India's win over Thailand was their first at an Asian Cup since 1964. AFP

Football

Milovan Rajevac sacked by Thailand following 4-1 Asian Cup defeat to India

Serb was already under pressure going into the tournament after Thailand failed to defend their Asean Football Federation Championship title in December

Steve Luckings
Steve Luckings
Abu Dhabi

January 07, 2019

Milovan Rajevac has become the first managerial casualty of the 2019 Asian Cup after Thailand parted ways with the Serb following Sunday's 4-1 drubbing to India.

Two goals from the prolific Sunil Chhetri and one each from Anirudh Thapa and Jeje Lalpekhlua with just a Teerasil Dangda goal in reply saw the Thais' Group A campaign get off to an awful start at Al Nahyan Stadium in Abu Dhabi.

Rajevac took charge of Thailand in April 2017 after spells with both Qatar and Algeria. He also famously guided Ghana to the last eight of the 2010 World Cup in South Africa.

He was already under pressure going into the tournament after Thailand failed to defend their Asean Football Federation Championship title in December, has paid for the heavy defeat with his job.

"I hereby announce the suspension of Milovan Rajevac's contract as coach of Thailand's national team," Football Association of Thailand President Somyot Poompanmoung said in a statement.

Thailand, appearing for the first time since co-hosting the Asian Cup in 2007, have now won just one of 21 games at the continent's showcase competition.

“The result [against India] is not what is expected of the Thai national team and that our supporters deserve," he added.

“Like all Thai football fans across the country, I am also disappointed with the result. But as the President of the Football Association, I cannot stand still with this problem."

Rajevac's assistant, Sirisak Yodyardthai, has been put in interim charge of Thailand, who are bottom of Group A and play Bahrain on Thursday.

India, playing at their first Asian Cup since 2011, top the group with three points ahead of Bahrain and hosts UAE tied on a point apiece.

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Read more on 2019 Asian Cup:

Khamis Esmail: Nerves played a part in UAE's flat opening to Asian Cup

Ahmed Khalil: UAE must take positives from draw with Bahrain in Asian Cup opener

Zaccheroni confident UAE will be better against India after flat start to Asian Cup

Download: Get your 2019 Asian Cup wallchart

In pictures: 2019 Asian Cup gets under way with opening ceremony

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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.”

Australia squads

ODI: Tim Paine (capt), Aaron Finch (vice-capt), Ashton Agar, Alex Carey, Josh Hazlewood, Travis Head, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Andrew Tye.

T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.

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Primera Liga fixtures (all times UAE: 4 GMT)

Friday
Real Sociedad v Villarreal (10.15pm)
Real Betis v Celta Vigo (midnight)
Saturday
Alaves v Barcelona (8.15pm)
Levante v Deportivo La Coruna (10.15pm)
Girona v Malaga (10.15pm)
Las Palmas v Atletico Madrid (12.15am)
Sunday
Espanyol v Leganes (8.15pm)
Eibar v Athletic Bilbao (8.15pm)
Getafe v Sevilla (10.15pm)
Real Madrid v Valencia (10.15pm)

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