Algeria's forward Islam Slimani, right, controls the ball before scoring past Senegal's goalkeeper Khadim N'Diaye during the Africa Cup of Nations in Franceville. Khaled Desouki / AFP
Algeria's forward Islam Slimani, right, controls the ball before scoring past Senegal's goalkeeper Khadim N'Diaye during the Africa Cup of Nations in Franceville. Khaled Desouki / AFP

Sport

Leicester City forward Islam Slimani scores but Algeria crash out of Africa Cup of Nations

Slimani put Algeria ahead on two occasions but each time Senegal equalise, as they finished Group B in first place with seven points.

FRANCEVILLE, Gabon // Islam Slimani scored twice but Algeria’s Africa Cup of Nations hopes were ended after a 2-2 draw with Senegal on Monday night.

The Leicester City striker put Algeria ahead on two occasions but each time Senegal equalised, first through Papa Diop and then courtesy of Moussa Sow as they finished Group B in first place with seven points.

Like the Senegalese, Algeria were one of the pre-tournament favourites but they go out without winning a game, with Tunisia finishing in second place after their 4-2 victory against Zimbabwe in Libreville.

It is Tunisia who progress to a quarter-final against Burkina Faso in the Gabonese capital at the weekend, while Senegal already knew they would be playing Cameroon in Franceville.

With top spot already secured, Senegal manager Aliou Cisse changed his entire team with the exception of captain Kara Mbodj for their final group outing.

Algeria had to win and hope for a favour from Zimbabwe in the night’s other game, but there was to be no miracle.

They took an early lead when Sofiane Hanni’s ball to the back post was turned into the roof of the net by Slimani, and African Footballer of the Year Riyad Mahrez was denied by the goalkeeper as he threatened to increase their advantage.

Senegal then drew level two minutes before the interval when Aissa Mandi headed the ball out only as far as midfielder Diop, who volleyed home first time from the edge of the area.

Algeria responded by seizing the lead for a second time eight minutes into the second half with a goal made in Leicester.

Mahrez lifted the ball up to the back post where Slimani controlled before slicing a volley towards goal, his effort just crossing the line despite the best attempts of Cheikh Ndoye to clear off the bar.

But the score in the other game had left Algeria with too much to do and Senegal equalised again within a minute anyway, Sow with a crisp first-time finish from 22 yards after the ball broke to him at the edge of the box.

* Agence France-Presse

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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.”

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution