Chelsea manager Antonio Conte looks dejected after seeing his side lose 2-0 to Manchester United at Old Trafford on April 16, 2017. Phil Noble / Reuters
Chelsea manager Antonio Conte looks dejected after seeing his side lose 2-0 to Manchester United at Old Trafford on April 16, 2017. Phil Noble / Reuters
Chelsea manager Antonio Conte looks dejected after seeing his side lose 2-0 to Manchester United at Old Trafford on April 16, 2017. Phil Noble / Reuters
Chelsea manager Antonio Conte looks dejected after seeing his side lose 2-0 to Manchester United at Old Trafford on April 16, 2017. Phil Noble / Reuters

Deflated manager Antonio Conte rates Chelsea’s Premier League title chances ‘50 per cent’


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MANCHESTER // "Six finals" await Chelsea in the Premier League run-in after a 2-0 loss at Manchester United that leaves their title chances at only "50 per cent", manager Antonio Conte said.

Having hoped to re-establish a seven-point lead over second-place Tottenham Hotspur, Chelsea’s advantage remains four points following Sunday’s defeat at Old Trafford.

They remain in the driving seat and will face only one top-seven side – Everton – in their last six games, but Conte suggested his team can no longer be considered outright favourites.

“We have to think that there are six finals from now until the end,” said the Italian, who was without goalkeeper Thibaut Courtois due to injury and wing-back Marcos Alonso due to a virus.

“The league is open and we have a 50 per cent probability to win the league.”

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Read more

■ Premier League team of the week: Vincent Kompany makes triumphant return

■ Report: With upset of Chelsea, Manchester United add intrigue to title race

■ Analysis: Injury-time drama at The Hawthorns showed football at its best

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Conte accepted that his team “deserved” to lose and said the outcome of the match was his fault for failing to sufficiently motivate his players.

But in a pointed reference to Chelsea’s struggles last season under Jose Mourinho, now the United manager, he said his team’s quest for the title deserved to be considered a “miracle”.

“I prefer to fight for the title instead of don’t fight for the title and stay calm. The pressure is normal and we are lucky to have the pressure,” Conte said.

“Last season Chelsea had no pressure; 10th place and you play calm, you are happy.

“We must understand this, that [something] really important is happening this season because we are doing a great job and a miracle if you consider last season and the problems we had.

“For this reason we must have great enthusiasm to play these last six games. If we win, we must be proud. Otherwise we must clap another team.”

Mourinho’s decision to man-mark Eden Hazard and Pedro effectively muzzled Chelsea, who failed to register a shot on target in a league game for the first time since 2007.

Ander Herrera, who shadowed Hazard, set up Marcus Rashford for United’s seventh-minute opener and netted the hosts’ second goal with a deflected strike early in the second half.

Victory lifted United to fifth place, four points below Manchester City, who occupy the fourth and final Uefa Champions League place, with a game in hand.

Despite having been barracked with chants of “Judas” during United’s 1-0 defeat at Chelsea in the FA Cup last month, Mourinho said victory over his former club carried no special significance.

“The satisfaction is for different reasons,” said Mourinho, whose side take a 1-1 scoreline into the second leg of their Europa League quarter-final at home to Anderlecht on Thursday.

“The first reason is, with Liverpool and Manchester City’s victories, if we don’t win today, goodbye Premier League [top four].

“We don’t know what can happen in the Europa League, so these three points were phenomenal.

“The second reason is they are the leader. They are named Chelsea, but they could be named Arsenal or Tottenham.

“When you beat the leader, it is obviously a very good feeling because you feel you are as good or better than them.”

Mourinho said United’s win showed that had Herrera not been sent off in last month’s FA Cup defeat at Chelsea, it would be his side facing Tottenham Hotspur in the semi-finals on Saturday.

Tottenham are on a run of seven straight league wins – their best sequence in 50 years – and Conte knows his side are in for a battle beneath the Wembley arch.

“We all know the next game and how you go for the final or you don’t go and for this reason, you must put 200 per cent to reach the final,” he said.

“It won’t be easy because I think Tottenham now is the best team and they are in great form and they have a lot of enthusiasm.

“They are feeling the possibility to write history and it is important to know this.”

* Agence France-Presse

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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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