As Spain’s jubilant players sprinted on to the field to celebrate a penalty-shoot-out victory at the European Championship, Luis Enrique stood alone and simply pumped his fists.
Amid the tension and rising pressure inside Saint Petersburg Stadium, the Spain coach might have been the calmest person around.
“I’d tried to convey a message that what would be, would be,” Luis Enrique said, revealing what he’d told his team before the 3-1 shoot-out victory over Switzerland in the quarter-finals on Friday.
“I told them to relax … and to enjoy the moment as much as they could.”
Easier said than done for a team that had missed its last five regulation penalties in matches, two of them at Euro 2020. For a team that had squandered chance after chance in extra time as Switzerland’s energy-sapped players hung on for a 1-1 draw through extra time. For a team that had come into the match as the favourite and had taken an eighth-minute lead, only to see that wiped out by a defensive mistake.
So, imagine the relief when Mikel Oyarzabal stepped up to convert the decisive spot kick past goalkeeper Yann Sommer, whose save on Kylian Mbappe’s shot in a shoot-out win over France got Switzerland to the tournament’s quarter-finals for the first time.
After seeing the ball hit the back of the net, Oyarzabal headed straight to Spain goalkeeper Unai Simon, who had made two saves in the shoot-out. They were soon consumed by their teammates as Y Viva Espana blasted out from the stadium’s loudspeakers.
“When it goes your way,” Luis Enrique said, “it feels very good indeed.”
Simon was unsurprisingly named man of the match but modestly suggested his opposite number was more deserving.
“I would have given Sommer the MVP,” Simon told Spanish daily Marca.
He was less self-effacing about the result and described Spain as “worthy winners”, although caveated this with a warning they must cut out mistakes and stay grounded “because a very difficult opponent is coming our way whoever it is".
“In the semi-finals, you need to have the mentality that each game is new. Winning the European Championship should be the only thing on our minds now.”
Simon also elaborated on his postgame celebrations with manager Luis Enrique.
I think we just lacked a little bit of luck today
Xherdan Shaqiri
“I have come a little up in the celebration but it is what my body told me to do. It was a moment of euphoria.”
The Swiss had won a penalty shoot-out against France in the previous round when they scored all five of their penalties in the shoot-out. This time they failed with three of their four attempts: Fabian Schar and Manuel Akanji had shots saved by Simon, while Ruben Vargas fired the ball over the crossbar.
“Penalties are a bit 50-50,” said a philosophical Switzerland captain Xherdan Shaqiri, who scored his team’s goal in regulation time. “I think we just lacked a little bit of luck today.”
Spain will play Italy in the semi-finals on Tuesday at Wembley Stadium in London, after the Azzurri overcame Belgium in Friday's other semi-final.
Before the penalty shoot-out, the quarter-final was a laboured affair punctuated by big moments.
Among them was a red card in the 78th minute for Switzerland midfielder Remo Freuler, whose studs connected with the ankle of substitute Gerard Moreno in a sliding challenge.
Yet a rearguard effort — requiring a string of diving saves by Sommer and a number of last-ditch blocks by sprawling defenders — kept the Spanish at bay in the extra 30 minutes that were played almost entirely in Switzerland’s half. A crowd made up of mostly Russian spectators was fully behind Switzerland, even to the extent of jeering Spain’s players when they had the ball.
Moreno, in particular, squandered four chances with poor finishing or the acrobatics of Sommer, though the striker made amends by converting one of Spain’s kicks in the shoot-out.
The Swiss initially missed the energy and authority of suspended captain Granit Xhaka, whose replacement — Denis Zakaria — had the misfortune of scoring the 10th own-goal of the tournament when he sliced the ball into his own net. Jordi Alba sent in the shot after latching on to a corner from the right that had sailed over everyone’s heads in the area.
A defensive mix-up brought about Shaqiri’s equaliser in the 68th, which came just as Switzerland’s players had started to assert themselves.
Aymeric Laporte came across to cover a pass over the top but touched the ball on to the leg of his centre-back partner, Pau Torres. Freuler pounced on the ball and laid it off to Shaqiri, whose first-time shot crawled into the bottom corner.
Switzerland bowed out in the same stadium where the team was eliminated from the 2018 World Cup. Then, the Swiss lost to Sweden 1-0 in the round of 16.
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
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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