Steven Knight, left, the Australia futsal coach, would like to point out to his country's football federation the benefits his sport presents in player development.
Steven Knight, left, the Australia futsal coach, would like to point out to his country's football federation the benefits his sport presents in player development.
Steven Knight, left, the Australia futsal coach, would like to point out to his country's football federation the benefits his sport presents in player development.
Steven Knight, left, the Australia futsal coach, would like to point out to his country's football federation the benefits his sport presents in player development.

Football support outnumbers futsal's five-a-side game


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Steven Knight fondly remembers the days when futsal enjoyed a significant position in Australian sports. His country hosted the second Futsal World Cup in 1988, and Knight was a member of a home side that beat Italy and Hungary in the group stages, and prevailed over Argentina to finish sixth.

"Back in 1985, Australia had a strong national league and I played in two Futsal World Cups," said Knight, the coach of the Australia team who are in the UAE for the AFC Futsal Championship. "We ranked as low as sixth and we had good results against Italy and Argentina."

Growing up with the dream of playing for Leeds United in the English Premier League someday, Knight had later switched to the five-a-side game and considers himself fortunate to have played in that era.

Futsal in Australia was privately managed in those days, but the top football stars turned up for the five-a-side game as well. However, after Fifa took control of the sport and the rest of the futsal world moved on with its development and became more professional, Australia's development became stagnant, mainly due to a lack of funding and internal politics.

"The organiser of the sport was a private individual back then," Knight said. "It was a chap that was out of the YMCAs in Sydney. We had good ideas to promote it, but he didn't want to release control.

"Between 1985 and 1992, the players that were playing at the top level outdoors also played at the top level of futsal because our football season is short.

"Since 1992, because it wasn't televised, most of the players decided not to play. They lost interest."

Around 2006, the Football Federation Australia took over the administration of futsal in the country, but Knight said the sport suffers from a sort of step-brotherly treatment.

"Most of the money in Australian football goes to football, not the futsal department," he said. "Probably, there is a lack of understanding how futsal can be an aid in football development.

"Unfortunately, until we find that solution in the development of football through futsal, there won't be sufficient amounts of money to provide the futsal team with sufficient funding."

Many football commentators in Australia have been pleading with their football federation to recognise the obvious benefits of futsal as a development tool, but change has been slow in coming.

The late Johnny Warren, known as Captain Socceroo for his passionate work to promote football in Australia, was one of them, and more recently, Les Murray, host of The World Game and a football pundit, wrote: "The indoor game continues to be sidelined, like some insignificant cousin, its critical importance ignored to football's utter detriment."

The lack of funding made it difficult for Knight to pick his squad for this championship and prepare them.

"I think there is a total of between 30 or 40 hours of preparation over seven weeks," he said. "One reason is due to the funding and then the other reason is due to the fact that the players are purely amateur.

"Because the club structure is not strong, some players maybe train one night, maybe train two nights or maybe not train at all.

"So the difficulty has been to select a good balance of workmen and skilful players. We have been fortunate to use a couple of the most skilful players, but they only joined the team the day before we left."

Preparing for the tournament, Knight would train his squad Wednesdays and Sundays in Sydney. Players from other states had to pay for their own flights into the city for the training.

"I don't work full-time for the federation and I don't get paid for the coaching here," Knight said. "We don't receive payment. The players don't receive payments.

"Some of the players work in construction, some of the players work in offices. It becomes difficult to try and get the whole squad together at any one time."

Despite those problems, Australia have managed to qualify for the quarter-finals of the AFC Futsal Championship from a group that includes Iran, the 10-time champions, South Korea and well-funded Qatar.

Now, Knight is hoping they can overcome Kuwait tomorrow and reach the semi-finals. That would assure Australia a place in November's Futsal World Cup in Thailand.

"If we are able to qualify then there might be more notice," he said. "But the problem with the football coaches in Australia is that they are not seeing futsal as a development tool. They don't understand its benefits and they feel threatened by the game.

"So unless you see futsal from Brazil, Spain, Italy or Iran and the development stages in those countries, you won't have an understanding of how it helps.

"And this is the problem.

"If we don't change that attitude, we will probably go two steps up and three steps back."

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Director: Rohit Shetty

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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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Brett Anderson

Little Brown Book Group