Raymond Domenech rides through the French Alps resort of Tignes yesterday.
Raymond Domenech rides through the French Alps resort of Tignes yesterday.

Domenech's charges in relaxed mood



TIGNES // A week in the scenic French Alps seems to have done wonders for France, who now have a healthy Williams Gallas and a vastly improved mood in the team. France left their picturesque base yesterday with their 23-man squad for the World Cup in South Africa finalised and in a relaxed and confident mood after a number of concerns were overcome.

Raymond Domenech, the coach, who has been under fire since his side's disappointing Euro 2008 campaign, organised several strange group activities in search of harmony, such as a hike up a glacier, an introduction to biathlon and even a dune buggy race. The players loved it, even Gallas, who survived a fright when his buggy rolled over, and all the players said they could feel a genuine team spirit blooming.

Domenech, the man France fans love to hate, even cracked a few smiles and did not lose his cool when Lassana Diarra, the Real Madrid midfielder, was ruled out of the World Cup by illness. The coach eventually decided late on Monday that Diarra would not be replaced after seeing Gallas, who had been doubtful because of a sore left calf, train without any problems. Domenech, who had brought 24 players to Tignes because of concerns about Gallas, found himself with 23 after Diarra had to leave and, after the Arsenal defender was ruled fit to play, decided those would travel to South Africa.

"It's complicated to take somebody out and we've had Lassana Diarra who's had a real problem," Domenech said. "Then we found ourselves with 23 players so we no longer needed to make a choice because that group here keep showing us that we can trust them. Those 23 players will take us all the way." Saying France, who needed an infamous Thierry Henry handball to qualify through a play-off at the expense of the Republic of Ireland, will win the World Cup may seem a little premature.

The mood in the ski village, surrounded by rugged snow-capped peaks and almost like a ghost town in the spring, however, has surprised many observers. All the French players have been saying that they were having fun together and were determined to prove their worth on the pitch. Such statements were hardly ever heard before Euro 2008, where a miserable atmosphere and a rift between the younger players in the squad and the more experienced ones marred a campaign that ended with a group-stage exit.

Domenech, who will be replaced by Laurent Blanc after the World Cup, may feel there is no pressure on him, with French fans and media generally feeling the team has no chance to make an impact on the pitches of South Africa. The coach even made a bold move in the penultimate training session in Tignes, fielding a 4-3-3 formation instead of his preferred, more defensive 4-2-3-1 system. The fans watching the session applauded, hoping the cautious tactics that have frustrated them for years might soon make way for a more exciting brand of football.

France play Costa Rica tonight in Lens in the first of three warm-up games for the World Cup, where they will face hosts South Africa, Mexico and Uruguay in Group A. * Reuters France v Costa Rica, 11pm, Aljazeera Sport +3

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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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