Chelsea manager Jose Mourinho was left to rue the performance of the club’s own goalkeeper Thibaut Courtois after their Champions League semi-final elimination by Atletico Madrid.
Belgian international Courtois, 21, has been on loan at Atletico from Chelsea since 2011 and he produced a save in Wednesday’s second leg at Stamford Bridge that Mourinho identified as the key moment in the tie.
With Atletico ahead on away goals after Adrian Lopez had cancelled out Fernando Torres’s 36th-minute opener for Chelsea, Courtois plunged to his left to block a header from home skipper John Terry.
Moments later Diego Costa put Atletico 2-1 up from the penalty spot after he had been fouled by Samuel Eto’o and a late Arda Turan effort completed a 3-1 victory that set up a showdown with city rivals Real Madrid in the final in Lisbon on May 24.
“The difference was one minute in the second half, where the Atletico goalkeeper makes an impossible save from John Terry’s header,” said Mourinho, whose side had drawn 0-0 in last week’s first leg.
“Instead of 2-1 for Chelsea, a few seconds later, there is a penalty, which I’m happy people tell me was a penalty, and they scored the 2-1.
“That minute was crucial. After that, they had complete control and we had the feeling the game was lost.
“They had the feeling the game was in their hands and after that they were very solid, very mature, a real team. I knew before they were a real team, and I congratulate them.”
Courtois was making his first appearance at Stamford Bridge, but Mourinho said that he was not frustrated by the knowledge that Chelsea had effectively been denied by one of their own players.
“No, no, no,” he said. “He’s the Atletico goalkeeper, he plays for Atletico, and he did his job.”
Atletico coach Diego Simeone, meanwhile, was evasive when asked if he would like to keep Courtois at the Vicente Calderon for a fourth season.
“I’m just experiencing this moment, trying to relish this moment,” he said.
“I’m sure in the future the directors will decide what’s best for this young lad and whether he will stay at the club or not.”
Simeone has worked wonders in his two and a half years at Atletico, guiding the club from 10th place in La Liga to their first European Cup final since 1974 and to the brink of a first league title since 1996.
Mourinho, in contrast, is less than a year into his second stint at Chelsea and he said that it would take time for him to produce the same results.
Asked for the difference between the two teams, he replied: “The difference between one year and three. It’s a big difference.
“One year is one year, three years are three years. I think Atletico are a very, very good side, very adapted to the ideas of their manager. It looks like every player fits his idea of how to play.”
Chelsea are currently two points below Premier League leaders Liverpool with two games to play, but Mourinho does not believe that it is realistic for his team to aim for trophies at this stage of their development.
“We are realistic, but at the same time we are optimistic,” he said.
“When things go in a certain direction, there’s a moment where you dream and you think things are possible, even if things are not so realistic.
“Because we did well in the Champions League and in the Premier League, there was a moment where we felt we could do it.”
He added: “Next season will be better than this season. That’s our objective, the objective of everybody.
“Our young players will be better, hopefully we will have a couple of players to improve our team, and we will try to do better next season.”
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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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