Hitman Guerrero stings Rays



LOS ANGELES// Vladimir Guerrero used his milestone 400th career home run to lift the Los Angeles Angels to an 8-7 victory over the Tampa Bay Rays on Monday, the seventh-inning blast completing the scoring in a 20-hit slugfest. The AL West-leading Angels' powerful right-hander drilled a pitch from reliever Russ Springer off the right-field foul pole for the decisive blow to give his side an opening victory in a three-game series.

"It came at a time when the team really needed it," Guerrero said. The blast was the second home run of the game for Guerrero, who bagged a solo shot in the second inning. First baseman Kendry Morales also homered twice to reach 25 for the season as Los Angeles (66-44) overcame a determined challenge by the Rays (61-51) in a game featuring six home runs. Tampa Bay rallied from a 6-3 deficit with three runs in the fifth inning, then Carlos Pena homered to centre field to make it 6-6.

After Morales put the Angels back on top with one of his round-trippers in the bottom of the fifth, Jason Bartlett, who finished three for five with two RBIs, had a game-tying triple against Los Angeles pitcher Jason Bulger in the sixth. "It just wasn't our day," said Tampa Bay's Ben Zobrist, who finished with two hits. "They hit a home run off the foul pole. It was a good game. You never like losing, but we hit the ball well."

Kevin Jepsen recorded the win for Los Angeles after pitching a scoreless seventh and eighth, and Brian Fuentes came on in the ninth to pick up his 32nd save of the year. The Angels' young starter Sean O'Sullivan, who pitched a no-hitter in the minor leagues last month, allowed six runs in four and two third innings. Tampa Bay's Matt Gaza came into the contest having allowed just three runs or less in his last five starts, but was knocked around for six runs in only three and a third innings against the Angels.

Elsewhere in the American League, the Boston Red Sox ended a six-game losing streak with a 6-5 victory over Detroit Tigers at Fenway Park. They came into the game following a barren four-match series against the American League East Division leaders New York Yankees. The victory took Boston's record to 63-48 for the season, and it took on greater significance with the Yankees' seven-match winning run coming to an end with a 5-4 defeat by the Toronto Blue Jays.

The Chicago White Sox missed the chance to gain ground on Detroit in the Central Division as they lost 6-4 to Seattle Mariners, but announced a major acquisition, signing right fielder Alex Rios from the Blue Jays. The White Sox will take on the remainder of the two-time All-Star's big contract, which runs through 2014. The Oakland Athletics belied their status as the division's bottom side with a comfortable 9-1 win over the Baltimore Orioles.

In the National League, the Florida Marlins gained ground on the East Division-leading Philadelphia Phillies with an 8-6 success at home to Houston Astros. The Marlins are now three-and-a-half games behind the division leaders. The Central Division leaders, the St Louis Cardinals, won their fourth match in succession with a 4-1 triumph at home to the Cincinnati Reds while the second-placed Chicago Cubs slipped to an 11-5 loss to the Colorado Rockies. The Rockies were inspired by Troy Tulowitzki, who registered a career-high seven RBIs.

Colorado still trail the Los Angeles Dodgers in the West, however. The Dodgers snapped a three-game losing streak with a 4-2 win over the San Francisco Giants, while the Arizona Diamondbacks were 7-4 victors over the New York Mets. * With agencies

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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.

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“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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