Liam Ridgewell's "goal" which crossed the line but was not given was the slice of luck the cash-strapped Portsmouth club needed.
Liam Ridgewell's "goal" which crossed the line but was not given was the slice of luck the cash-strapped Portsmouth club needed.
Liam Ridgewell's "goal" which crossed the line but was not given was the slice of luck the cash-strapped Portsmouth club needed.
Liam Ridgewell's "goal" which crossed the line but was not given was the slice of luck the cash-strapped Portsmouth club needed.

Portsmouth banish Blues


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As Portsmouth's roller coaster season received a much-needed high with a place in the semi-finals of the FA Cup, Avram Grant hailed the spirit of the club. Two goals from Frederic Piquionne gave them a 2-0 win against Birmingham yesterday to book the cash-strapped club a return to Wembley.

And their manager Grant was emotionally overwhelmed as he said: "This is more than football. All these people, players and supporters, are so happy. I'm very proud. Some things in your life you never forget, and this is one of those moments. I was in the Champions League final [with Chelsea] and was happy, this is the same. You can break many things, but you can't break our spirit." Two years ago, they won the competition, but now, with administration and the threat of liquidation, they are just hoping to be able to fulfil their commitments in this campaign.

For Grant, the achievement of his players is nothing short of remarkable following a fraught campaign that has seen them have four different owners, suffer delayed wages and slump to the bottom of the Premier League. Their win over the Blues will provide urgent funds, but the financial future was still uncertain as Grant admitted: "We don't know what will happen in the next hour or day. The one thing we can do is keep the spirit of the team, try to play good football in the right style with the right tactics and tell everyone we will respect any rule.

"I always say to respect rules, but rules need to be logical. This club deserves more than anyone to be at Wembley because the players and fans are victims of things done by others. I will say it again and again until someone listens." The match winner Piquionne added: "It's been difficult for everyone recently so that win has lifted everyone and made us smile again." akhan@thenational.ae

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.”

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

RESULTS

5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)

5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham

6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi

6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami

7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi

7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi

8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan