All eyes were on the opposition dugout.
Jose Mourinho, returning to Stamford Bridge for the first time since his acrimonious exit last December, was always going to the focus of attention when his former employers Chelsea hosted his current ones Manchester United, with the Portuguese struggling to keep his emotions in check as he embraced John Terry on the sideline before kick-off.
It did not take long for any lingering sense of sentimentality to give way to exasperation.
Just 30 seconds were on the clock when Pedro took advantage of some slack defending to give Chelsea the lead and Mourinho a major problem: just half a minute after the first whistle, the United boss’ game plan lay in tatters.
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The visitors’ approach at Stamford Bridge was always likely to be similar to the one they employed against Liverpool last Monday, when United successfully nullified a rampant attack and left Anfield with a point.
There was no room in the strategy for conceding within the first minute, however, and Mourinho’s men looked unsure of themselves following Pedro’s opener.
Chelsea had a clearer idea and were also stronger and sharper than their opponents, quicker to loose balls and more incisive with their passing in the final third, with United second best right across the pitch for the majority of the encounter.
Wing-backs Victor Moses and Marcos Alonso did an excellent job of forcing Marcus Rashford and Jesse Lingard deep into their own half, cutting off United’s most likely source of a counter-attacking threat, while N’Golo Kante stuck tight to Paul Pogba and prevented the world’s most expensive player from getting on the ball and making things happen.
The second goal, scored by Gary Cahill after United failed to clear Eden Hazard’s corner, gave Chelsea a greater degree of security, with the hosts then opting to sink back into their own half and form a low defensive block which United found difficult to penetrate.
The pace of Moses and Pedro, the skill of Hazard and the running of Diego Costa ensured they retained the capacity to cause United problems at the other end, though, with Hazard and Kante getting in on the act with two well-taken second-half efforts.
It was a terrific demonstration of astute game-management from Antonio Conte, whose tactical acumen should not be overshadowed by his fabled intensity and eye-catchingly effervescent manner on the touchline.
Many members of the Stamford Bridge faithful blamed their side’s players for Mourinho’s departure 10 months ago, expressing regret at the perceived injustice of the club’s most successful manager bearing the brunt of the blame for Chelsea’s dismal start to the season.
Few of the home fans leaving the ground on Sunday are unlikely to want to swap Conte for Mourinho now.
That it is not to say that the two-time European champion and eight-time league title winner has suddenly become a bad coach or is past his sell-by date, but Chelsea certainly look far more cohesive and balanced under their new manager than United do at present.
“You’re not special any more,” a handful of Chelsea supporters sang at their former hero, favouring a slightly less nuanced interpretation.
All eyes were on the opposition dugout to see if there would be a reaction. Mourinho, much like his team, had no answer.
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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.”
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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
