Some Swiss banks have been having a hard time of it lately, but Omar Mirza, the managing director of the 200-year-old Geneva-based Pictet's business in the Middle East sees opportunities for growth.
Pictet opened in Dubai just as the financial crisis was brewing. How has business been since then?
We opened our representative office in Dubai in 2007, and our business continues to grow in line with our expectations. We are pleased with the client base we have developed in the Middle East during the past five years.
Why did you choose Dubai?
Our strategy has been to open offices where on-the-ground support for our institutional clients is necessary and where we have significant opportunity for growth. The emergence of a strong entrepreneurial culture, coupled with greater institutionalisation of investment processes and teams, has provided us with increased asset management opportunities in these markets.
Regarding Dubai specifically, we chose the emirate for a variety of reasons including proximity to key institutional investors, strong infrastructure to facilitate travel around the region and an established regulatory framework, as well as a good quality of life for our staff.
Who are the main clients in the region for your asset-management services?
Our primary client base comprises both institutional clients like sovereign wealth funds, central banks, pension funds and family offices. We have identified promising future growth opportunities for our asset management business, particularly with large pension funds, sovereign wealth funds and central banks.
Our Luxembourg-based mutual funds are also available to investors in the region via well-established insurance platforms and distributors. In line with the new SCA [Securities and Commodities Authority] regulations for mutual funds distribution in UAE, all our mutual funds are registered with SCA before any local distributor can promote them to any UAE-based investor.
Where does Pictet stand on the "end of equities" debate? Shouldn't investors be more interested in fixed-interest products now, especially in the Arabian Gulf region?
As far as valuations are concerned, equities are cheap relative to government bonds but on absolute, long-term valuation metrics they appear fairly valued at best.
In our view, the investment appeal of higher-yield fixed income assets such as speculative-grade corporate debt and emerging market sovereign bonds remains strong following acceleration in the pace of monetary easing in both the United States and Japan.
Emerging market (EM) debt looks particularly attractive given that the base rate differential between developed and developing economies has widened over the course of the year and this rate gap should provide strong support for emerging market currencies, one reason why we favour local over dollar-denominated EM debt.
Tell me about "thematic global equities". How does the concept differ from conventional equity investment?
Conventional global equity strategies are mostly built around cap-weighted indexes and look at past winners, while in thematic global equities strategies we look at future winners after identifying key drivers for each theme.
"Themes" or "megatrends" are profound developments that will shape the progress of human civilisation over decades. Some of these trends, such as the environmental challenge, will have a significant impact in determining our future.
Global themes are subject to persistent, secular changes in social and economic factors such as demographics, lifestyle, regulation and environment. We believe that the basis for successful theme investment lies in identifying these megatrends, because they hold the potential for excellent long-term growth, irrespective of short-term or speculative fluctuation.
Pictet has been a pioneer of thematic investment, launching dedicated theme funds in a systematic way. For example, the Pictet Biotech - launched in 1995 - was one of the first funds to invest in biotechnology stock. In 2000, we were the first to launch a water fund, which remains one of the few funds of its type. In 2008, we launched the first timber fund investing in listed companies covering the entire timber value chain.
How does Pictet's "partnership model" differ from other wealth and asset management structures?
Pictet is a partnership owned by eight managing partners who stand personally and entirely liable for the bank's commitments.
This means that we have total financial independence, control the entire chain of operations and do not need the approval of shareholders when taking decisions.
What does the future hold for Swiss private banking and asset management?
In times of financial uncertainty, there is flight to quality and this has become increasingly apparent recently. The Swiss private banking industry has proven itself as safe haven for investors over the past 300 years and I believe this will remain in the future.
Furthermore, the recent global financial meltdown and some of the causes for it, is making even institutional investors return to basics on asset management side. This will benefit houses like Pictet, which have always tried to keep things simple by staying away from investment banking, proprietary trading and commercial/corporate lending.
fkane@thenational.ae
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
SWEET%20TOOTH
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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 smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
SERIES INFO
Schedule:
All matches at the Harare Sports Club
1st ODI, Wed Apr 10
2nd ODI, Fri Apr 12
3rd ODI, Sun Apr 14
4th ODI, Sun Apr 16
UAE squad
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Zimbabwe squad
Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
SOUTH%20KOREA%20SQUAD
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Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
