Arsenal's Andrey Arshavin scores his fourth goal past Liverpool goalkeeper Jose Reina.
Arsenal's Andrey Arshavin scores his fourth goal past Liverpool goalkeeper Jose Reina.

The game Anfield will never forget



LIVERPOOL // These are unpredictable, unforgettable days at Anfield. Tom Hicks and George Gillett sat side by side, smiling in the directors' box. Steven Gerrard's deputy produced a display even the injured captain would struggle to rival. Rafa Benitez remains a control freak, but his side are specialising in outlandish anarchy.

Tuesday night's 4-4 draw with Arsenal was frantic and frenetic, fantastic and fabulous, a delight for statisticians and neutrals, a frustration for those allied to Liverpool and a 90-minute horror show for defensive strategists. Improbably, it was Liverpool's second successive 4-4 draw and, just as implausibly, Andrey Arshavin became the first visiting player to score four goals in a league game at Anfield for 63 years. Disbelief etched on his face, the man from Zenit St Petersburg was playing Russian roulette with the hosts' title chances.

To borrow one of Arsene Wenger's phrases, Liverpool have taken the handbrake off. Scoring 27 goals in eight games shows they have found top gear. Conceding 11 in four threatens to put them in reverse. The eventual conclusion, painful as it was for Liverpool, was that Manchester United were the major beneficiaries of Anfield's magical mayhem. "It was great game for the supporters to watch but not for us because we made too many mistakes," said Yossi Benayoun. "We should have won the game."

While the gaucheness of a young Arsenal back four was hardly unexpected, Liverpool's usually reliable rearguard were found fallible by a remarkably clinical Arshavin. "We have the best defence in the league and the best goalkeeper too, but I think we didn't defend well as a team," added the Israeli. The often dependable Javier Mascherano erred for the opening goal while the full-backs, Alvaro Arbeloa and Fabio Aurelio, were particularly culpable for the second and third of the Russian's quartet. An anonymous presence on the fringes of the match, he nevertheless provided four electrifying contributions. "When he comes into the game, he is very dangerous," said Wenger. That is an understatement: Arshavin only required four shots for his historic haul.

Liverpool, in contrast, mustered 26. Playing at a ferocious pace, they attacked with a verve that was once a rarity. It was anticipated they would miss Gerrard. Instead his stand-in, Benayoun, was superlative, especially after he traded positions with Dirk Kuyt in the second half to play off Fernando Torres. "Torres and Benayoun were frightening going forward," said the injured captain. His understudy scored the injury-time equaliser, a fifth goal in eight games for a player who is developing a reputation for delivering important strikes. The Spaniard was supreme, lithe and lethal. He was only denied a hat-trick by Kieran Gibbs' goal-line clearance; as it is, he now boasts 13 goals from only 16 Premier League starts.

"Take it from me, he is the best," said Gerrard. "I play behind the guy. I see him day in day out." While Liverpool wonder what would have happened had they defended better, there is another "if" for them. Gerrard added: "It would be interesting to see how many points we would have if we'd had Torres fit from start to finish." rjolly@thenational.ae

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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.

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“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.”

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