European transfer window: Muntari swaps blue for red in Milan


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AC Milan have signed Sulley Muntari on loan from Inter Milan until the end of the season.

The Ghana international midfielder, who becomes a free agent in the summer, has made just four league appearances for the Nerazzurri in Serie A this season.

A statement from AC Milan read: "AC Milan announces it has acquired Sulley Muntari on a temporary loan."

Milan opted to make a move for the 27 year old after losing midfielder Alexander Merkel last week to a knee injury for two months.

Merkel only returned to Milan earlier this month in joint ownership from Genoa with the Rossoneri facing a shortage in midfield because of injuries to Mathieu Flamini, Gennaro Gattuso and Alberto Aquilani.

Muntari became the Italian club's fifth reinforcement in the winter transfer window and their second of the day after teenage Austrian striker Philipp Prosenik joined from Chelsea on a permanent transfer for an undisclosed fee.

Milan said in a statement: "Philipp Prosenik's contract has been deposited with the Lega Serie A."

Prosenik, 18, joined Chelsea in the summer of 2009 from Rapid Vienna. The Austria Under 19 international is the son of former Austria international Christian Prosenik.

Also in Italy, Vincenzo Iaquinta, the Juventus striker, will play on loan at relegation-threatened Cesena until the end of the season, the Turin giants confirmed.

Iaquinta, who is under contract with Juve until June 2013, has not played since March due to injuries and lack of form.

A statement from Juventus read: "Vincenzo Iaquinta will continue his career in Cesena.

"Juventus has reached an agreement with the Romagnola club to loan the player until June 2012."

Iaquinta, 32, moved to Juve in the summer of 2007 from Udinese and has scored 40 goals in 108 appearances for the club.

A World Cup winner with Italy in 2006, Iaquinta is ready for a new challenge.

"I haven't played since March," he said. "I've chosen Cesena because it's the right place to relaunch my career."

Juve also confirmed the midfielder Michele Pazienza will play on loan at Udinese until June.

Pazienza joined Juve on a free transfer from Napoli last summer and has made nine appearances for the club so far.

In Spain, Espanyol confirmed the signing of Victor Sanchez, following the Spanish player's release by Swiss club Neuchatel Xamax.

The Barcelona-based side announced they had agreed a deal to sign the midfielder on a three-and-a-half-year contract, after his previous employers were expelled from the Swiss top flight over administrative and financial issues.

He becomes their third signing of the window, after Philippe Coutinho joined from Inter Milan and another former Neuchatel player - the Nigerian striker Kalu Uche.

A statement on Espanyol's official website read: "Victor Sanchez, who has signed for us until 30th of June of 2015, arrives with our team to contribute with his versatility in the midfield or in defensive tasks, as well as with his experience gained in the different teams he has played for."

In Germany, Bayer Leverkusen signed the Croatia defender Vedran Corluka from Tottenham Hotspur on loan until the end of the season.

Leverkusen also obtained an option to sign Corluka on a longer contract, without elaborating. At the same time, Michael Ballack's agent said the former Germany captain would not be leaving the club immediately.

Rudi Voeller, the sports director, said Corluka was exactly the kind of versatile defender Leverkusen was looking for. "He can play not only right-back, but also in central defence and on the left," he said.

Wolfgang Holzhaeuser, the Leverkusen chief executive, added: "With this signing, we've got a high-level option.

"Corluka is a respected professional who will give us an immediate impact in class."

In France, Lorient signed Wesley Lautoa from Sedan on a four-and-a-half-year deal.

The 24 year old, who was born in Epernay but represents New Caledonia at international level, can play in defence or midfield.

"I come here to try to play as often as possible and to move forward, putting myself at the service of the team," he told the French club's website.

* Agencies

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The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

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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.”