Fraizer Campbell of Spurs, on top, challenges Arkadiusz Glowacki who scores an own goal.
Fraizer Campbell of Spurs, on top, challenges Arkadiusz Glowacki who scores an own goal.
Fraizer Campbell of Spurs, on top, challenges Arkadiusz Glowacki who scores an own goal.
Fraizer Campbell of Spurs, on top, challenges Arkadiusz Glowacki who scores an own goal.

Spurs battle their way through


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KRAKOW // Tottenham battled their way through to the UEFA Cup group stage but failed to get the win they wanted to kick-start their season. Arkadiusz Glowacki's own goal just before the hour mark at Stadion Wisly extended Spurs' lead from the first leg, with Pawel Brozek's late strike setting up a tense finale. They may be bottom of the Premier League in their worst start for 53 years ? but head coach Juande Ramos is a UEFA Cup specialist and they clung onto their slender advantage. They now face Hull at the weekend looking for their first league win, before the draw for the group stage is made next Tuesday.

Ramos hardly gave the impression he wanted to sit on Spurs' 2-1 lead from the opening leg when he sent out striker Fraizer Campbell for his first start, with Darren Bent also in attack. It meant Didier Zokora was the only defensive-minded player in a midfield which welcomed back the playmaker Luka Modric following his recent knee trouble. Ramos also had Ledley King back in defence, with the skipper's presence more significant when the hosts gathered momentum at the end of each half. The Polish champions looked to Junior Diaz to exploit the right of Spurs' defence, where Chris Gunter had replaced Vedran Corluka.

There was a noisy atmosphere generated from the home fans, although with one side of the ground being renovated for Euro 2012, it was not as hostile as anticipated. A huge banner read "God Save The Queen" at one end, although Wisla were hardly making Spurs feel at home, and they should have been ahead in the 20th minute. Skipper Glowacki lofted the ball through to Mauro Cantoro, but the midfielder rushed his finish and failed to connect when there was plenty of time. Brozek got closer for the hosts just before the half-hour mark, drilling straight at Heurelho Gomes after Tomas Jirsak had laid the ball back to the edge of the penalty area.

It was Jirsak's final contribution of the tie, with Wojciech Lobodzinski coming on for Wisla's scorer at White Hart Lane in the first leg. Jonathan Woodgate, who picked up a needless booking for impeding the goalkeeper, and King were almost exposed before the interval. Radoslaw Sobolewski raced through, after being played in by Lobodzinski, but Gomes saved with his feet. The Brazilian goalkeeper also blocked from Diaz when a cross caused confusion.

The half-time whistle halted the pressure Wisla were exerting, with Campbell then helping Spurs take control. He had the first chance of the second half, lashing over from the edge of the area after Modric had wriggled inside from the left and played the striker into space. Cleber then had to race back to deny Campbell when Bent flicked on a header ? but the man on loan from Manchester United had a crucial role in Spurs' goal in the 58th minute. Looking to get on the end of Gareth Bale's cross from the left, Campbell put enough pressure on Glowacki for the Wisla skipper to put through his own net, with the ball trickling past Mariusz Pawelek and inside the far post. Zokora should have added another, which would have been his first for the club, when he carried the ball 50 yards but went wide with his finish. Brozek latched onto Diaz's pass and lobbed Gomes with seven minutes left ? then he should have sent the tie into extra-time but headed straight at Spurs' goalkeeper. Desperate defending saw Spurs through. *PA Sport

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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.”

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

The specs: 2018 Kia Picanto

Price: From Dh39,500

Engine: 1.2L inline four-cylinder

Transmission: Four-speed auto

Power: 86hp @ 6,000rpm

Torque: 122Nm @ 4,000rpm

Fuel economy, combined: 6.0L / 100km

SCORES IN BRIEF

New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)

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Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

MATCH INFO

Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)