Samir Nasri, foreground, fights for the ball with Edouard Cisse of Besiktas during their Champions League Group A soccer match at Inonu Stadium in Istanbul, Turkey. Premier League club Arsenal has completed the signing of the France midfielder.
Samir Nasri, foreground, fights for the ball with Edouard Cisse of Besiktas during their Champions League Group A soccer match at Inonu Stadium in Istanbul, Turkey. Premier League club Arsenal has comShow more

Arsenal finally signs Samir Nasri



So the transfer saga is finally over. Samir Nasri, the 21-year-old France international, has finally joined Arsenal on a long-term contract after negotiations lasting nearly two months. Marseille always appeared willing to sell, but Gunners fans, who've watched Mathieu Flamini leave and are braced for other big-name departures, will be pleased to have finally got their man. Is Nasri really the 'new Zidane'? That's the tag he's had to wear since bursting into hometown club Olympique de Marseille's first-team four years ago - but in truth the comparison is misguided, in one respect at least.

Nasri shares Zidane's Algerian heritage, was born in the same southern French city and plays in a similar position - but he's unlikely to get anywhere near the heights of the best French footballer of the past 20 years. Another widely-reported myth is that Nasri is a winger. He played on both flanks at times for Marseille, but more through necessity than desire. The young playmaker is at his best operating behind the strikers, from where his short, sharp passing ties opponents in knots. So if you're expecting to see him at the Emirates Stadium dash down the flanks and swing over cross after cross, you'll be disappointed.

The boy from Marseille has packed so much into his career already. His league debut came less than three months after his 17th birthday and his first cap for France and Young Player of the Year award at 19. In that sense, he's a French equivalent of Gunners teammate Cesc Fabregas, one month his senior. A bout of meningitis laid him low last year, so he knows how to deal with adversity, too. The most telling phrase Arsenal manager Arsene Wenger has used to describe his new player is "margin for progressing further". That's the key to this deal because, like so many Wenger signings, Nasri is almost certain to get better in the hothouse Premier League.

He comes from a good family and has benefited from the wise counsel of his father Hamid, who acts as one of his advisers alongside agent Jean-Pierre Bernes. It was no surprise last December when France Football awarded Nasri their annual prize for excellent media relations. The magazine described him as a "model young man ... who is immensely gifted but keeps his feet on the ground." If he has a weakness, it's his scoring record. A rate of just one goal every 11 league matches is disappointing for an attacking midfielder, although his tally of six in 30 games for Marseille last season shows he's heading in the right direction - and anybody who saw the youngster's beautiful volley in Marseille's 4-3 win over Strasbourg on the final day of last season, which helped the club clinch a place in next season's Champions League, knows he has no concerns over his technique.

The problems appear mental - but it seems almost certain than Nasri will grow in confidence in his new environment among more technically gifted and competitively robust teammates. After all, that's the "margin for progression" his manager was talking about. Robert Pires and Flamini have successfully trodden the path from Marseille to Arsenal. Nasri is likely to make it a hat-trick.

Drivers’ championship standings after Singapore:

1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68

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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