West Ham United manager David Moyes gestures during the 1-1 draw against Leicester City. Andrew Couldridge / Reuters
West Ham United manager David Moyes gestures during the 1-1 draw against Leicester City. Andrew Couldridge / Reuters
West Ham United manager David Moyes gestures during the 1-1 draw against Leicester City. Andrew Couldridge / Reuters
West Ham United manager David Moyes gestures during the 1-1 draw against Leicester City. Andrew Couldridge / Reuters

Football

David Moyes 'looking forward to going back' to Everton with his new side West Ham

Moyes picked up his first point as West Ham manager in draw against Leicester City on Friday

Andy Mitten
Andy Mitten
Barcelona and Manchester

November 26, 2017

  • English
  • Arabic

David Moyes picked up his first point as West Ham United manager on his home debut at the London Stadium on Friday.

Moyes’ side came from a goal down to draw 1-1 against Leicester City, with Cheikhou Kouyate’s first half headed equaliser key to lifting the mood among fans.

Moyes praised those fans for their support in getting behind their side. In the previous game, a defeat at Watford, West Ham’s travelling supporters sang "sack the board". The atmosphere was very different in the sell-out London Stadium, a venue too big for football and where many West Ham fans remain unhappy.

“The crowd were right behind the team,” Moyes said. “It as more like Upton Park. The players worked hard and deserved applause at the end.

“It’s a start for us. It has not been the best place for us but I thought the players’ performance merited more.”

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Leicester took the lead after eight minutes when Marc Albrighton finished a cross from Jamie Vardy. Vardy benefited from Winston Reid backing off him, while Angelo Ogbonna should have cleared the cross instead of tripping himself up.

The 3,000 travelling fans sang "You’re getting sacked in the morning". "We could have folded,” Moyes said. Yet West Ham were spirited.

Leicester, who have been steady under new manager Claude Puel, were dominant and composed, but West Ham battled back, with Marco Arnautovic enjoying his best game of the season after being challenged to work harder by Moyes.

Kouyate’s header came from a Manuel Lanzini corner seconds before the half-time whistle, with the Senegalese urging more support from fans.

West Ham’s next game is against one of Moyes' former clubs, Everton. “I’m looking forward to going back there.”

He might be looking less forward to the games that follow, against Manchester City, Chelsea and Arsenal.

West Ham remain in the relegation zone, with 10 points form 13 matches. Leicester are 11th.

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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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