Two not out. It may not sound a great deal, especially when Sir Alex Ferguson celebrated the 25th anniversary of his appointment at Old Trafford last month, but it has a significance nonetheless.
Roberto Mancini arrived at Manchester City in December 2009 and, defying plenty of predictions of his demise, begins his third year at the helm with his side at the summit of the Premier League.
It is not longevity by Ferguson's standards, but the more relevant comparison is not with Manchester United, but Chelsea. In the Roman Abramovich era at Stamford Bridge, only Jose Mourinho has lasted as long.
Yet the nouveau riche are not always as impatient and, when City narrowly missed out on a top-four finish five months into Mancini's reign, patience was displayed.
It has been rewarded. Year-on-year progress brought the FA Cup, a first major trophy since 1976, and a third-place finish last season. In the current campaign, City are setting a fearful pace in the Premier League.
With 41 points from a possible 48 and a 100 per cent record at home, they are leading from the front. Avoid defeat against Stoke City tonight - appropriate opponents for the anniversary party, as the Potters were the first side Mancini's City defeated as well as being beaten finalists in last season's FA Cup final - and they will top the table at Christmas.
In contrast, two years ago, they were sixth at this stage.
"We have improved a lot as a team," Mancini said; indeed, the fact that Martin Petrov, now a squad player at Bolton Wanderers, scored in his first game bears that out. "It is not easy to improve quickly because although we have bought good players in the last year and a half, it is difficult to put [a team] together in a year."
Arguably, he has put together two, with a major rebranding exercise every year; first as frugal and then with a greater focus on fantasy football. Each step was taken to correct past problems.
The team Mark Hughes bequeathed Mancini, while expensively compiled, conceded goals at an alarming rate (78 in 55 league games).
The Italian's initial achievement was to recognise that the benched Vincent Kompany was the club's outstanding central defender. Elevated first to the team and then the captaincy, he has been a catalyst for change.
Having proved they could defend, City then showed they could attack. David Silva's winner against Arsenal brought up a half-century of league goals.
Interchangeable but very different, Sergio Aguero, Mario Balotelli and Edin Dzeko all figure among the division's leading scorers.
With his elegant class, Silva is becoming the team's defining figure when, as a slight figure in a sizeable side last season, he appeared the exception.
But that is Mancini's City. Perceptions are not changed as much as abandoned altogether. The accident-prone Hughes side were reinvented, the reliance on Carlos Tevez removed, the notion of City as nearly-men consigned to the past.
Money talks, as City's critics are quick to point out, but spending it is the simple part. Forming a team is where managerial skill is required.
In Mancini's case, it is very much his own side: there are often only three Hughes recruits selected (and one of them, Kompany, was under-appreciated by the Welshman). He has been unafraid to exile his predecessor's players, whether Craig Bellamy, Emmanuel Adebayor or, eventually, Tevez. The Argentine was pragmatically promoted to the captaincy but, in assembling a world-class attack, Mancini ensured Tevez could not hold him or the club to ransom.
It is that combination of clarity of vision and tough decision-making that has propelled City forward. Mancini's two years have been notable for his astute assessments of what was required to reach each step of the journey; whether ruthless puritan who realised 1-0 wins formed the path to the Champions League, or unexpected adventurer, surprising and subduing the rest of the division with a constant supply of goals.
Along the way, Mancini has defied categorisation. He is the connoisseur of clean sheets whose side are setting scoring records, the disciplinarian who indulges the unpredictable Balotelli, the amiable figure who ranks among management's hard men. It is only the quest for perpetual improvement, the demand for perfection, that defines him.
"We have done well until now but it is important we continue to do better if we want to stay top for a long time," he added, raising the bar again. In year three of his personal project, one target overshadows all others: the title.
sports@thenational.ae
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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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
COMPANY%20PROFILE
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Brief scoreline:
Crystal Palace 2
Milivojevic 76' (pen), Van Aanholt 88'
Huddersfield Town 0
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.