Sport

Attack is the key for Ancelotti

In two matches, Chelsea have turned the Premier League's goal difference column in their favour.

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In two matches, Chelsea have turned the Premier League's goal difference column in their favour and Carlo Ancelotti, their manager, is confident it is that brand of attacking football that will lead them to the title. Before Wednesday's game against Portsmouth, Chelsea were five goals worse off than Manchester United, the league leaders. But, after thumping the Premier League's bottom club 5-0 and then destroying Aston Villa 7-1 at Stamford Bridge on Saturday, Ancelotti's team are now two goals ahead of their rivals - a statistic that could prove vital in a tight title race should the two teams finish level on points.

Chelsea face United at Old Trafford next week knowing victory will put them two points clear of their rivals at the top of the table. Now Ancelotti believes they have found the key that can land them the title in his first season at the club. "When we play our best attacking football, we are able to overcome any defence," said Ancelotti. "It is important that we play our best football until the end of the season in the Premier League and the FA Cup. We can make this a fantastic season if we finish in the right way."

Since Chelsea's defeat by Inter Milan in the Champions League second round and their disappointing 1-1 draw at Blackburn two weeks ago, they have been on top form, scoring 12 times. They have switched back to a more familiar 4-3-3 formation and the change has given them renewed belief they can win the title by looking to attack. "We always want to play attacking football and this is how we started on Wednesday against Portsmouth, with an attacking team, which is why we are now the top scoring team in the Premier League," added Ancelotti.

"I think we have shown that we have the mentality to recover well and the players performed how I would have liked us to." * With agencies

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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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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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Estijaba – 8001717 –  number to call to request coronavirus testing

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