ASTON VILLA 0
TOTTENHAM HOTSPUR 2
Townsend 31’, Soldado 68’
BIRMINGHAM // They have been 10 days to change a career, not to mention a life and a reputation. Andros Townsend’s meteoric rise gathered pace on October 11 and he has maintained the momentum ever since.
A goal at Aston Villa returned Tottenham Hotspur to winning ways and extended his golden run that has included a stunning, scoring England debut against Montenegro, a similarly impressive second game in his country's colours as they qualified for the World Cup, an improved and extended contract at White Hart Lane and finally his first Premier League strike for Spurs.
For Andre Villas-Boas, England’s new hero was merely continuing his fine club form.
“He was excellent,” the Tottenham manager said. “He has this ability to drive forward and is always a threat.”
Yet, as Villas-Boas loaned Townsend to Queens Park Rangers last season, his subsequent surge to prominence has been both unexpected and timely, given the changing of the guard at White Hart Lane.
But if there is an irony that a club who have spent £110 million (Dh653.2m) this summer found the closest thing to a replacement to Gareth Bale, a left-footed, goalscoring winger, within their ranks and without spending a penny, there was also an importance to Townsend’s effort.
"After a setback, we had to respond and I think we did it in a good fashion," said Villas-Boas, referring to the 3-0 loss to West Ham United two weeks earlier and the need to ensure a promising start to the season was not squandered.
Yet they had begun well without being prolific, and with goals at a premium, each one is precious.
Even when Roberto Soldado added a second, they only have eight in as many league games. Their seventh was pivotal, but also fortunate. With everything else going for Townsend, however, it was no surprise it went in.
When Soldado picked out Townsend, coming off the right flank on to his favoured left foot, his intention was to pick out a colleague. Yet with neither the stretching Soldado nor the dipping Lewis Holtby applying a touch and with Brad Guzan distracted by both, his delivery went straight in.
“I’m not going to take credit for it,” said Townsend. “It was a cross.”
What followed was unsavoury. A flare thrown from the crowd struck assistant referee Dave Bryan on the back. He was able to continue and police viewed video footage to investigate the incident.
On the field, as Spurs improved after half time, Guzan twice denied them a second goal. However, the American could do nothing when Paulinho provided a perceptive pass and Soldado a deft finish.
“He made the most of the opportunities he had,” Villas-Boas said. “This is the reason we bought him. The second goal is always important away from home.”
It came at a time when there was more focus on the other attack. A hip injury had kept Christian Benteke out for the previous three games.
Paul Lambert opted to hold his most-feared forward in reserve, but with a half-hour remaining, the Villa manager unleashed the Belgian, and inside four minutes, it could have been a goalscoring comeback. Benteke met Leandro Bacuna’s cross with a forceful header that was just too high.
“You have to try and take big moments in big games,” Lambert said.
Tottenham did. Villa did not.
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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
