Bayern Munich
Young migrants accompanied Bayern Munich players onto the pitch and were applauded by 75,000 fans before a Bundesliga game on Saturday. The players held hands with a young migrant on one side and a German child on the other in what the club said was “a symbol for the integration of refugees”. Some of the kids waved shyly to the crowd while others simply soaked it all in. The children, whose nationalities were not immediately disclosed, were applauded by Bayern and Augsburg fans alike. Bayern, like many German clubs, has offered support to people fleeing war and poverty. The club are donating €1 million (Dh4.2m) to refugee projects and arranging a training camp to give youths German lessons, meals and football equipment.
Bundesliga
Pierre-Emerick Aubameyang scored two penalties as Borussia Dortmund beat Hanover 4-2 on Saturday to stay top of the Bundesliga on goal difference ahead of champions Bayern Munich, who needed a controversial late penalty to beat Augsburg 2-1. Gabon international Aubameyang took his season tally to five goals after Artur Sobiech had scored twice for hosts Hannover to keep them in the game. A 67th-minute own goal from Felipe put the visitors up 3-2. Aubameyang coolly converted his second spot kick in the 85th to make it four, giving Dortmund their fourth successive win in the Bundesliga. They maintain their 100 per cent record this season, as do Bayern, both on 12 points. Bayern lacked sharpness ahead of their first Uefa Champions League group stage match at Olympiakos next week and, despite dominating, they failed to make it count until Douglas Costa stumbled into an Augsburg defender and was awarded an 87th-minute penalty, with the visitors furious over the decision by referee Knut Kircher. Thomas Muller kept his cool and scored from the spot to provide a collective sigh of relief. Augsburg had silenced the 75,000 crowd when Alexander Esswein rifled in two minutes before the break before Robert Lewandowski levelled in the 77th.
Scotland
Paul Quinn scored a late winner as Aberdeen moved top of the Scottish Premiership with a 2-1 win over Celtic at Pittodrie on Saturday. It was a club record sixth successive win at the start of a season for Aberdeen, while it was Celtic’s first defeat in the league since March. Celtic opened the scoring when Leigh Griffiths converted a penalty he had earned himself in the 35th minute. Aberdeen levelled in the 56th minute with a spot kick of their own that Adam Rooney fired home before Jonny Hayes received a straight red in the 72nd minute for a lunge on Mikel Lustig. Despite their numerical disadvantage Aberdeen found an 86th-minute winner through Quinn to move two points clear of Celtic at the top. Aberdeen can extend their lead at the top if they win their game in hand over Celtic against Hamilton at Pittodrie on Tuesday.
AC Milan
Manager Sinisa Mihajlovic gave his team another public dressing-down on Saturday, saying AC Milan could not play any worse than they did in their last Serie A outing. The Serb, whose side face neighbours Inter Milan on Sunday, has raised eyebrows with his open criticisms since he arrived at Milan but said his methods were aimed at getting the best out of his players. Milan beat Empoli 2-1 two weeks ago, giving Mihajlovic his first league win since taking charge in June, but he was still angry at their performance and repeated his criticism on Saturday. “It will be hard to give a worse performance than the one against Empoli,” he told a news conference. “Those that know me personally know that I used those words to motivate my players and make them responsible. My ways can seem a bit direct, but I say what I think and I never settle for second-best. I don’t look for excuses for me or for my team. My players are not children, so they weren’t offended by my words.”
Serie A
Roma provisionally moved to the top of the Serie A table with a 2-0 win away to Frosinone on Saturday, while 10-man Fiorentina beat Genoa 1-0. Iago Falque took advantage of a defensive lapse by the promoted team to score for Roma on the stroke of half time, and Juan Iturbe sealed the result in stoppage time. Khouma Babacar headed home the winner for Fiorentina on the hour, shortly before teammate Milan Badelj was sent off for a second yellow card. Roma have seven points, one more than Chievo Verona, who were playing Juventus later in the evening. Fiorentina have six points. Roma captain Francesco Totti made his first appearance of the season, starting his 24th campaign with Roma.
Ligue 1
Lyon missed their chance to move into provisional second place in the French Ligue 1 after drawing 0-0 with Lille on Saturday. Lille goalkeeper Vincent Enyeama was made to work, including a stunning injury-time stop from Lyon center-half Mapou Yanga-Mbiwa. Lyon improved after the interval as Corentin Tolisso headed wide in the 55th, and moments later he tried his luck with a low strike from just outside the penalty area, but Enyeama saved it comfortably. He made a far more difficult save in the 84th, tipping away Mathieu Valbuena’s curling strike as it headed for the top corner. He was rescued by his post in the 88th, when defender Rafael met Valbuena’s free kick with a glancing header.
Africa
A 5-0 win for TP Mazembe on Saturday ensured the club from the Democratic Republic of Congo a berth in this month’s African Champions League semi-finals. Mazembe are joined in the last four by Al Hilal after Nasreldin Al Shigail scored 15 minutes from time to give the Sudanese team a 1-1 draw at Smouha of Egypt. Al Hilal meet Group B winners USM Alger of Algeria in the last four, while Mazembe take on Sudan’s Al Merreikh.
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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.”
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
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