The big news in Italy over the weekend surrounded an assault. The victim is a senior media figure and his bloodied face was on all yesterday's front pages. Even scarred, it is globally recognised. The incident in which Silvio Berlusconi, media mogul, prime minister and president of AC Milan was attacked by a man wielding a metal souvenir of the Milan duomo had a jolting, shocking effect in Italy.
Less shocking, because far less serious or surprising, was one of the tales emerging from a strange weekend in Serie A. It also surrounded an assault. The victim is also a senior media figure. Here, the alleged assailant is a globally recognised star of his profession. He is Jose Mourinho, who is now in the eye of a storm yet again for apparently pushing the sportswriter Andrea Ramazzotti, and insulting him, just before he boarded the Inter Milan team bus after Sunday's 1-1 draw in Atalanta.
"This is a low point in the relationship between football and the media," responded Luigi Ferraiolo, head of the Italian union of journalists. "We demand action. This sort of behaviour only increases tension and controversy."
Mourinho and the Italian media had been bristling at one another for a while. The Inter coach refused to give the standard pre-match briefing to journalists ahead of the trip to Atalanta and has often been critical of the way Italian television and newspapers cover Inter, and the game generally, during his 18 months in Serie A. It should, equally, be pointed out that no head coach is more eager to use the media to snipe at rivals, or cajole his own players than Mourinho. Although other managers also find the press suffocating, Mourinho will gain limited sympathy from his peers over this latest clash.
Besides, if the act was the symptom of gathering tension at the club, the immediate circumstances hardly provoked it.
Doubtless Inter felt frustrated at Atalanta to have taken the lead, through Diego Milito, only to lose Wesley Sneijder to two bookings and then two points when Simone Tiribocchi equalised after 81 minutes.
But by then Mourinho knew his team's lead at the top of the table had actually increased. Defeats for Milan and Juventus mean Inter's lead over their rivals has stretched to five, and six, points respectively.
So, any damage done by Juve beating Inter eight days earlier had effectively healed almost immediately. More than that, Mourinho can look back on a period where, yes, his side took only a point from a possible six in Serie A but, in between, got their most important assignment, against Rubin Kazan in the Champions League, just right, by winning and progressing in that competition. Juventus had meanwhile failed to reach the last 16 and Milan struggled, though they qualified, against FC Zurich.
Midweek European exertions fatigued everybody, it seems. Fiorentina lost at Chievo, while Leonardo, the Milan head coach, cited exhaustion as the main reason for his team's surprise, 2-0 defeat to Palermo.
"We didn't have the same tempo as recently," remarked Leonardo. He need not be concerned at the reaction of his beaten-up boss, Berlusconi, at the slip-up, given that it followed a previous run of five consecutive Milan league wins.
Juventus's head coach, Ciro Ferrara, sits less comfortably. A heavy loss at home to Bayern Munich last Tuesday was compounded by defeat in Bari. "It is not part of this club's culture to sack coaches," said the Juve president Jean Claude Blanc, before remembering he did just that with Claudio Ranieri barely eight months ago.
"OK, it proved different with Ranieri. But Ciro is our coach for future." And the immediate future, alas for Juve, is the draw for the next round of the lightweight Europa League.
ihawkey@thenational.ae
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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.”