Chelsea’s manager Jose Mourinho, second from right, holds back assistant coach Rui Faria, centre, after he was sent off by referee Mike Dean, left, during their Premier League match against Sunderland at Stamford Bridge in London. Philip Brown / Reuters
Chelsea’s manager Jose Mourinho, second from right, holds back assistant coach Rui Faria, centre, after he was sent off by referee Mike Dean, left, during their Premier League match against Sunderland at Stamford Bridge in London. Philip Brown / Reuters
Chelsea’s manager Jose Mourinho, second from right, holds back assistant coach Rui Faria, centre, after he was sent off by referee Mike Dean, left, during their Premier League match against Sunderland at Stamford Bridge in London. Philip Brown / Reuters
Chelsea’s manager Jose Mourinho, second from right, holds back assistant coach Rui Faria, centre, after he was sent off by referee Mike Dean, left, during their Premier League match against Sunderland

Angry Jose Mourinho mocks referees for ‘fantastic performance’ after Chelsea defeat


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LONDON // Jose Mourinho, the Chelsea manager, angrily mocked the match officials after suffering his first home defeat in the Premier League in a 2-1 loss to Sunderland on Saturday.

Chelsea’s defeat, which left them two points behind leaders Liverpool, having played a game more, was Mourinho’s first in 78 home league matches at the helm of the London club.

“I just want to say four things, and I’m sorry, because if you make me (answer) more questions, I will repeat in exactly the same way,” Mourinho told Sky Sports shortly after the final whistle at Stamford Bridge.

“Congratulations to my players, because they gave what they have and what they don’t have. Congratulations to Sunderland, because they won.”

Referring to match referee Mike Dean, who awarded the 82nd-minute penalty from which Fabio Borini scored the winning goal, he added: “Congratulations to Mike Dean, because he made a fantastic performance.

“And congratulations to Mike Riley (head of refereeing body Professional Game Match Officials Limited), because what they did during the season was fantastic for the way the championship is going.

“So congratulations to all of them, and I have nothing more to say. I’m sorry.”

Samuel Eto’o gave Chelsea a 12th-minute lead, but bottom club Sunderland quickly equalised through Connor Wickham before snatching victory thanks to former Chelsea striker Borini, who is on loan from Liverpool.

There were angry scenes in the aftermath of the penalty, with Mourinho having to restrain his assistant Rui Faria, who was berating Dean from the touchline.

Mourinho has had two previous run-ins with match officials this season and was last week fined and warned as to his future conduct after being sent to the stands during a 1-0 loss at Aston Villa in March.

He was also fined for being sent off in a game at Cardiff City in September.

The penalty incident saw Cesar Azpilicueta penalised for sliding in alongside Sunderland striker Jozy Altidore, who lost his balance after placing his standing foot on the Chelsea full-back’s leg.

Sunderland manager Gus Poyet, a former Chelsea midfielder, expressed sympathy with Dean over the penalty, saying: “It was very, very tough on the referee.

“Every now and then you get it right and every now and then you don’t. It was the linesman who gave it straight away.

“We can talk about it for ages and even then we don’t know for sure. We need to give the benefit of the doubt to the referee.”

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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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%3Cp%3ECelebrated%20on%20October%2016%2C%20to%20coincide%20with%20the%20founding%20date%20of%20the%20United%20Nations%20Food%20and%20Agriculture%20Organisation%2C%20World%20Food%20Day%20aims%20to%20tackle%20issues%20such%20as%20hunger%2C%20food%20security%2C%20food%20waste%20and%20the%20environmental%20impact%20of%20food%20production.%20%0D%3C%2Fp%3E%0A
Biography

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems

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