Manchester United have never beaten AC Milan in the knockout stages of the European Cup, yet Sir Alex Ferguson is in an unusually confident mood ahead of their Champions League second round tie at the San Siro tomorrow. The English club were defeated over two legs in each of their four encounters in the competition - in 1958, 1969, 2005 and 2007. But, the United manager thinks Milan are a different proposition since the departure of Kaka.
The Brazilian moved to Real Madrid last summer, joining Cristiano Ronaldo, the former United forward, at the Bernabeu. United lost 3-0 in their last contest with the Rossoneri at the San Siro as Kaka inspired the hosts to a semi-final win in 2007 and Ferguson is happy not to be facing the Brazil playmaker. "It's a good time for us to be going to Milan," said Ferguson "They played this weekend [beating Udinese 3-2 on Friday night], they've lost Kaka and have a few injuries, whereas we did not play this weekend and we have had a good rest."
Leonardo's side have been forced to adapt tactically after Kaka's move to Spain, according to Ferguson. He said: "They have changed since they lost Kaka. "They used Kaka at the head of a diamond and two front players but they have changed that and gone 4-3-3 with two wide players and three central midfield players. "You have to recognise they are not short of skill and experience. Ronaldinho, Pato all these players, but equally we have players who can win the match too. After the experience in the San Siro three years ago, where they dominated the game, I know that won't happen again."
Pato is outlined by Ferguson as the biggest threat to United in the first-leg contest, which may see David Beckham face his old club. "It's Pato they are desperate to get back in," said Ferguson. "If he's not back they'll play David wide right. We know all about David, he's a great crosser of the ball so we will have to be alive to that." Ferguson, whose side have won four of their last five games, scoring 16 goals, is confident United can cope with the absence of Ryan Giggs, who suffered a broken arm against Aston Villa last Wednesday.
"My players are used to big occasions and I think the good thing for us now is that we have hit form at just the right time," added the United manager. * With agencies
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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