Chelsea are on the verge of completing the £24.5 million (Dh147m) transfer of Juan Manuel Mata after owner Roman Abramovich was persuaded that the acquisition of a second Spain World Cup winner would help return Fernando Torres to former success.
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Mata, 23, expects to complete his switch to the Premier League by tomorrow. Yesterday, Chelsea were in negotiations with Valencia over the details of the transfer fee. The Spanish side are looking to receive an initial payment of £15.75m, with a further £8.75m to be paid later. Mata is set to double his income at Valencia with a five-year contract.
Unlike Chelsea's other summer signings - Belgium striker Romelu Lukaku, Spain Under 20 midfielder Oriol Romeu and Belgium Under 21 goalkeeper Thibaut Courtois - the forward will go directly into Chelsea's first team.
With the ability to play on either wing or behind a striker, Mata should add the creativity and dynamics Andre Villas-Boas felt was lacking in his squad.
Chelsea's manager has been required to push his new employer into making a signing of Mata's dimension. He is understood to have employed the argument that the recruitment of a fellow national team player would benefit Torres both tactically and psychologically, to persuade Abramovich to finance the deal.
The Russian has been embarrassed by Torres' obvious difficulties at Chelsea since arriving in an English record £50m transfer from Liverpool in January. Torres had scored just once in 19 outings for his new club, and often struggled to make any significant contribution to the team last season.
Rather than question the wisdom of a deadline-day purchase that was completed without conducting a full medical, Abramovich held Carlo Ancelotti responsible for Torres' shortcomings, contributing to the manager's end-of-campaign dismissal. Upon his subsequent appointment, Villas-Boas was told that Torres should be central to his team planning.
Abramovich's decision to commit a further £43m to support his record investment in Torres will probably not be the last attempt to improve the supply line to his star forward.
Premier League in pictures
The best images from week 2 of the Premier League.
Villas-Boas has also argued that his squad is short of a central midfielder, asking the club to pursue several targets.
While Luka Modric has been primary among those, concerns that Daniel Levy, the Tottenham Hotspur chairman, would stand true to his commitment not to sell the Croatia international, saw Chelsea make an informal inquiry for Liverpool midfielder Raul Meireles earlier this month.
Though Kenny Dalglish had made Meireles available for sale at an asking price of around £11m, Liverpool did not respond positively to Chelsea's inquiry. They would prefer to sell last season's PFA Fans' Player of the Year overseas, with Galatasaray prominent among Meireles' admirers.
An agent representing Chelsea was also sent to Porto last week to discuss the availability of Joao Moutinho and Alvaro Pereira. He was informed that Porto would not consider offers for Moutinho, whose buyout is a prohibitive €40m (Dh212m), and were looking for £8.75m more than Chelsea's £13m valuation of Uruguay wingback Pereira.
Chelsea's confidence in acquiring Modric has increased since then with Tottenham manager Harry Redknapp talking publicly about cashing in on the unsettled midfielder to fund three new recruits.
Tottenham have been discussing loan deals for Emmanuel Adebayor and Lassana Diarra, though their wages at Manchester City and Real Madrid are significantly beyond the club's £67,000 per week ceiling.
City are discussing subsidising a small percentage of Adebayor's income by retaining the cost of the African's image rights. Tottenham, meanwhile, hope to persuade the player to accept a lower total pay package to play for them.
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Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
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Sector: AgriTech
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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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Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
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