Manchester City's Bernardo Silva, left, is close friends Benjamin Mendy. Reuters
Manchester City's Bernardo Silva, left, is close friends Benjamin Mendy. Reuters
Manchester City's Bernardo Silva, left, is close friends Benjamin Mendy. Reuters
Manchester City's Bernardo Silva, left, is close friends Benjamin Mendy. Reuters

Bernardo Silva banned and fined by FA over tweet to Manchester City teammate Benjamin Mendy


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Bernardo Silva has been banned for one match and fined for posting a controversial tweet about Manchester City teammate Benjamin Mendy.

The Portuguese will miss City's home Premier League match against Chelsea after the international break, was fined £50,000 (Dh235,000) and ordered to complete face-to-face education.

On September 22, Silva compared Mendy to the character on a packet of Conguitos – a chocolate brand available in Spain and Portugal. He admitted to an "aggravated breach" of rules because the post referenced race.

The FA report said: "The player did not himself intend the post to be insulting or in any way racist. It is clear that the tweet was intended to be no more than a joke between close friends.

"However, this was not a private communication between two friends.

"The post was on a social media platform exposed to the 600,000 followers of a high-profile and well-respected professional footballer.

"Many persons viewing the imagery depicted in the tweet would have taken offence to the content as being insulting by reference to race, colour and ethnic origin in a way that Silva wrote a letter to the FA, expressing regret for any unintentional offense caused by the tweet."

Their findings concluded that: "The tweet had been intended as a joke between team-mates and was taken in exactly that spirit by the intended principal recipient, Mr Mendy."

The FA said the minimum six-game ban for such a breach of the rules does not apply here because: "This Commission is not bound to pass a suspension of at least six matches for this aggravated breach by reason of the fact that the communication was via social media."

Mendy, who is close friends with Silva having also played with the Portugal international at French club Monaco, issued a supporting statement with Silva's letter, saying he did not take offense.

City decided not to contest the verdict which means Silva will not be available for the game against third-place Chelsea, who sit one position and one point above Pep Guardiola's side in the table, at the Etihad Stadium on November 23.

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UK’s AI plan
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Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

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Employees: 170

Funding: about $8m

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Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

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His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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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