Wall Street's corporate elite had a collective premonition in the years leading up to the global financial meltdown that led many to seek spiritual advice from Indian gurus.
Swami Abula Parthasarathy, the octogenarian founder of India's Vedanta Academy in the verdant hills south-east of Mumbai, found himself on a whirlwind speaking tour of the US, with invitations to lead seminars at Lehman Brothers, Microsoft and Ford and to address New York's exclusive "21" club and New Jersey's Young Presidents Club, the venues du jour for youthful chief executives.
The swami, affectionately addressed as "Swamiji" by his full-time students, was also invited by the Kellogg and Wharton schools of business to instruct MBA students on the use of the 10,000 year-old philosophy of Vedanta to manage life-balance, self-confidence and stress.
Suddenly the Gordon Gekko mantra of "Greed is good" was out of style among the formative "Masters of the Universe". Instead, in a movement soon labelled "karma capitalism", those rising stars of western capitalism began heeding eastern philosophers who taught the opposite.
"You should never engage in action only for the desire of rewards," Lord Krishna told his disciples, as recounted in the Bhagavad Gita, the ancient Hindu scripture from which Swami Parthasarathy takes his inspiration.
His latest message to the corporate world is that most people are not thinking for themselves. Instead, they follow animal herd instinct, the lithe 84-year-old expounds during an interview in his well-appointed room at Abu Dhabi's opulent Emirates Palace Hotel.
He pulls out a five-year-old newspaper clipping of an event in Turkey that described how a sheep slipped off a cliff edge and tumbled to its death, prompting the entire herd of about 1,500 animals to follow it into oblivion.
"That is the herd mentality; that is how people today are behaving. The result is disastrous," he says.
He has a point. In September 2008, Lehman Brothers fell off a cliff. The rest is history.
Wall Street's fall from grace did not hurt the swami's livelihood. He is as much in demand as ever as an inspirational speaker at elite business gatherings. He has also recently published his 10th book, Governing Business Relationships.
The book has already attained best-seller status in the US, the fourth volume the swami has authored to do so. It will be launched in Abu Dhabi today. The book's premise is simple: people must exercise their intellects to manage their relationships, and not succumb to emotional urges that cause disorder, conflict and stress.
"The intellect should lead the mind," the swami states. "People resist the concept, so I explain it in language they understand. People run after instant pleasure, but this is not what will help them.
"Whatever is pleasurable in the beginning is detrimental in the end; whatever is unpalatable in the beginning is pleasurable in the end."
He uses exercise as an example. Starting an exercise programme is usually "uncomfortable" but yields dividends later. The Swami, who has a passion for cricket, continues to out-bat and out-run amateur players half his age. His daily exercise regimen comprises a 3km jog supplemented by yoga for strength.
He rises at 4am daily to write for two hours. But after 6am, he says, the quality of his output falls off.
"Please don't ask me why, because nobody knows why it is so, but whatever satva you have surfaces between 4am and 6am," he elaborates.
Satva is one of three states of mind that, according to Vedanta, contribute to individual personality. It is a state of poise, serenity and maturity that leads to contemplative objectivity.
Rajas, which dominates the daylight hours, is a state of "frenzied activity with a lot of mental agitation" that causes people to rush and worry.
Tamas, which surfaces after dark, manifests itself as lethargy, indolence, inertia and sleep, resulting in recklessness and heedlessness. Greed and lust are additional manifestations.
While it may be tamas that underlies the drive to accumulate material wealth, and rajas that fuels it, only satva furnishes the means to succeed through increased personal productivity.
The lifestyles of the highly motivated western businessmen who seek his advice encourage only rajas and tamas, while suppressing satva, says Swami Parthasarathy. He even suggests the world would be a better place if everybody rose well before dawn, for instance heeding the Muslim pre-dawn call to prayer.
Abu Dhabi's leaders, the Swami says, are receptive to his message.
Swami Parthasarathy was born into a prosperous business family but does not consider himself a management expert.
"I left my roaring shipping business, my Rolls-Royce and my family," he says. "Since then I have not tried to earn anything. But how many people stay in a hotel such as this? I don't even know who is paying. It's certainly not me. Everything is taken care of.
"Money is the easiest thing to make when you have intellect."
tcarlisle@thenational.ae
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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.
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
more from Janine di Giovanni
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
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.”
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed