• Felipe Melo of Palmeiras lifts the Copa Libertadores after defeating Flamengo 2-1 at Centenario Stadium on November 27, 2021 in Montevideo, Uruguay. Getty Images
    Felipe Melo of Palmeiras lifts the Copa Libertadores after defeating Flamengo 2-1 at Centenario Stadium on November 27, 2021 in Montevideo, Uruguay. Getty Images
  • Palmeiras' Breno Henrique celebrates winning the Copa Libertadores with the trophy. Reuters
    Palmeiras' Breno Henrique celebrates winning the Copa Libertadores with the trophy. Reuters
  • Palmeiras' Danilo and teammates celebrate. Reuters
    Palmeiras' Danilo and teammates celebrate. Reuters
  • Fans of Palmeiras react after winning the Copa Libertadore. AFP
    Fans of Palmeiras react after winning the Copa Libertadore. AFP
  • Fans of Palmeiras react after winning the Copa Libertadores. AFP
    Fans of Palmeiras react after winning the Copa Libertadores. AFP
  • Fans of Flamengo react after losing the Copa Libertadores final. AFP
    Fans of Flamengo react after losing the Copa Libertadores final. AFP
  • Palmeiras' Breno Henrique and teammates celebrate. Reuters
    Palmeiras' Breno Henrique and teammates celebrate. Reuters
  • Deyverson of Palmeiras and a member of the coaching staff celebrate after the final. Getty Images
    Deyverson of Palmeiras and a member of the coaching staff celebrate after the final. Getty Images
  • Palmeiras' Felipe Melo celebrates winning the Copa Libertadores with teammates. Reuters
    Palmeiras' Felipe Melo celebrates winning the Copa Libertadores with teammates. Reuters
  • Palmeiras' Luiz Adriano celebrates with teammates. Reuters
    Palmeiras' Luiz Adriano celebrates with teammates. Reuters
  • Palmeiras' Luiz Adriano, centre, celebrates winning the Copa Libertadores with teammates. Reuters
    Palmeiras' Luiz Adriano, centre, celebrates winning the Copa Libertadores with teammates. Reuters
  • Palmeiras' Gabriel Menino celebrates. Reuters
    Palmeiras' Gabriel Menino celebrates. Reuters
  • Palmeiras' Gustavo Scarpa. Reuters
    Palmeiras' Gustavo Scarpa. Reuters
  • Palmeiras' Victor Luis kisses the Copa Libertadores trophy. Reuters
    Palmeiras' Victor Luis kisses the Copa Libertadores trophy. Reuters
  • President of Palmeiras Maurício Galiotte. Reuters
    President of Palmeiras Maurício Galiotte. Reuters
  • Players of Palmeiras celebrate their 2-1 extra-time win over Flamengo at Centenario Stadium on November 27, 2021 in Montevideo, Uruguay. Getty Images
    Players of Palmeiras celebrate their 2-1 extra-time win over Flamengo at Centenario Stadium on November 27, 2021 in Montevideo, Uruguay. Getty Images
  • President of Palmeiras Maurício Galiotte celebrates after the final. Reuters
    President of Palmeiras Maurício Galiotte celebrates after the final. Reuters
  • Felipe Melo of Palmeiras lifts the Champions Trophy. Getty Images
    Felipe Melo of Palmeiras lifts the Champions Trophy. Getty Images
  • Palmeiras' Raphael Veiga celebrates after scoring against Flamengo. AFP
    Palmeiras' Raphael Veiga celebrates after scoring against Flamengo. AFP
  • Felipe Melo of Palmeiras celebrates after defeating Flamengo 2-1in in the final. Getty Images
    Felipe Melo of Palmeiras celebrates after defeating Flamengo 2-1in in the final. Getty Images
  • Weverton uses his mobile phone after the final. Getty Images
    Weverton uses his mobile phone after the final. Getty Images
  • Patrick de Paula of Palmeiras. Getty Images
    Patrick de Paula of Palmeiras. Getty Images
  • Palmeiras' Patrick de Paula and Danilo celebrate winning the Copa Libertadores. Getty Images
    Palmeiras' Patrick de Paula and Danilo celebrate winning the Copa Libertadores. Getty Images
  • Palmeiras' Danilo celebrates winning the Copa Libertadores with the trophy. Reuters
    Palmeiras' Danilo celebrates winning the Copa Libertadores with the trophy. Reuters
  • Palmeiras' Patrick de Paula and Gustavo Scarpa celebrate in front of fans. Reuters
    Palmeiras' Patrick de Paula and Gustavo Scarpa celebrate in front of fans. Reuters
  • Fans of Flamengo react after losing the Copa Libertadores final. AFP
    Fans of Flamengo react after losing the Copa Libertadores final. AFP
  • Palmeiras fans celebrate winning the Copa Libertadores. Reuters
    Palmeiras fans celebrate winning the Copa Libertadores. Reuters
  • Gustavo Gomez of Palmeiras celebrates. Getty Images
    Gustavo Gomez of Palmeiras celebrates. Getty Images
  • Palmeiras' Felipe Melo celebrates with his teammate Danilo Barbosa. EPA
    Palmeiras' Felipe Melo celebrates with his teammate Danilo Barbosa. EPA

David Luiz defends Flamengo teammate after costly error in Copa Libertadores final


Steve Luckings
  • English
  • Arabic

David Luiz defended his Flamengo teammate Andreas Pereira on Saturday after the loanee from Manchester United made a decisive mistake in their 2-1 defeat by Palmeiras in the Copa Libertadores final.

Pereira was caught in possession 30 yards from goal by Deyverson, who drove on to score the winning goal five minutes into extra time at the Centenario stadium in Montevideo.

But Luiz, who arrived at Flamengo in September after years spent at Benfica, Chelsea, Paris Saint-Germain and Arsenal, said the 25-year-old midfielder was not the reason that Flamengo failed to win their second Libertadores - South America's equivalent of the Champions League - in three years.

“That’s football,” Luiz said. “He was having a great game, playing fantastic, and then in one move it all comes crashing down. The only thing I said to him was that no matter how much people will analyse that moment, we didn’t lose the game because of that.”

“Our vision has to be deeper and broader than that analysis, especially with a great player like Andreas. I’m very sad because he is a great friend, a great player and sad because he deserves more, sad because we deserved more.”

Luiz’s explanation was understandable and came after goalkeeper Diego Alves also defended Pereira, saying "Victory is ours [as a team] and defeat is too."

Luiz, though, was not alone in believing Flamengo were unlucky in a game where they spent more time than their opponents going forward.

Flamengo had around two-thirds of possession and the same with attempts on goal but fell behind to a Raphael Veiga strike after five minutes and although they were the better side in the second half and scored through Gabriel Barbosa after 72 minutes, they lost to Deyverson’s opportunist goal early in extra time.

“We need to have the humility to recognise that Palmeiras came with a strategy of playing on the counter attack, to take advantage of our errors, and that is what happened,” said the defender. “They’re not here for the second year in a row for nothing.”

The result means Palmeiras become the first team since Boca Juniors in 2001 to win back-to-back Libertadores titles.

It also means the Sao Paulo club are the seventh and final team confirmed for next year's Fifa Club World Cup in Abu Dhabi.

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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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Updated: November 28, 2021, 3:50 AM