England manager Roy Hodgson has publicly given his backing to striker Rickie Lambert’s impending transfer from Southampton to Liverpool.
Lambert, 32, underwent a medical examination in Liverpool on Saturday with a view to a move that will reportedly cost an initial £4 million (Dh24.6m), rising to £9 million with add-ons.
A former Liverpool trainee, Lambert has emerged as an important squad player for England since scoring against Scotland with his first touch as an international footballer in a friendly last year.
He is a member of the 23-man World Cup squad that will fly to Miami on Sunday for a pre-tournament training camp and Hodgson said that his move to Anfield would be good news for the national side.
“He’s very happy. I’m happy for him,” Hodgson told reporters after England beat Peru 3-0 in a friendly at Wembley Stadium on Friday.
“I congratulate Liverpool on signing a good player and I’m sure that on Wednesday, when he plays against Ecuador, you’ll see a fella running around with all the joy that his heart can muster.
“He’s very happy to be here with England and he’s very happy that the move has gone through to Liverpool.”
Liverpool are also reported to have tabled a £25 million bid for Lambert’s Southampton colleague Adam Lallana, who caught the eye against Peru with an enterprising performance.
Luke Shaw is expected to leave Southampton during the close season as well, amid interest from Manchester United, and Hodgson expressed sympathy for the south coast club, who finished eighth in the Premier League.
“It’s a pity for Southampton because they’ve been terrific this year and I congratulate them enormously,” he said.
“But unfortunately there are always bigger fish in the sea and it’s hard to keep those bigger fish away sometimes.”
While Lambert, who hails from Liverpool, is riding the crest of a wave, his fellow forward Wayne Rooney found himself criticised in some quarters after a lacklustre showing against Peru.
The United striker, who is recovering from a groin injury, failed to impress before being withdrawn in the 66th minute.
Instead it was strike partner Daniel Sturridge who took the plaudits for a fine 32nd-minute opener, but Hodgson said that it was unrealistic to expect Rooney to be England’s match-winner in every game.
“I think it’s a bit sad that the country is so Wayne Rooney-obsessed,” he said.
“I don’t think Wayne sets himself up to be anything other than a very, very important member of the squad, someone who does his best and tries his best at all times.
“As far as I’m concerned, talk about combinations doesn’t interest me. All I want is for Wayne Rooney to play well and Daniel Sturridge to play well and to score goals and to create goals.
“That’s what they’re in the team for and that’s what we work hard to help them to do as a team, but certainly we don’t have the same obsession with Wayne or Daniel.”
He added: “I’m not focusing on one individual. I don’t come to press conferences thinking as I walk in, ‘What am I going to say about Wayne Rooney or Steven Gerrard today?’
“Steven or Wayne have never asked to be elevated to the position where they are now. They’ve got there because they’re good footballers and they deserve to be there.”
After playing Ecuador and Honduras in Miami, England will open their World Cup campaign against Italy in the Brazilian city of Manaus on June 14.
While England’s defence essentially picks itself, Hodgson said that the attacking roles in his starting XI were still up for grabs – suggesting that Rooney’s place is far from secure.
“Once you get past Steven Gerrard in the midfield, there’s five positions to fill and I think there’s quite a lot of options there,” he said.
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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
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
The%20specs
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