Paris Saint-Germain's Serge Aurier, right, celebrates with teammate Jean-Christophe Bahebeck, left, after scoring the winner for PSG on Wednesday in a 3-1 Coupe de la Ligue win against AC Ajaccio. Pascal Pochard-Casabianca / AFP / December 17, 2014
Paris Saint-Germain's Serge Aurier, right, celebrates with teammate Jean-Christophe Bahebeck, left, after scoring the winner for PSG on Wednesday in a 3-1 Coupe de la Ligue win against AC Ajaccio. PasShow more

Paris Saint-Germain start slow but survive into Coupe de la Ligue quarters



French champions Paris Saint-Germain ended a run of two defeats with a come-from-behind 3-1 win over second tier AC Ajaccio to reach the Coupe de la Ligue (French League Cup) quarter-finals on Wednesday.

PSG, who had lost to Barcelona in their Champions League group match last week and then in Ligue 1 to Guingamp at the weekend, went behind early on to a penalty by captain Johan Cavalli.

A tense PSG coach Laurent Blanc said, however, that going behind had not worried him.

“Why do I have to always explain my team’s problems?” said the former France coach.

“I was satisfied with the second-half performance and at no stage was I worried. You only worry if you are 1-0 down with 10 seconds remaining.

“We are going through a difficult spell and at those times nothing makes you smile.”

The Paris side may have been missing key players like Zlatan Ibrahimovic but they still had players of the experience of David Luiz and Edinson Cavani in the starting line-up, players their hosts could only dream about buying.

However, they were held at bay by a resilient Ajaccio outfit until Cavani finally equalised nine minutes into the second half after being set up by Lucas Moura.

Ivorian defender Serge Aurier added a second with a header from a corner 10 minutes from time, and the last eight place was ensured when Jean-Christophe Bahebeck slotted home four minutes later with Lucas once again the creator.

Elsewhere, Guingamp followed up their win over PSG at the weekend with a 2-0 away victory over Arles-Avignon, another welcome result for a side lingering four points above the relegation zone.

Both Lille and Monaco needed penalties to advance, sending out Bordeaux and Lyon, respectively. And Rennes moved on with a 1-0 win against Creteil.

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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 60kwh FWD

Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power 204hp Torque 360Nm

Price, base / as tested Dh174,500 

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RACE CARD

6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.

7.05pm Maiden (TB) Dh 82,500 (D) 1,200m

7.40pm Maiden (TB) Dh 82,500 (D) 1,400m

8.15pm Handicap (TB) Dh 82,500 (D) 1,400m

8.50pm Rated Conditions (TB) Dh 120,000 (D) 1,600m

9.25pm Handicap (TB) Dh 95,000 (D) 1,200m

10pm Handicap (TB) Dh 85,000 (D) 2,000m

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

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WITHIN%20SAND
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