Southampton celebrate their third goal against Sparta Prague on Thursday night. Henry Browne / Action Images / Reuters / September 15, 2016
Southampton celebrate their third goal against Sparta Prague on Thursday night. Henry Browne / Action Images / Reuters / September 15, 2016
Southampton celebrate their third goal against Sparta Prague on Thursday night. Henry Browne / Action Images / Reuters / September 15, 2016
Southampton celebrate their third goal against Sparta Prague on Thursday night. Henry Browne / Action Images / Reuters / September 15, 2016

Europa League results: Southampton look strong in win over Sparta


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Europa League results, Thursday

Group A: Feyenoord (NED) 1-0 Manchester United (ENG); Zorya Luhansk (UKR) 1-1 Fenerbahce (TUR); Group B: Young Boys (SUI) 0-1 Olympiakos (GRE); Apoel Nicosia (CYP) 2-1 Astana (KAZ); Group C: Mainz (GER) 1-1 Saint-Etienne (FRA); Anderlecht (BEL) 3-1 Gabala (AZE); Group D: AZ Alkmaar (NED) 1-1 Dundalk (IRE); Maccabi Tel Aviv (ISR) 3-4 Zenit Saint Petersburg (RUS); Group E: Viktoria Plzen (CZE) 1-1 Roma (ITA); Astra Giurgiu (ROU) 2-3 Austria Vienna (AUT); Group F: Rapid Vienna (AUT) 3-2 Genk (BEL); Sassuolo (ITA) 3-0 Athletic Bilbao (ESP); Group G: Standard Liege (BEL) 1-1 Celta Vigo (ESP); Panathinaikos (GRE) 1-2 Ajax (NED); Group H: Konyaspor (TUR) 0-1 Shakhtar Donetsk (UKR); Braga (POR) 1-1 Gent (BEL); Group I: Red Bull Salzburg (AUT) 0-1 Krasnodar (RUS); Nice (FRA) 0-1 Schalke (GER); Group J: Qarabag (AZE) 2-2 Slovan Liberec (CZE); PAOK (GRE) 0-0 Fiorentina (ITA); Group K: Inter Milan (ITA) 0-2 Hapoel Be'er Sheva (ISR); Southampton (ENG) 3-0 Sparta Prague (CZE); Group L: Osmalispor (TUR) 2-0 Steaua Bucharest (ROU); Villarreal (ESP) 2-1 Zurich (SUI)

// Claude Puel got his first victory as Southampton manager as the Premier League side eased to a 3-0 home victory over Sparta Prague at St Mary's Stadium in Group K. The Frenchman was left fuming at the weekend when Southampton lost to a harsh injury-time penalty at Arsenal. The boot was on the other foot this time when Costa was harshly adjudged to have handled the ball in the box when it struck his hand. Charlie Austin tucked away the spot-kick after just five minutes and then the striker headed in from a skilled outside-of-the boot cross from Cuco Martina to give the hosts a 2-0 half-time lead. Southampton easily held on in a drab second half and substitute Jay Rodriguez – on for Austin – stabbed home in injury time to seal a comfortable night's work.

Manchester United may have lost in the Netherlands in a drab 1-0 loss to Feyenoord, but Irish champions Dundalk came away with a 1-1 draw from their trip to AZ Alkmaar. They looked to be heading for a defeat at the Afas Stadion after Stijn Wuytens bravely headed AZ into a 61st-minute lead. Wuytens took a punch in the face from Dundalk goalkeeper Gary Rogers as he attacked the ball and needed lengthy treatment before being taken off. There looked to be no way back for Dundalk after captain Stephen O'Donnell was sent off for a second yellow, but substitute Ciaran Kilduff netted the equaliser with a minute to go in their Group D opener. It was a fine result for Stephen Kenny's side, who lost to Legia Warsaw in the Champions League play-offs. Next up for them is a meeting with Maccabi Tel Aviv in Dublin.

The performance of the night came in the other game in the group as former Uefa Cup winners Zenit Saint Petersburg stormed back from three goals down with less than a quarter of an hour remaining to beat Maccabi 4-3 in Israel. The hosts had appeared to be on easy street as two goals by Haris Medunjanin either side of a Vidar Orn Kjartansson header had them 3-0 in front. But Russian international Aleksandr Kokorin pulled one back on 77 minutes before Eli Dasa was red-carded for Maccabi. Substitute Mauricio further reduced the deficit and Giuliano equalised on 86 minutes, leaving plenty of time for the Montenegrin Luka Djordjevic to score the winner in injury time with a diving header.

While Inter Milan were beaten at home by Hapoel Be'er Sheva and both AS Roma and Fiorentina drew on the road, it was a great night for another Italian side. Sassuolo, appearing in Europe for the first time, started their Group F campaign with a rousing 3-0 home win against 2012 Europa League runners-up Athletic Bilbao. Teenage Spaniard Pol Lirola put Sassuolo ahead on the hour mark and they did not look back, Gregoire Defrel making it two on 75 minutes before Matteo Politano sealed the win.

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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.”