Back in the late 1970s, as the six members of the Monty Python team - Graham Chapman, Terry Gilliam, Eric Idle, Terry Jones, Michael Palin and John Cleese - continued their assault on Hollywood with The Life of Brian, few would have assumed that 30 years later, Palin would reign as the most visible member of the comedy troupe. Cleese, on occasion, pops up in franchises such as Shrek; the films of Terry Gilliam, meanwhile, plot a downwards trajectory of squandered opportunities and low-rent CGI. Palin, however, has emerged as an unlikely British ambassador - a man of books, radio and travel journalism.
A self-confessed dromomaniac, his Travels With Palin is a collection of the wildly successful TV series that have charted his adventures over the past three decades. Whether indulging his love of railway journeys from Euston in London to the Scottish Highlands, retracing the footsteps of Jules Verne's fictional hero Phileas Fogg by leaving London's Reform Club and circumnavigating the globe to return in 80 days, or taking in the restless travels of one of his favourite writers, Ernest Hemingway, Palin's innate curiosity makes for compelling viewing.
Travel journalism is often an exercise in detailing how the writer/presenter journeys from A to C via B. Any sense of self-discovery or drama is jettisoned in the need to list journeys (often according to their timetables) by planes or trains. Palin, on the other hand, is a dinner party host turned traveller: we rarely see the drudgery of modern airports and their long security queues, delayed flights and missed connections. Travelling with a large TV crew doesn't naturally facilitate location shooting, but Palin saves his enthusiasm for once he reaches his destination.
Together, the series collected in Travels With Palin provide a fascinating insight into the narrator's easy charms. The Pythons might have excelled at a particular brand of class humour - the team was sometimes criticised for its elitist and periodically cruel streak - but Palin is a host who allows his subjects all the time they need to breathe and relate their stories. Witness the scene as he watches a series of pitiful Hemingway impersonators - exaggerated beards and equally overweight torsos on display - take to the stage in a bar to evoke the macho charms of the pugilist-turned-writer. A host such as Jeremy Clarkson or Jonathan Ross would invariably become central to the proceedings. Palin, though, holds back, watching the procession of impersonators with a wry smile. He is encouraging when needed, and quick to commiserate with the losers.
The travels through the Sahara, the Himalayas and New Europe (loosely described as the Balkans of the post-Communist empire) are three reasons alone to invest in this box set. But it is the 1999 series on Hemingway, titled Hemingway Adventure, that betrays a particular hold on the narrator. Watching Palin, who was born in Sheffield, follow the footsteps of the celebrated author and raconteur, is to know what makes him tick - the need to escape, forge a public persona and live life to the extreme. Palin methodically follows Hemingway's ghost to the bullfights of Valencia; the suburbs of Chicago, where the writer was born; the fishing village of Key West, where he would hold court; and, eventually, to the bustling nightlife of Fidel Castro's Havana, where the author would look for inspiration and entertain Hollywood friends such as Gary Cooper and Grace Kelly.
In death and in keeping with our modern need to memorialise each passing as a moment of some significance, Hemingway's life is now celebrated with some rather bizarre festivals across the globe. Outside Havana, Hemingway's home more resembles a Cuban Graceland than a place where the author might have written some of his greatest works. Palin seeks to brush aside the sepia-tinted anecdotes of yesteryear and instead looks back to the writer's novels and short stories to explain his motivations. In the process, Palin discovers the reasons behind his own restless need to travel. The episode reveals much about his wanderlust - as well as why, 30 years after he first set off on the road, his travels have become such an institution.
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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.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions