Inter's Eto'o taunts racist fans of Sardinia



Samuel Eto'o rammed the racist chants of his detractors back down their throats as he scored the only goal in Inter Milan's 1-0 victory at Cagliari that sent them joint top of Serie A yesterday.

The match in Sardinia was briefly held up after just three minutes as Eto'o suffered racist taunts from the home side's "ultra" fans.

Following a stadium announcement reminding those fans that the game could be abandoned if they continued, the match resumed with Eto'o proving the hero.

On 39 minutes, Alessandro Agostini failed to clear his lines properly and the ball spun off Wesley Sneijder.

Eto'o plucked the ball out of the air with a piece of sublime control using his right foot, then shifted on to his left, leaving Davide Astori bamboozled, and finished crisply inside the post.

To celebrate, the Cameroon forward mocked those who had abused him by imitating a monkey.

Eto'o now has 12 goals in 11 games this season but Rafael Benitez, the coach, insists his team is not over-reliant on the hitman ahead of Wednesday's Champions League clash against English side Tottenham Hotspur.

"He's in great form and that's a good thing for us but we can score in a variety of different ways," the Spaniard said.

"Obviously the better you play, the easier it is to win but it's important to win to give us confidence. We made one or two mistakes and [Cagliari] could have been dangerous.

"Now we'll think about Tottenham. It will be tough, they have speed and ability. We'll have to play a great match."

Elsewhere, Juventus thrashed Lecce to move up to fifth in Serie A. After Alberto Aquilani's early opener, Felipe Melo got the second from the penalty spot and Fabio Quagliarella had them 3-0 up before half-time. Alessandro Del Piero then capped a fine afternoon for the hosts as he came off the bench to get the fourth eight minutes from time.

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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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Rating: 4/5

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