Roy Hodgson was left facing some uncomfortable questions after his side’s 1-0 defeat at home to Wolverhampton Wanderers.
Roy Hodgson was left facing some uncomfortable questions after his side’s 1-0 defeat at home to Wolverhampton Wanderers.

Hodgson cutting a lonely figure at Liverpool



To the names of Reading, Northampton and Blackpool can be added that of Wolverhampton Wanderers. Liverpool's horrendous 2010 can be measured by the unlikely victors at Anfield.

It concluded in suitably embarrassing fashion, Wolverhampton's first goal on the hallowed turf since 1984 earning an improbable win for a side who were bottom of the Premier League before the game.

But, as has been the case at Anfield for much of the last 18 months, much of the drama took place off the field.

The chant of "Dalglish" that is part nostalgia, part dissent was aired again. So was a new addition to the Kop's repertoire: "Hodgson for England."

Liverpool, as a city and as a club, has always had an ambivalent relationship with the rest of the country; now the majority would settle for Roy Hodgson managing anyone or anywhere else.

"The famous Anfield support has not really been there ever since I came here," he said afterwards.

Sounding like an attempt to blame the fans, it was not the wisest comment. However, it was in keeping with his general tone, an irritated refusal to understand that his decisions or position are subject to scrutiny.

And yet he has a valid point.

No other set of supporters has the reputation Liverpool's have earned for backing their managers. Yet it has helped that, of the previous eight appointments, two (Kenny Dalglish and Graeme Souness) were Liverpool legends as players; three more (Bob Paisley, Joe Fagan and Roy Evans) had contributed to success as long-serving members of the Boot Room.

Of the newcomers, Gerard Houllier was a devoted supporter for three decades before his arrival, Rafa Benitez won the Champions League in his debut season and Bill Shankly's charisma and catalytic impact soon made him a cult figure.

The fans did not turn on any of them so quickly. Then again, they rarely had reason to.

Objective analysis suggests Hodgson is looking for preferential treatment. With the exception of Souness, comparisons to any of the former managers do not flatter the incumbent.

It is not merely Liverpool's lowly league position (12th, at a club that has not finished in the lower half of any division for 57 seasons); it is the way that any sense of progress soon appears a mirage.

Consider the lame surrender at Stoke City, which followed a six-match unbeaten run, or Wednesday's tame display against Wolves, ending a sequence of four successive home league wins.

They are results to counter the theory that prolonged exposure to Hodgson's methods will transform Liverpool.

They also illustrate that, for all the indignities of Benitez's final season at Anfield, Liverpool are significantly worse this year.

They took 1.65 points per game in the Spaniard's most demoralising campaign and 1.22 this; a side with a negative goal difference recorded a surplus of 26 last year.

While discontent grows, it hardly helps Hodgson that "King Kenny" sits in the directors' box while, residing at his home in the Wirral, just outside the city, after his dismissal by Inter Milan, Benitez is the king over the water.

Yet the availability of popular predecessors is not the nub of the issue. The question for John W Henry, the new owner, is altogether simpler: is Hodgson the right man to take Liverpool forward?

A 63-year-old was never likely to be a long-term choice but, rather than stabilising the ship, he appears to have drilled more holes in it.

The cautious style of football has alienated supporters without producing results, and Liverpool's away record is abysmal.

Identifying a player who has performed to his potential under Hodgson is hard; David Ngog and Maxi Rodriguez may have produced the best form of their Liverpool careers, but that is not saying a great deal.

Nor are there reasons to be confident about giving Hodgson money to spend. He has suggested the fault for signing Joe Cole lies with the departed managing director Christian Purslow.

Two who definitely were his recruits are Christian Poulsen and Paul Konchesky, who both lack the class required. At 30 and 29 respectively, they have a rapidly decreasing resale value, which is an issue as New England Sports Ventures look to implement an economically sound model in the transfer market.

Of Hodgson's buys, only Raul Meireles has excelled, and not on the many occasions his manager has impeded him by picking him out of position.

So while some did not give him the benefit of the doubt, quite simply Hodgson has done too little to earn "the famous Anfield support".

So far, he has had the qualified backing of Henry and Tom Werner, the chairman. But as the consequences of failure become ever clearer - a possible failure to qualify for Europe, a lower income, the possible loss in the summer of Fernando Torres and Jose Reina - their decision becomes bigger.

And sacking Hodgson would be more popular than backing him.

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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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Install an air filter in your home.

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Shower or bath after being outside.

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Stay indoors when conditions are particularly poor.

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