Arsene Wenger climbs up to the stands after being sent off at Old Trafford on Saturday night.
Arsene Wenger climbs up to the stands after being sent off at Old Trafford on Saturday night.
Arsene Wenger climbs up to the stands after being sent off at Old Trafford on Saturday night.
Arsene Wenger climbs up to the stands after being sent off at Old Trafford on Saturday night.

Wenger's blind eye


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He ended the day among a chuckling home support, arms wide open and a puzzled expression plastered across his furrowed brow. Nobody plays the wronged man better than Arsene Wenger, even when he is in the wrong. Wenger was sent off for trying to volley a plastic bottle in the death throes of Arsenal's 2-1 loss at Manchester United, a match in which his side's unbeaten start to the Premier League was torn down amid some sweaty scenes of upheaval. The Frenchman's fit of pique was induced by seeing a Robin van Persie goal rightly ruled out for offside. A touch of farce has adorned Wenger's week.

His reaction to the red card was as solid as Gerard Depardieu in Green Card, every bit as convincing as Eduardo's acting had been in the Champions League. These have been a manic few days in which penalties seem to have perforated Wenger's misguided sense of what constitutes natural justice. For his own sake and the healthy sheen emanating from his vibrant young side, Wenger, no matter how lovable a manager he is, needs to simmer down. It is all getting a bit silly.

To give or not to give, that is the question. United's Wayne Rooney picked himself up off the deck to convert a penalty much like Eduardo did for Arsenal against Celtic in the Champions League. Rooney's penalty around the hour negated Andrey Arshavin's rangy first-half opening goal. Abou Diaby's outrageous headed own-goal moments later condemned Arsenal to a defeat they barely deserved, but what goes around, comes around, as they say.

Celtic fell behind to Eduardo's dive and penalty on Wednesday, a decision that allowed the Premier League side to embark on a 3-1 second leg win and reach the group stages of the Champions League. Wenger threw himself into a ridiculous tirade against Uefa on Friday after news reached him that European football's governing body will discuss the Arsenal striker's shenanigans at a disciplinary meeting tomorrow.

Wenger has spouted some amusing stuff, claiming that Scots within Uefa, including the chief executive David Taylor, had embarked on a "witch-hunt" against Eduardo. Those suggestions have been dismissed by Taylor as poppycock, a bit like Wenger's analysis of how things went wrong for Arsenal at United. The Frenchman's comment that Rooney's award had been influenced by the Old Trafford crowd was as flawed as his belief that Eduardo had been defamed in Europe.

Eduardo was hardly shielded from public reproach when he appeared as a substitute to a universal chorus of "cheat". Rooney collapsed after the goalkeeper Manuel Almunia clawed at his feet, Eduardo was not handled by the Celtic keeper Artur Boruc, but chose to go to ground. Wenger has conceded that he sometimes chooses to tell fibs, rather than admit to seeing an incident he does not want to discuss. He appears to be seeing everything this month through big red and white goggles.

His week has been a tale of two penalties. One went for Arsenal, one went against them. The decision to send Wenger off was overly officious, but as he should realise in the Eduardo case, officials do not always get it right. @Email:dkane@thenational.ae

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Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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.”