Next season of 'Big Bang Theory' to be its last

Award-winning ratings smash The Big Bang Theory will end with the finale of its 12th season in May next year, CBS said on Wednesday, lavishing praise on the long-running comedy.

Focusing on a highly intelligent but socially-awkward professor and his group of scientist friends, Big Bang was the biggest comedy ratings draw on broadcast television for years, winning 10 Emmys.

"We are forever grateful to our fans for their support of The Big Bang Theory during the past 12 seasons," CBS said in a statement released jointly with producers Warner Bros. Television and Chuck Lorre Productions.

"We, along with the cast, writers and crew, are extremely appreciative of the show's success and aim to deliver a final season, and series finale, that will bring The Big Bang Theory to an epic creative close."

The show - which will end its 12-year run on 279 episodes - is a rare example of a long-running hit TV series that has managed to retain its massive viewing figures.

The last season attracted an audience of almost 19 million per episode, not far off its ninth season peak of 20.4 million.

It hit the headlines in its most recent seasons for a deal which meant its lead cast of Jim Parsons, Johnny Galecki, Kunal Nayyar, Simon Helberg, Kaley Cuoco, Mayim Bialik and Melissa Rauch all earning the same - estimated at a shade under $1 million an episode.

"There are many ways to look at the dozen years of 'Big Bang Theory' as we draw to a close, but for me it will be the family that gathered each week to create a true labor of love," tweeted co-creator Bill Prady.

"I will treasure my Big Bang family to the end of my days."

Last year CBS premiered Young Sheldon, a prequel series starring Iain Armitage as a nine-year-old version of nerdy genius Sheldon Cooper. It begins its second season on CBS in September.

The main show's final season premieres on Monday, September 24.

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'Crazy Rich Asians' author Kevin Kwan wanted in Singapore over national service

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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

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Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

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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.”