Heatley's silence speaks volumes



Dany Heatley's trade request has made the Ottawa Senators' summer seem even longer and more arduous than it should have been. The Sens missed the play-offs for the first time since 1996 and have not been on the ice since early April. That frustration has been magnified by their star goal-scorer asking for a move, and then vetoing a trade to the Edmonton Oilers. Now the San Jose Sharks are interested in him - and they should be swimming scared.

Heatley, 28, was coming off his worst full-season since his rookie year, but it was still a major surprise when he asked for a move in early June. The request came just 12 months into his six-year, US$45million (Dh165m) contract and only eight months since he had been made one of the team's assistant captains, after asking the coaching staff for more responsibility. The reasons behind the move are said be Heatley's unhappiness with coach Cory Clouston, who took charge of the team on an interim basis in February and was rewarded with a two-year deal in April.

I say "said" to be because Heatley has not spoken publicly on the issue. Clouston, 39, was promoted from Ottawa's farm team, Binghamton, and made the Senators more responsible and accountable on the ice. The latter did not sit well with Heatley, who found himself demoted to the second power play unit. Despite his goals, Clouston, who one reporter referred to as a "baby-faced drill sergeant", also expected Heatley to be defensively responsible.

The rest of the team bought in, and the Senators took an impressive 42 points in 34 games under the new coach. However, all Heatley saw was diminishing ice time and goals (he managed 39 but should be getting 50), as he failed to respond to Clouston's tough regime. So Heatley wanted out. The problem was that on July 1 he was due $4m of his wages for the 2009/10 season in a lump sum, making him almost untradeable before that date.

Last month, Edmonton offered three players in exchange for Heatley. The Senators' general manager, Bryan Murray, accepted the deal, but Heatley then refused to waive the no-trade clause in his contract, with his agent accusing Ottawa of not exploring all the options to move him. The Oilers spent the last month trying to woo the winger and get him to change his mind, but this weekend the team admitted defeat.

The media fury in Ottawa was understandable, but this did not stop the players' union boss, Paul Kelly, saying Heatley had been treated "unfairly" by the media and the club - although many have questioned why they should pursue a player of now questionable mental fortitude. Loyalty between players and clubs has to be a two-way thing, and the Senators have shown that to Heatley in abundance. When they traded for him from the Atlanta Thrashers in August 2005, they signed a troubled young man who six months earlier had pleaded guilty to four charges of vehicular homicide.

In September 2003, Heatley was driving his Ferrari with his Atlanta teammate, Dan Snyder, a passenger. He lost control of the car and hit a wall. Snyder suffered a fractured skull and died. Heatley, who was sentenced to three years' probation, was exonerated of any blame by Snyder's family and the Thrashers granted his wish to leave the city and make a fresh start. Ottawa welcomed Heatley and not once did local media ask him about the crash.

The question now is not who will trade for Heatley, but why? @Email:akunawicz@thenational.ae

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm

Starring: Jamie Foxx, Angela Bassett, Tina Fey

Directed by: Pete Doctor

Rating: 4 stars

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The five pillars of Islam

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

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

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