Bayern Munich boss Pep Guardiola said his side had struggled to contain Real Madrid’s pace on the counter-attack as they secured a 1-0 advantage from the first leg of their Champions League semi-final on Wednesday.
Karim Benzema scored the only goal of the game on 19 minutes from one of a series of Madrid counter-attacks in the first-half that caught the European champions wanting at the back.
“Madrid have athletes. They are footballers, but they are real athletes,” said the former Barcelona boss after suffering his first defeat in eight games as a coach at the Santiago Bernabeu.
“It is easy to say we need to play more vertically, but the quicker we move the ball forward, the quicker it comes back and that can be very dangerous for us.”
Bayern enjoyed 63 percent of the possession, but failed to create many clear-cut opportunities as Madrid defended in numbers.
And Guardiola expects more of the same when his side try to turn the tie around on home soil at the Allianz Arena on Tuesday.
“I think the next game will be exactly the same. We need to control their counter-attacks, but it is a question of finding the right balance.
“Madrid are a complete team and it is true that not scoring away from home makes the tie very difficult.
“However, we will be at home, with our fans behind us, and we will give everything to reach the final.”
Real boss Carlo Ancelotti admitted he didn’t like having to relinquish control of the ball for large spells to the Germans.
However, just as in Madrid’s Copa del Rey victory over Barcelona last week, the Italian believed his side had played to their strengths.
“I don’t like to give up the ball. It is clear that you cannot control the ball for the whole game, but especially against Barca and Bayern it is very difficult to control it.
“Football, though, is not just about possession, but defending, counter-attacks and many other things. What we had tonight was the sacrifice of the players, but I don’t like not having the ball because you have less chance to score.”
Ancelotti had recalled World Player of the Year Cristiano Ronaldo to his starting line-up after four games out through injury.
The Portuguese was involved in the build up to the goal and had another glaring opportunity to make it 2-0 when he blasted over soon after before being replaced by Gareth Bale with 20 minutes remaining.
Ancelotti admitted Ronaldo’s withdrawal had been a pre-meditated measure to ensure he didn’t run the risk of aggravating the injury, but expects both he and Bale -- who had been suffering from flu before the game – to be 100 per cent fit for the return leg.
“It was a decision that we took before the game because the only risk with Cristiano would come once the muscle got tired.
“It is normal that after 20 days he is not 100 percent but he sacrificed himself for the team and both Cristiano and Bale will be in perfect condition for Tuesday.”
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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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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
