Steven Gerrard made his LA Galaxy debut in a 2-1 win over Club America on Saturday, July 11. Frederic J Brown / AFP
Steven Gerrard made his LA Galaxy debut in a 2-1 win over Club America on Saturday, July 11. Frederic J Brown / AFP
Steven Gerrard made his LA Galaxy debut in a 2-1 win over Club America on Saturday, July 11. Frederic J Brown / AFP
Steven Gerrard made his LA Galaxy debut in a 2-1 win over Club America on Saturday, July 11. Frederic J Brown / AFP

Frank Lampard and Steven Gerrard to reunite for MLS All-Stars against Tottenham


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Frank Lampard and Steven Gerrard may be set for a swift midfield reunion after the former England teammates were named in a squad to face Tottenham in the Major League Soccer All-Star Game later this month.

The riddle of how to successfully pair Gerrard and Lampard stumped a succession of England managers before the duo quit international football and opted to head to the MLS.

Former Liverpool captain Gerrard made his debut for the Los Angeles Galaxy last Saturday in a 2-1 friendly victory over Mexico’s Club America while former Chelsea stalwart Lampard has yet to take the field for New York City FC.

Both players only joined MLS clubs this month, but each was made a special selection to the MLS roster by MLS commissioner Don Garber while fan voting nominated 11 other players, eight of them US national team members.

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MLS All-Stars coach Pablo Mastroeni will name 20 players to line up alongside Lampard and Gerrard on the all-star roster on July 18. Fan voting does not ensure a spot on the squad but is considered in deciding the final 22-man roster for the July 29 game.

The MLS line-up will meet the English Premier League side in Denver. The MLS All-Stars defeated Bayern Munich 2-1 last year after being beaten 3-1 by Roma in 2013.

Lampard has faced Tottenham 33 times in English Premier League play, netting seven goals, while Gerrard has five goals in 25 prior appearances against the Spurs.

Lampard has played in the MLS All-Star Game before, taking the field for Chelsea in 2006, when the English side lost 1-0 to the MLS All-Stars, and in 2012, when the MLS All-Stars won 3-2. Lampard scored once and set up the other goal in the 2012 encounter.

The MLS All-Star Game will mark the first time Gerrard and Lampard have played alongside each other since last year’s World Cup in Brazil.

International players selected in fan voting included Brazilian star Kaka from Orlando City, Spanish legend David Villa of New York City and Nigerian forward Obafemi Martins of Seattle.

US players on the MLS All-Stars roster include captain Michael Bradley for Toronto, Seattle’s Clint Dempsey, the Galaxy’s Omar Gonzalez, Real Salt Lake’s Nick Rimando, Houston’s DaMarcus Beasley and Kansas City’s Matt Besler, Graham Zusi and Benny Feilhaber.

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The Details

Article 15
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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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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books