Miroslav Klose, left, has impressed for Lazio this season.
Miroslav Klose, left, has impressed for Lazio this season.

Miroslav Klose showing no signs of slowing down



Miroslav Klose returned to Rome yesterday after another successful night with his national side, expecting to be greeted at Lazio training by his new nickname.

"Half-the-team" is what some colleagues began calling the German striker just before the international break.

The moniker is based on empirical data. Lazio share top place in Serie A because they have 21 points. Klose's direct interventions, goals or assists, have been worth 10 of those points.

His head coach, Edy Reja, has already called Klose "the strongest footballer I have ever worked with". And Reja, who turned 66 last month, has been around a bit: Lazio are the 21st side he has coached at. Klose will not mind being singled out. His chief mission this season is to secure a place in history.

On Tuesday night, he took another important step in that direction by scoring his 63rd international goal in Germany's 3-0 victory in a friendly over Holland.

He is now just five short of Gerd Muller's German record of 68 strikes. Fitness permitting, he could well achieve the target before the end of Euro 2012.

Fitness permitting. That is an issue. Lazio had been concerned when Klose carried a knee problem away with him after a storming run had set up their winning goal against Parma just before the international matches.

Germany agreed to rest him for last Friday's friendly against Ukraine, but let him sate his hunger for his spot in his country's annals against the Dutch. He came through fine.

Klose is making an early case as the best buy of the last transfer window. Hiring him had carried an element of risk. Despite his importance for his national team, his role for the last two campaigns at Bayern Munich had been chiefly that of impact substitute.

He is 33, not an age that is necessarily a barrier to success in Italian football, but a late stage to learn a new culture, particularly one where central strikers tend to be more tightly marked, where the sorts of high crosses that Klose likes to exploit is less frequent.

But Klose has more to his game that just that. His movement is intelligent, his unselfishness sometimes underestimated. His status in Rome these days is not.

FIGHT%20CARD
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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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