Juventus striker Gonzalo Higuain offered an olive branch to disgruntled Napoli coach Maurizio Sarri and well as fans of the club amid claims his controversial move to the Turin giants was motivated by money.
Higuain, who hit a new Serie A record of 36 league goals last season, joined Juventus earlier this week on a five-year deal worth €90m (Dh366m) that will make him the league's highest-paid player on an estimated annual salary of €7.5m.
Although the transfer itself had Napoli fans in a fizz, Higuain's failure to offer thanks and farewells to Napoli and their passionate tifosi has gone down like a lead balloon in the southern Italian city.
At his official unveiling in Turin on Thursday, the 28-year-old Argentine claimed he meant no offence to the club he has helped revive in three, mostly positive seasons in Naples.
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Sarri, credited with squeezing the best out of Higuain in his first season in the hot seat last campaign, was reportedly miffed the Argentine did not even call him.
Higuain explained: “It was my choice to uphold this silence in what was a quiet period for me. I didn’t want to think about anything, I just wanted to be on holiday with my family and friends.
“But he (Sarri) was very important for me and helped me to grow. I send him my best wishes from here. I apologise, the only thing I can say to him is ‘thanks’.”
Napoli’s fans might be more difficult to placate.
The club Diego Maradona helped steer to title success in 1987 and 1990 is renowned for its fervent support, even when the chips are down.
But on the day his transfer was announced, Napoli supporters posted pictures of Higuain’s shirt being thrown into the toilet. Others turned to social media to lament having tattoos of their hero inked onto their arms and legs.
Higuain said he meant no offence, adding: “I was in shutdown mode, but now I can explain. I had three great years in Napoli, so I can understand people are angry with me ... I saw the insults.
“But I made this choice because of my own personal ambitions. And I’m happy I made the move. Now, all I’m thinking about is Juve.”
At Juventus, Higuain's reported annual salary will see him overtake AS Roma midfielder Daniele De Rossi as the league's highest paid player.
For Italian icon and one-club man Francesco Totti, who is set to play his final season with Roma, Higuain’s move is a “disaster” that smacks more of “business than passion”.
“Look at what’s happened now with Gonzalo Higuain leaving Napoli for Juventus. It’s a disaster,” said Totti.
“But, it’s completely normal now that when a foreigner comes to Italy he has the possibility of going to another team to make more money.”
When asked to comment on Totti’s stinging assessment, Higuain replied: “I’ve got no comment to make about that. All I can say is he’s a great player.”
Juventus begin their bid for a record sixth consecutive title, and a third consecutive league and cup double, when they host Fiorentina on August 20.
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
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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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