LONDON // An enforced close-season restructuring of the Stamford Bridge squad means Chelsea will break from club policy against Newcastle United tonight by fielding a weakened team in the Carling Cup for the first time.
This summer witnessed the departure of seasoned internationals Michael Ballack, Ricardo Carvalho, Joe Cole, Deco and Juliano Belletti, who between them started 120 matches as Chelsea won the league and cup double.
The quintet were replaced by Ramires, the Brazil midfielder, on significantly cheaper wages, and Yossi Benayoun, a player who had failed to establish himself as a first choice in a struggling Liverpool side. Neither signing was instigated by Chelsea's manager.
Ancelotti wanted to retain the services of several of the "fantastic players and personalities" moved on in the summer and was particularly disappointed when the club abruptly terminated negotiations with Ballack, the Germany captain, over a contract extension.
He had persistently stated that Cole would be retained at Stamford Bridge, and was also led to believe that the club would make a serious attempt to recruit a pair of world-class players.
Instead, a cost-conscious Chelsea board made heavy cuts to the squad's wage bill by selling Carvalho to Real Madrid and releasing Ballack, Cole, Deco and Belletti. Ancelotti was asked to promote five graduates from Chelsea's lavishly backed but oft-criticised academy to his first-team squad.
Ancelotti privately feels his squad is not strong enough to properly compete in four competitions.
Indeed, a host of senior players were told ahead of Sunday's 4-0 victory over Blackpool that they would be rested this evening with Saturday's Premier League visit to Manchester City in mind.
Chelsea have taken England's second cup competition more seriously than their major rivals throughout the Roman Abramovich era - twice winning it under Jose Mourinho in 2005 and 2007 - but Ancelotti has taken a pragmatic decision to alter that approach.
Fabio Borini, an Italian striker, Gael Kakuta, a French winger, Josh McEachran, an English midfielder, and the Dutch defenders Jeffrey Bruma and Patrick van Aanholt are all pencilled in to play tonight against a Newcastle side that will feature Sol Campbell for the first time.
"We will change a lot of players, we want to use this competition for our young players," said Ancelotti of his plans for the third-round tie. "I'm confident to put out a very good team because we have young players ready to play for us."
With the five academy recruits having made just one Chelsea start between them to date, he has been left with only 17 experienced outfield players. Of them, several key figures are over the age of 30 and increasingly prone to injury.
Ancelotti's response has been to downgrade the importance of the League Cup and rotate his squad more heavily ahead of important Premier League fixtures, such the City game.
Though Frank Lampard was fit to return following corrective micro-surgery on a groin problem, the midfielder was held back to ensure his availability for the first serious test of Chelsea's title defence and is expected to remain on the sidelines tonight.
"For [tonight] I don't know [if Lampard will play]," said Ancelotti. "We hope he will be fit for Manchester City."
John Terry, however, may start against Newcastle as the centre-back is keen for playing time after suffering a rib injury.
There is also a feeling in the Chelsea camp that Bruma will benefit from having the club's most battle-hardened defender alongside him on the 18-year-old's full debut.
As well as the Carling Cup and the Premier League, Chelsea have more forthcoming fixtures in the Champions League and the FA Cup.
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10.45pm, Aljazeera Sport +8
UAE currency: the story behind the money in your pockets
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.”
World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
