Manhattan Beach begins during the Great Depression. It is 1934 and men across the United States are struggling to feed their families. In Brooklyn, Eddie Kerrigan works as a "bagman" for local kingpin Dexter Styles – he collects and moves money from and in between Dexter's various business concerns. The novel takes its name from a stretch of beach west of Coney Island, where Dexter lives with his wife, twin boys and daughter, the legitimate face he shows to the world: "No man visited Dexter's home without bringing his family." In the opening chapter, Kerrigan and his 12-year-old daughter Anna pay the Styles family a visit – the memory of which lingers in Anna's mind long after the day itself draws to a close.
Before we know it, Kerrigan has disappeared – or been disappeared; at this stage, his fate remains murky. Seven years have passed; war is raging, and 19-year-old Anna is working in Brooklyn's Naval Yard, supporting her mother and disabled sister, the beautiful but "damaged" Lydia. One day, during her lunch, transfixed by the figure of a diver submerging himself beneath the waves – his job is to repair the hulls of damaged ships – Anna feels "a seismic rearrangement within herself. It was clear to her now she had always wanted to be a diver, to walk along the bottom of the sea".
There is something almost too familiar, too predictable, about this story of a plucky young woman – "You're full of spirit," says her supervisor – trying to make it in a man's world. It means opportunities aplenty for all manner of sexism and chauvinism; but also for Anna to prove her superiors wrong. Which is a relief all round, because the novel's most-consuming passages are those describing her underwater exploits. In these, there is a stillness and concentration to Egan's prose that drowns out what is otherwise far too often a cacophony of period detail.
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This is not a historical novel that wears the specifics of its era lightly. As itemised in the acknowledgements, Egan undertook years of extensive, impressive research; all of which, it seems, is included. No character simply drives a car; they drive "a '28 Duesenberg Model J, Niagara blue, evidence both of fine taste and of bright prospects before the crash". Anna turns on the radio and we're treated to a precise list of the singers on air; "Later, she opened her Ellery Queen."
In a rare occasion of usefulness, mansplaining serves Egan's desire to detail and elucidate, Dexter lecturing Anna on the precise models of the boats that they can see riding the waves from his back porch. Then there are moments that are downright clumsy: "Mama won't let me join the Ten Percent Club," Anna complains to her aunt. "She's speaking War," her aunt replies, "I'm afraid I'm unfamiliar with that tongue" – cue explanation. Or later, when two sailors banter as their ship heads out to sea: "I'll sure miss Frisco," says one to the other. "So shall I," comes the other's reply before he adds, "Although it turns out only sailors call it Frisco."
Meanwhile, one evening while Anna is getting ready for a night out, we get this awkward addition: "In her apartment, she ran a bath. Nell had told her about department stores where girls could go after work to bathe and be styled and made up for their dates."
One understands the temptation to squeeze in every one of these fascinating nuggets of information, but those that don't serve the narrative are glaringly surplus to requirements, the result of which is that, underneath this deluge, Egan's story often struggles to breathe.
Hidden within, however, is a genuinely affecting tale about a father and daughter. Anna learning to dive, trussed up in her archaic 200-pound suit, all manner of dangers lurking in the briny depths, becomes a metaphor for the other struggle in her life: that of attempting to discover the truth behind her father's mysterious desertion of his family, an investigation fraught with its own hazards.
So, too, the prose is awash with delicate aquatic imagery – Dexter's daughter's curiosity is described as "a well whose waterline often seemed a long way down. But at the word 'help', Dexter heard a splash"; Anna looking alluring dressed in ocean "green"; a man who "stowed away" his old life.
During these moments, there is an elegant ebb and flow that is at odds with more cumbersome features. The latter, all too often unfortunately, wins out.
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.”
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The biog
From: Ras Al Khaimah
Age: 50
Profession: Electronic engineer, worked with Etisalat for the past 20 years
Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'
Favourite quote: 'Life is so simple, enjoy it'
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Zayed Sustainability Prize
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Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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