As the lowest-ranked team heading for Brazil, Australia’s fourth trip to the World Cup finals was always going to be a challenge even before lady luck abandoned them in December’s tournament draw.
Spain and the Netherlands, who fought out the 2010 World Cup final, as well as South American powerhouse Chile, presented the worst scenario for a nation with a newly appointed coach and a squad in transition.
Australia’s sporting culture insists their teams fight against the odds to the bitter end, but it is difficult to see the Socceroos coming back from Brazil with anything much better than humiliation avoided.
After scrapping their way through Asian qualifying under Holger Osieck, spiritless displays in successive 6-0 friendly defeats by Brazil and France led to the summary dismissal of the German last October.
Football Federation Australia (FFA) decided to go local for his replacement, handing Ange Postecoglou a five-year contract and a mission to make Australia the number one team in Asia.
Postecoglou had just two friendlies - a 1-0 win over Costa Rica and 4-3 loss to Ecuador - to assess the talent at his disposal in an international context before selecting his initial squad for Brazil.
He has drawn the net wide, keeping tabs on some 40 to 45 players.
They include the last remnants of Australia’s “golden generation”, a raft of youngsters plying their trade on the fringes of big clubs or in lower leagues in Europe, and another group drawn from the improving domestic A-League.
Goalkeeper Mark Schwarzer, a veteran of two World Cups and 109 internationals, made at least one decision for the new coach by retiring on the eve of his first squad announcement.
Stalwart forward Tim Cahill, for his part, will see a third successive finals, while fellow Aussie vet Lucas Neill has been left behind.
Postecoglou has promised to give youth a chance and produce a team playing in the attacking style which brought him success at domestic club level.
Whether he has time to produce a coherent team who can play any system with fluency before their Group B opener against Chile in Cuiaba on June 13 remains to be seen.
At the very least, though, Australia will expect a restoration of the fighting spirit that once defined the Socceroos and was wholly absent in last year’s Brasilia and Paris humiliations.
Five to watch:
Luke Wilkshire, defender (Dynamo Moscow); Age 32; 79 caps. Long-time defensive stalwart will compete with Ivan Franjic for starting right-back spot. World Cup hopes took a blow when left out of the squad for the friendly against Costa Rica, and was an unused substitute against Ecuador. Regularly plays the full 90 minutes for Dynamo Moscow.
Mark Bresciano, midfielder (Al Gharafa, Qatar); Age 34; 73 caps. Explosive and versatile midfielder with an eye for goal who carved out a successful career in Serie A before moving to Arabian Peninsula, originally to Dubai's Al Nasr. Hoping to be one of old hands retained for a third successive World Cup despite Postecoglou's desire to rejuvenate the team.
Mile Jedinak, midfielder (Crystal Palace); Age 29; 43 caps. Rewarded for good form at club level with captain's armband against Ecuador and looks likely to retain it. Defensive midfield stalwart at Crystal Palace, the former Central Coast Mariner is only Australian firmly entrenched in the starting XI of a Premier League club. Ability to hold the midfield will play a crucial role in bolstering an inexperienced defence.
Tim Cahill, midfielder (New York Red Bulls); Age 34; 67 caps. Never had much pace to lose so his effectiveness looks undiminished by age. Always an aerial threat despite his modest height, he still manages to escape his markers and get above much taller defenders. Australia's all-time top scorer with 31 goals and, his country will be hoping, an inspiration to younger players.
Josh Kennedy, striker (Nagoya Grampus); Age 31; 35 caps. Nicknamed Jesus for his distinctive lank hair and beard. Proved Australia's saviour when goal against Iraq in Sydney last June sent them through to Brazil. Traditional target man in a country which does not have that many.
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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.”
Dubai World Cup Carnival card:
6.30pm: Handicap (Turf) | US$175,000 | 2,410 metres
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m
7.40pm: Handicap (T) | $145,000 | 1,000m
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m
9.25pm: Handicap (T) | $175,000 | 1,400m
