Olivier Giroud and Karim Benzema shown during Franc'es 5-2 win over Switzerland on Friday at the 2014 World Cup in Salvador, Brazil. David Vincent / AP / June 20, 2014
Olivier Giroud and Karim Benzema shown during Franc'es 5-2 win over Switzerland on Friday at the 2014 World Cup in Salvador, Brazil. David Vincent / AP / June 20, 2014

Giroud and Benzema pairing pays off as five-star France rout Switzerland



They scored five goals against the team placed sixth in the Fifa rankings. While others fall by the wayside, it transpires the easy part for France is actually playing in the World Cup.

No European team has had such a straightforward start to life in Brazil. None endured such a fraught journey through qualification, either. France only finished second in their pool, lost the first leg of the subsequent play-off 2-0 to Ukraine and needed a wonderful comeback to spare themselves a summer at home.

Now they are headed for the knockout stages. France have begun in imperious fashion and are dominating one of the weakest groups. They belied Switzerland’s lofty ranking by demolishing them.

If they had good fortune in the draw, France are making the most of it. Crucially, having won their last three games by an aggregate score of 16-2, they are also peaking at the right time. Nor is it just players such as Karim Benzema and Mathieu Valbuena who are in form. So is the manager.

Never change a winning team. So the maxim goes, anyway. Like most such generalisations, however, there are times when it pays to ignore received wisdom. Didier Deschamps did, and he benefited. Benzema scored twice against Honduras. The France manager responded by moving his main striker to the left wing and bringing in Olivier Giroud. It did not prevent the Real Madrid man from scoring his third goal of the tournament. It was a gambit that was doubly justified.

First Giroud opened the scoring, then Benzema, from his deeper position, set up Blaise Matuidi for the second. Valbuena, the third member of the attacking trio, added a terrific third. With Benzema netting the fourth, each was on the scoresheet.

Their differences, from Giroud’s understanding of the target man’s duties to Benzema’s high-speed dribbling and Valbuena’s inventively deft touches, enable them to dovetail superbly. A midfield trio of Matuidi, Moussa Sissoko and Yohan Cabaye were similarly excellent and, indeed, two of them also scored. Paul Pogba eventually surfaced as a substitute but Deschamps could afford to omit him.

Switzerland were beaten all too easily. France never looked back after a 66-second double. First Giroud met Valbuena’s corner with a thumping header that, though he was 12 yards out, still sailed past the despairing Diego Benaglio.

One soon became two. Valon Behrami was the instigator of Switzerland’s injury-time winner against Ecuador. He had a decisive impact again, albeit in the wrong way, by rolling the ball to Benzema. He picked out Matuidi, who steered his shot past a culpable Benaglio, who was beaten at his near post.

The merits of using Benzema on the left, in the role that was earmarked for Franck Ribery until he was injured, were apparent when he ran at Johan Djourou, who rather needlessly tripped the Real Madrid man. The penalty was awarded but Switzerland, having conceded twice in little over a minute, were reprieved twice in seconds. Benaglio blocked Benzema’s spot kick and, with goalkeeper grounded, Cabaye volleyed the rebound against the bar.

No matter. France counter-attacked with devastating speed to score a third. They were defending a corner when Raphael Varane picked out the breaking Giroud. He burst clear and centred for Valbuena to sweep in his shot. Pogba, belatedly summoned, set up the fourth with an outside-of-the-boot pass, though Philippe Senderos played a part, too, the Swiss substitute hacking at thin air as the ball ran through to Benzema to convert.

After going 16 months without a goal for his country, he now has nine in eight games. He creates them too, as he showed with France’s fifth. Benzema picked out Sissoko, who completed France’s nap hand.

Blerim Dzemaili and Granit Xhaka reduced the deficit, increasing the chances that Switzerland will join France in the last 16, possibly on goal difference. Goals, though, have become the constants in France games and the match ended with Benzema putting the ball in the net again, only to discover the final whistle had gone.

Man of the Match: Karim Benzema – Scored one, made two, won and missed a penalty: he is becoming ubiquitous. Few players have started this World Cup better.

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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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Stay indoors when conditions are particularly poor.

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