As Frank Lampard knows, Jose Mourinho will sometimes settle for a stalemate away from home. As Lampard can testify from experience, his former manager can be pragmatic enough to deem a goal-free game a good result.
There was something perversely fitting about Mourinho turning Roman Abramovich’s 1000th game as Chelsea owner into an anti-climax.
The Portuguese illustrated he remains a skilled spoiler and Abramovich’s most successful manager cancelled out his old club, managed by the most prolific player of the Russian’s reign.
A draw suited Mourinho, in more ways than one. Tottenham regained the Premier League lead and retain a two-point advantage over their capital rivals.
Lampard did a double over Mourinho last season and it was evident the older man was determined to avoid more suggestions the apprentice had bested the managerial master. Not this time. Lampard cannot have been surprised by Mourinho’s approach, but his team could not find a route past Spurs.
If this was something of a throwback to Mourinho’s glory days 15 years ago, Tottenham were defensively excellent. Chelsea had the majority of the chances and the greater ambition, but Spurs showed organisation, determination and concentration.
It was a tactical affair; there have been some high-scoring shootouts this season but this never threatened to be one of them. After Spurs’ prolific start to the league season, they have settled into a more solid pattern.
They were content to let Chelsea have possession, especially in deeper areas; it was part of the Mourinho blueprint, with a compact, deep shape where Pierre-Emile Hojbjerg and Moussa Sissoko operated industriously as policemen in front of the back four.
When they started to spring players forward, right-back Serge Aurier drew a fine save from Edouard Mendy with a crisp shot. When left-back Sergio Reguilon charged forward, first Hakim Ziyech and then Reece James were booked for halting him.
Tanguy Ndombele highlighted his renaissance, the Frenchman proving dextrous and elusive with some lovely touches. Yet Harry Kane and Son Heung-min , so potent so far this season, had quiet games.
The Englishman did at least set up Steven Bergwijn when the winger, who had been preferred to Gareth Bale, posed Tottenham’s first threat with a rising shot that cleared the bar. But Mendy has still only conceded one Premier League goal and he was not unduly troubled as he kept another clean sheet.
That Spurs were so muted illustrated the improvement Thiago Silva has brought to the Chelsea defence. At the other end, another recent signing also flourished. Joe Rodon’s first Premier League start came in a high-pressure game but the Wales international slotted in seamlessly as he deputised for the injured Toby Alderweireld.
The Tottenham defence had more to do and, briefly, it appeared as though they were pierced in the 11th minute. Timo Werner beat Hugo Lloris with a brilliant curling finish, but the German’s celebrations were shortlived; he was fractionally offside when Mason Mount passed to him.
It was, though, a sign of Mount’s menace and he directed a shot over after surging past Hojbjerg and Sissoko. With 10 minutes remaining, Lloris made the game’s best save to tip Mount’s drive wide.
But it was a rare opening. Tottenham looked for safety in numbers, trying to crowd Chelsea out. Lampard’s team were the more positive side in the second half with their right-back looking the best chance of a breakthrough.
James delivered two enticing crosses, but Tammy Abraham headed both wide and should have done better with an inviting centre from Werner. Ziyech skied a shot over but it was arguably his most ineffective game so far.
The depth of Chelsea resources were such that the fit-again Christian Pulisic and Kai Havertz began on the bench and Lampard turned to the both, along with Olivier Giroud, who could have scored after Rodon’s only error. He replaced all of his front three, none of whom impressed, in a game that revived questions what his strongest forward line is.
But that was testament to Tottenham. Mourinho’s strategies have shut many a side out at Stamford Bridge over the years. This time Chelsea were the side he stifled.
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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.”