Arsene Wenger, left, and his Arsenal side face Jose Mourinho, right, and Chelsea in the Community Shield on Sunday. Paul Gilham / Getty Images
Arsene Wenger, left, and his Arsenal side face Jose Mourinho, right, and Chelsea in the Community Shield on Sunday. Paul Gilham / Getty Images

Arsene Wenger hits back at Jose Mourinho over claims Arsenal are ‘buying’ the title



Arsene Wenger has rejected claims from Chelsea manager Jose Mourinho that Arsenal have abandoned their cautious transfer approach.

Mourinho has suggested totting up Arsenal’s spending in the last two years leads to a “surprise”, resuming his sparring with Wenger.

Mourinho has labelled Arsenal as genuine contenders for this year's Premier League title, before the two teams clash in the Community Shield on Sunday at Wembley Stadium.

Wenger responded by saying Arsenal spend within their means, and will not fret too much about outside opinions.

“We spend when we think we have to spend and do not listen too much to what people think or say,” Wenger said.

“We just try to make the right decisions. When we have the money available, we spend it. When we don’t have the money, we don’t spend the money we haven’t got.”

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Arsenal have spent almost £150 million (Dh859.9m) since the summer of 2013, breaking their transfer record for Mesut Ozil last year and signing Petr Cech from Chelsea last month.

Chelsea’s own investment in that time amounts to almost £235m.

Mourinho dropped heavy hints in his comments that Arsenal are title contenders simply because of their two-year spending spree.

Wenger threw out that notion, however, claiming Arsenal still lead the way on producing home-grown talent.

“I believe that one day if you make real statistics of the players we have developed here and compare them to the other clubs, you will be surprised,” Wenger said.

“I think what you want is not to listen too much to what people say, because sometimes in the same week I get two different reproaches: one I don’t spend enough and one too much.

“I believe if you want to create success, which we want desperately, is to focus on inside and try to do as well as we can, believe in the football we want to play, play it as well as we can and let other people talk.”

Wenger refused to rule out further signings before the start of the new Premier League campaign but scotched suggestions Calum Chambers could return to former club Southampton on loan.

“They didn’t try to get him back on loan and I will not consider it. Not at the moment,” Wenger said.

“I want to develop him as a centre-back and at the moment we have just the right number. He will get games here.”

Former Chelsea stalwart Cech will face his old club for the first time this weekend at Wembley, with Wenger backing the 33-year-old Czech to add steel to Arsenal’s defence.

“He can improve the level of communication at the back and bring his experience to the defenders and bring a calmness to defenders in some heated situations into our team,” Wenger said.

“On both fronts communication, of course, is in a different class, and as well I think his calmness will be vital; it is important you are calm.

“I believe that Petr Cech was already at the top but I believe that you can never deny that you can improve. From his experience, he will still improve.

“He’s at the stage of his career, between 33 and 37, where a goalkeeper can be at his peak, and he has the desire.

“As long as you have the right attitude, you can always improve in life.

“I don’t think it’s down to different training methods, it’s just down to him to keep at the top physically and with his experience he will always improve.”

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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.”