Sport

Lescott aiming to plug City's leak

When Joleon Lescott completed his protracted transfer to Manchester City in August, he knew he would face a greater scrutiny of his ability.

Alam Khan

November 01, 2009

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When Joleon Lescott completed his protracted transfer to Manchester City in August, he knew he would face a greater scrutiny of his ability. A £22million (Dh132m) price tag and comparisons with the Premier League's best central defenders meant he was immediately burdened with pressure. With City failing to keep a clean sheet in eight games - since a 1-0 win at Portsmouth at the end of August - questions have been asked of the defence, with Lescott's performances particularly highlighted.

Mark Hughes, the City manager, accepts his backline can do better. So does Lescott, who has formed a new central pairing with Kolo Toure, following his arrival from Everton. "It's not just because people say things," he said. "I want to. I'm determined to play well and have a level of consistency for me and the club. They showed a lot of intent to get me here and I want to repay that. We are not doing what we want to do and that's to keep clean sheets. But the more you play, the more confident you get and the more understanding you have with the other players. We haven't kept a clean sheet for quite a few games, but we are focused on trying to do that."

It will be another exacting test for them at Birmingham today. Alex McLeish's men beat Sunderland last weekend and have seen Wigan and Fulham claim unexpected draws against City. Lescott, whose goal in the midweek 5-1 Carling Cup win against Scunthorpe was his second in successive games, added: "There's always pressure on us. The expectation is there from fans and the media who expect us to win every game. Everyone thinks we should be top of the league already."

The Birmingham match sees Lescott return to his home town. He grew up a fan of city rivals Aston Villa and on his last visit to St Andrew's 18 months ago he scored in Everton's 1-1 draw. He said: "I get a bit of banter when I play there. I've scored a few goals there so if I do that, I'm sure they will have something to say. "I grew up being a Villa fan, but as I got older, realised it's good for the city to have Birmingham in the Premier League too. The derbies are ferocious; the city comes to a standstill. It won't be easy, but we will go there fully focused and full of confidence."

akhan@thenational.ae Birmingham v Man City, KO 8pm, Showsports 1 & 2

Crisis in Lebanon

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.”

RESULT

Chelsea 2

Willian 13'

Ross Barkley 64'

Liverpool 0

While you're here
Results

5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m

Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).

5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m

Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.

6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m

Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.

6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m

Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.

7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m

Winner: Assyad, Victoria Larsen, Eric Lemartinel.

8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m

Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.

Company%20profile
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Manchester City