact substitute, but he prospered as one.

Arsenal had taken an hour to trouble a goalkeeper – De Gea, before his removal with the injury that could deprive him of a farewell at Hull next week – but they have illustrated their powers of recovery.

The match was a microcosm of a campaign. Eighth in November and off the pace, they have rallied and have a platform for progress.

If United are deprived of De Gea, they will need to find such a solid base.

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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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