Manchester United manager David Moyes had no concerns about his side’s performance despite the champions suffering their eighth Premier League defeat of the season at Stoke City’s windswept Britannia Stadium.
Charlie Adam scored twice, either side of a Robin van Persie equaliser, to secure Stoke’s first league win over United since 1984 and seriously hinder the defending champions’ hopes of qualifying for next season’s Champions League.
Moyes’s men could end the weekend nine points off the top four if rivals Liverpool beat West Bromwich Albion on Sunday, and closing that gap would appear a difficult task with only 14 games of the season remaining.
But the United manager was unperturbed by his side’s 2-1 loss, which was their fourth defeat of 2014 in all competitions.
He pinpointed the deflection off Michael Carrick for Adam’s first-half opener and the quality of the Stoke midfielder’s second goal as reasons why United should not be too downbeat about their display.
“I thought the performance was really good,” he said. “I thought we played well, so I don’t think the question about a poor performance is right.
“We made numerous opportunities, played well, lost a goal from a free-kick 30 yards from goal that took a deflection, and (conceded) a worldy. I thought we were the better team.
“They got a goal, we got back in it, I thought we were the team more likely and I thought on the day we did enough to certainly get something from the game.”
With Jonny Evans hobbling off in the 11th minute, Adam’s deflected opener and then a head injury to Phil Jones, Moyes could count himself unlucky, but his side also squandered several chances.
“I thought we had bad luck, I really did,” he said.
“It was our own downfall that we really didn’t take our chances. We must have got to the byline eight, nine, 10 times and never picked someone out in the box, so it is our own doing, but I thought we played well.
“The conditions didn’t make for a great game. There were a lot of stoppages, which made it quite difficult, but I was pleased with how we did.
“There wasn’t an awful lot that I could say we didn’t do well. I just thought we didn’t finish it off.”
Adam opened the scoring in the 38th minute when his speculative free-kick from distance hit Carrick’s knee and left United goalkeeper David de Gea helplessly wrong-footed.
United responded after the break when Juan Mata, making his second start since his arrival from Chelsea, played in Van Persie, who curled home the equaliser.
But in the 52nd minute Adam fired in a glorious goal from 22 yards to secure Stoke’s first league win since December 21 and catapult them up to 11th place in the table.
Manager Mark Hughes said that his side now had their sights on the teams above them after proving that they have the class to avoid a relegation fight.
“It is a huge result for us,” said the former United striker. “I thought it was a magnificent performance. It was an important win for us.
“I think at the start of proceedings we were in 18th and ended up 11th, which shows how crazy the league is at the moment. It’s going to continue in that vein, but we would like to think we are looking upwards.
“Maybe people would doubt that positive attitude, but after the events of this game, people can see we are a determined group that stick together and will fight all the way. You just have to take care of your own business.”
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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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UAE currency: the story behind the money in your pockets
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en