Required reading: the London 2012 Olympic Games



London 2012

The London 2012 Olympic Games will begin on Friday with a spectacular opening ceremony - such, at least, is the promise - created by the British director Danny Boyle.

With the city currently enduring its wettest summer in living memory, observers have expressed fears that track and field highlights may be washed away by London's rain. But Olympic spirit, surely, is in the eye of the beholder, and you can buttress yours with a selection of the best reading.

• The most dedicated armchair Olympians should start with The Official History of the Olympic Games and the IOC by David Miller (Mainstream Publishing, Dh230). Here they'll learn how the French aristocrat and historian Pierre de Coubertin set about reviving the ancient Olympic movement, staging the first modern Games in Athens in 1896.

• In so doing, Coubertin hoped to recapture what he believed was a golden age for mankind: that of ancient Athens. Athletes in the ancient Games famously competed naked, as you'll learn in Nigel Spivey's The Ancient Olympics: War Minus the Shooting (OUP, Dh86), which portrays a Games riven by bloodshed and skulduggery. It's not clear if Coubertin knew about all that.

• In the 20th century, meanwhile, the Olympics gave us some era-defining moments. To remember one, go to Silent Gesture (Temple University Press, Dh69) by the US track athlete Tommie Smith. Smith, a 200-metre gold medallist, was one of the two black American athletes who raised his hand in a black power salute on the medal podium at the 1968 Games. The gesture sent shock waves around the world - and changed his life forever. Meanwhile, Munich 1972 (Rowman & Littlefield, Dh109) by David Clay Large tells the story of the infamous murder of 11 Israeli athletes at the 1972 Games.

• This summer, Meet Wenlock and Mandeville by Barry Timms (Carlton, Dh34) is a cartoon introduction to London's perplexing, gender-indeterminate, cycloptic mascots. There's no prize for guessing what they're supposed to be. But there should be.

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.”

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