Rasheed Wallace, left, was the man in form for the Detroit Pistons during their 106-95 triumph over the LA Lakers in Los Angeles. It was the Lakers' first defeat this season.
Rasheed Wallace, left, was the man in form for the Detroit Pistons during their 106-95 triumph over the LA Lakers in Los Angeles. It was the Lakers' first defeat this season.
Rasheed Wallace, left, was the man in form for the Detroit Pistons during their 106-95 triumph over the LA Lakers in Los Angeles. It was the Lakers' first defeat this season.
Rasheed Wallace, left, was the man in form for the Detroit Pistons during their 106-95 triumph over the LA Lakers in Los Angeles. It was the Lakers' first defeat this season.

Sport

Wallace drowns Lakers

Rasheed Wallace and Allen Iverson both scored 25 points in the Detroit Pistons' 106-95 triumph over the Los Angeles Lakers.

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Rasheed Wallace and Allen Iverson each poured in 25 points as all five starters scored in double-figures in the Detroit Pistons' 106-95 triumph over the Los Angeles Lakers. Wallace made eight out of 15 shots from the field, including four three-pointers, and pulled down 13 rebounds to earn his fifth double-double of the season as the Pistons handed the Lakers (7-1) their first loss of the new campaign.

Carmelo Anthony collected 18 points and 13 rebounds as the Denver Nuggets handed the Boston Celtics their first home loss of the season with a 94-85 win. The newcomer Chauncey Billups added 18 points for the Nuggets, who finished the game on a 10-1 run to secure their fourth win in five games since acquiring the former NBA Finals MVP. Shaquille O'Neal had 29 points and 13 rebounds and Grant Hill added 22 points before Amare Stoudemire's overtime heroics - he poured in the crucial jump shot and made two blocks in the final seconds - as the Phoenix Suns claimed a 97-95 win over the Sacramento Kings.

The San Antonio Spurs unleashed a fourth-quarter surge to stun the Houston Rockets 77-75, with Tim Duncan pouring in 22 points and grabbing five rebounds. Rashard Lewis led the way with 23 points and nine rebounds, while Dwight Howard added 18 and 13 as the Orlando Magic escaped with a 102-100 victory over the Dallas Mavericks. Elsewhere, Richard Jefferson scored 26 points and Ramon Sessions added 20 as the Milwaukee Bucks held off the Memphis Grizzlies 101-96 in overtime and the New Orleans Hornets survived a late scare from the Portland Trail Blazers as Chris Paul buried three free throws with less than a second left in a thrilling 87-82 triumph late on Friday.

Jamal Crawford scored 29 points as the New York Knicks held off a late rally by the Oklahoma City Thunder en route to a 116-106 victory, while the Philadelphia 76ers rebounded from a 26-point deficit to beat the Indiana Pacers 94-92, with Thaddeus Young scoring 25 points. Gerald Wallace had 22 points, nine rebounds and three steals as the Charlotte Bobcats defeated the Utah Jazz 104-96, Dwayne Wade led a balanced attack as the Miami Heat recorded a 97-77 rout of the Washington Wizards and Devin Harris, Vince Carter and Brook Lopez combined for 81 points as the New Jersey Nets downed the Atlanta Hawks 115-108.

* PA Sport

UAE currency: the story behind the money in your pockets

You Were Never Really Here

Director: Lynne Ramsay

Starring: Joaquim Phoenix, Ekaterina Samsonov

Four stars

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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.”

On Women's Day
MATCH INFO

Norwich 0

Watford 2 (Deulofeu 2', Gray 52')

Red card: Christian Kabasele (WatforD)

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