Arsene Wenger believes fans protesting during Arsenal's 1-0 win over Norwich City on Saturday were venting out of "disappointed love" rather than anger at the club's lack of progress.
A small minority of Arsenal fans held up posters reading “Time for change” and “Arsenal is stale – fresh approach is needed” in the 12th minute at the Emirates Stadium, to signify 12 years since the team last won the title.
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The dissent soon fell flat, however, as their objections were drowned out by a resounding chant of “there’s only one Arsene Wenger” ringing around the ground.
The Frenchman acknowledged his supporters and it was then his substitution that changed the game as Danny Welbeck replaced Alex Iwobi in the second half before driving Arsenal into the lead three minutes later.
The victory leaves Arsenal nine points behind Leicester City, having played a game more, but with their title hopes extinguished Wenger’s men will have to settle again for a likely place in the top four.
“I am a professional who has given 19 years to this club,” Wenger said.
“I have to accept the judgement of people. The only thing I don’t doubt is my sincere commitment to the club. After that I am sorry if I cannot keep 100 per cent happy.
“Maybe it is as well because we have been remarkably consistent. This season was a bit special because we were in a position for a long time where our fans believed we could win the league.
“We didn’t and that’s why I think it’s more disappointed love than real aggression.”
Some particularly abusive chants about Wenger were heard outside the stadium before kick off but it was a small group of fans and those holding up posters during the game probably numbered in the low hundreds.
The overall impression was that Wenger’s supporters made up the vast majority and one fan loyal to the Frenchman held up a placard that read “Proud of Arsene, ashamed of ‘fans’”.
“It was a bit of a strange atmosphere,” Wenger added.
“I think the fans were behind the team and I believe as well we did not have the stylish performance that could raise people off their seats.
“We had a serious, studied performance, a bit subdued at stages, but we wanted absolutely to win the game and we did it.”
Alexis Sanchez was also a surprise dissident as the Chilean stomped straight down the tunnel after being substituted in the second half.
“Was he happy? No,” Wenger said. “My job is to make decisions. There, again, to get 100 per cent happy is difficult.”
Defeat for Norwich leaves Alex Neil’s side 19th and two points adrift of safety, but still holding a game in hand over Newcastle United in 17th.
Sunderland are a point ahead of Norwich after they snatched a last-minute draw at Stoke City.
“I feel confident,” Neil said. “We came to a real tough place today and I think the players showed as much commitment and quality as we can ask.
“Newcastle are a different kettle of fish because they’ve only two games left but I think it’s unlikely Sunderland will win their three remaining games.
“We just have to try and take as many points as we can.”
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
