Serie A: Genoa take the wind out of AC Milan’s sails

Genoa 3-0 AC Milan

GEN: Ninkovic 11’, Kucka (og) 80’, Pavoletti 86’

Nikola Ninkovic, Leonardo Pavoletti and a Juraj Kucka own goal ended 10-man AC Milan's chances of going top of Serie A after crashing 3-0 to Genoa on Tuesday.

Milan travelled to the Luigi Ferraris buoyed by a weekend victory over Juventus that closed the gap on the Italian champions and Serie A leaders to just two points.

But Genoa had won the last two editions of this fixture 1-0 and by the end fully deserved what was just their fourth win of the season.

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It moved them up to seventh, six points off the lead, while Milan remain third, ahead of the remaining midweek fixtures on Wednesday and Thursday.

Injuries in defence forced Milan manager Vincenzo Montella to turn midfielder Andrea Poli into a makeshift right-back, while Keisuke Honda was given his first start of the season in midfield.

It took Genoa just 11 minutes to find a way past Milan’s 17-year-old No 1 keeper Gianluigi Donnarumma. Ninkovic, on his first start for the club, rushed in to meet Tomas Rincon’s chip with a diving header that beat Donnarumma.

Milan defender Alessio Romagnoli produced the visitors’ best chance of the half when he unleashed a drive that flashed just wide of the near post, while M’Baye Niang’s volley from Carlos Bacca’s knock-down flew over.

Milan’s chances of launching an unlikely fightback collapsed 10 minutes after the restart when Gabriel Paletta lunged with both feet at Luca Rigoni.

The veteran defender made little contact with the Genoa forward, but the referee immediately produced a red card.

When Rigoni fired low into the area 10 minutes from the end, Kucka stuck his leg out to deflect the ball past Donnarumma as Pavoletti lingered.

Six minutes later Pavoletti got his name on the scoresheet with a fine curling strike from the edge of the area after turning Romagnoli inside out.

*Agence France-Presse

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Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
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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.

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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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Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

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