Larry Fitzgerald.
Larry Fitzgerald.

Sport

Six inducted by the Jets

New York open their "Ring of Honor" while Brian Westbrook signs a deal with the 49ers and Larry Fitzgerald sprains a knee.

The New York Jets opened their "Ring of Honor" by inducting Joe Namath, Don Maynard, Weeb Ewbank ? all Pro Football Hall of Famers ? Curtis Martin, Winston Hill and Joe Klecko. Namath led the Jets to victory in the 1969 Super Bowl over the Colts. Maynard was a receiver and Hill was a tackle on that team, and Ewbank was the coach. Martin was a running back for seven seasons and Klecko was a Pro Bowl player at every defensive line position.

Brian Westbrook signing a one-year deal with the San Francisco 49ers to serve as a back-up to running back Frank Gore. The deal, with a reported $1.25 million (Dh4.5m) guaranteed, gives Westbrook the second chance he has been seeking. He said his top concerns were going to a team that could have a winning season, with a coach he respected, and to a city with a winning tradition. "I think I found all of those things here in San Francisco."

Injuries to running backs Fred Jackson and Marshawn Lynch mean the Buffalo Bills will rely heavily on rookie CJ Spiller, at least in the pre-season. With Jackson out for a month with a broken left hand and Lynch limping on a sore ankle, Spiller said he was looking forward to the challenge. "I've just got to be ready for however many reps I'm given," he said. "It doesn't matter to me if I have to play the whole game. This is football. This is what I love to do."

The Arizona Cardinals may sideline wide receiver Larry Fitzgerald for the rest of the pre-season because of his sprained right knee. Coach Ken Whisenhunt said the team will take a conservative approach but he expects Fitzgerald to be back for the season opener on September 12. Fitzgerald sprained his knee when he was hit as he made a catch against Houston last weekend. He caught the pass, but took a hard hit from safety Eugene Wilson. * Agencies

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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.”

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THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5