Harry Kane’s quick-fire brace helped Tottenham return to winning ways with a 4-0 victory over Crystal Palace at Selhurst Park.
The hosts had put in a fine performance in a goalless first half but Kane struck twice inside five early second-half minutes to change the momentum.
Goals from Matt Doherty and Son Heung-min extended the visitors’ advantage as they picked up their first victory since the Premier League resumed after the World Cup break.
Kane’s two strikes brought his Tottenham total to 264, just two shy of Jimmy Greaves’ club record, while his opener ended a run of 10 successive games in which Spurs conceded the first goal.
Michael Olise, who set up both goals in Palace’s 2-0 victory at Bournemouth, tried to pick up another assist when he found Jordan Ayew inside the area but he failed to get a shot in before the ball rolled out.
The hosts enjoyed a period of sustained pressure which saw Wilfried Zaha almost connect with a cross from Olise, who then skied an effort of his own from distance.
Eberechi Eze skipped over a sliding tackle but saw his shot stopped by Hugo Lloris before Zaha dodged his way between two white shirts to feed Jordan Ayew, who could not make anything of the opening.
Palace were inches away from pulling ahead when Joachim Andersen snaked an effort from distance just wide of the right post as the sides reached the half-time break goalless.
The hosts’ first period performance earned a round of applause from their fans as they walked into the tunnel, but it was all undone within three minutes of the restart.
The Eagles started the second half brightly, with Joel Ward bouncing an effort wide of the right post inside the first minute.
But things began to unravel when Kane neatly nodded in Ivan Perisic’s left-wing cross from close range, with the 48th-minute opener the start of a complete momentum shift.
It took just five minutes for Kane to double his tally and Spurs’ lead when the ball fell to Bryan Gil on the right and he flicked a pass to the England captain, who sent a low strike into the bottom left corner.
Son set up Doherty from the right side of the area and the Republic of Ireland international made it three in the 68th minute when his low effort deflected off the outstretched Vicente Guaita and in.
It was not long before Son got on the scoresheet himself, beating Marc Guehi to Kane’s high ball and firing into the bottom corner via a deflection to make it 4-0.
Ayew forced a fine diving save from Lloris, who also managed to get enough of his foot on Zaha’s late attempt to record Spurs’ first clean sheet since October.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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.”
