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Chelsea owner Roman Abramovich is attempting to broker peace between Russia and Ukraine, his representative has said.
The Russian-Israeli billionaire’s bid to de-escalate the conflict comes five days after Moscow's troops entered Ukraine.
On Saturday the tycoon, 55, announced he had handed “stewardship and care” of Chelsea to the club foundation’s trustees, in a move aimed at protecting the Premier League football club.
However, the six trustees have yet to confirm their agreement with the plan. The group is seeking more information about whether the running of the club would be compatible with British charity law and are said to have raised concerns at a meeting on Sunday, Sky Sports reported.
“I can confirm that Roman Abramovich was contacted by the Ukrainian side for support in achieving a peaceful resolution, and that he has been trying to help ever since,” his representative told the PA news agency.
“Considering what is at stake, we would ask for your understanding as to why we have not commented on neither the situation as such nor his involvement. Thank you.”
Ukrainian film director and producer Alexander Rodnyansky also confirmed Mr Abramovich’s involvement, insisting the Chelsea owner was the only person to respond to calls for help.
Mr Rodnyansky has claimed that representatives from Ukrainian President Volodymyr Zelenskyy’s government had expressed gratitude for Mr Abramovich’s attempts to help defuse the crisis.
“I can confirm that the Ukrainian side have been trying to find someone in Russia willing to help them in finding a peaceful resolution,” Mr Rodnyansky said. “They are connected to Roman Abramovich through the Jewish community and reached out to him for help.
“Roman Abramovich has been trying to mobilise support for a peaceful resolution ever since. Although Roman Abramovich’s influence is limited, he is the only one who responded and taken it upon himself to try.
“If this will have an impact or not, I don’t know, but I am in contact with Mr Zelenskyy’s staff myself, and know that they are grateful for his genuine efforts.”
While announcing his decision to step back from the day-to-day running of Chelsea on Saturday, Mr Abramovich did not mention Russia’s military attacks in Ukraine.
“During my nearly 20-year ownership of Chelsea FC, I have always viewed my role as a custodian of the club, whose job it is ensuring that we are as successful as we can be today, as well as build for the future, while also playing a positive role in our communities,” he said.
“I have always taken decisions with the club’s best interest at heart. I remain committed to these values. That is why I am today giving trustees of Chelsea’s charitable Foundation the stewardship and care of Chelsea FC.
“I believe that currently they are in the best position to look after the interests of the club, players, staff, and fans.”
His silence on the conflict was heavily criticised, and prompted the club to issue a statement the following morning offering prayers for Ukraine.
“The situation in Ukraine is horrific and devastating,” the club said. “Chelsea FC's thoughts are with everyone in Ukraine. Everyone at the club is praying for peace."
Mr Abramovich retains ownership of the club.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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.
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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.
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