Tottenham's Jermain Defoe, in white, scores against his former club Portsmouth. The match ended 1-1.
Tottenham's Jermain Defoe, in white, scores against his former club Portsmouth. The match ended 1-1.

Defoe strikes against former club



LONDON // - Jermain Defoe fired an equaliser against his former club as Tottenham drew 1-1 with Portsmouth on Sunday to climb away from last place in the Premier League. After David Nugent had given Pompey the lead, Defoe, who returned to Tottenham nine days ago, scored to secure a point that sent Spurs up four places in the crowded bottom half of the table. Portsmouth also moved up three places to 12th after facing former manager Harry Redknapp for the first time since he left Pompey for Spurs in late October. "We missed chance after chance late on, you're never going to get a better chance to win a football match like we had," said Redknapp, who led Portsmouth to a FA Cup triumph last season and into the Uefa Cup before moving to Tottenham. "I thought we showed great character to come back from 1-0 down. They could have easily hid and felt sorry for themselves. If we continue to play like this we won't have a (relegation) problem." The draw sent West Bromwich Albion, who beat Middlesbrough 3-0 on Saturday, back to the bottom on goal difference but they are one of five clubs on 21 points. Nugent gave Portsmouth a 59th-minute lead with a low angled shot from a breakaway after the Pompey goalkeeper David James had made a reflex save at the other end of the field. Aaron Lennon's shot took a big deflection but James managed to change direction and save at the foot of the post before the ball was swept up field. It was one of a series of top-quality saves by the England goalkeeper who also acrobatically tipped a header from Defoe over the bar and blocked a glancing header from the substitute Darren Bent in the first half. Bent was on the field because the Russian striker Roman Pavlyuchenko was carried off with a leg injury in the first half and Spurs also lost defender Ledley King before half-time. In a thrilling, end-to-end game, Defoe levelled in the 70th minute with a low, left foot, shot from a lay-off by Luka Modric. Bent should have added a second in the 79th minute but headed wide of the far post while unmarked. "He should have scored, it was an open goal," Redknapp said. "Jamo (goalkeeper James) had given it up."

*AP

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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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