Gimme the tick tock on that new business space



If you ever find yourself at lunch with a group of journalists – and if you do, you have my sympathies, because you’re the one who is going to be stuck with the bill – you’ll fit in with them more easily if you know a little of their professional lingo.

For instance, when a reporter writes a story that lays out events in step-by-step, chronological fashion, they call the resulting article a “tick tock” piece.

“Gimme the tick tock,” American reporters will sometimes say when they want the first-this-happened, then-that-happened sequence of events. The phrase is derived, I suppose, from the sound of the minutes ticking by on a clock and it’s one of those vivid and instantly understandable phrases that certain industries are filled with.

Even serious industries like the military have their own specific phrases. A friend of mine who served multiple stints in the United States Marines would describe helicopter training as “turning money into noise”.

I’ve stolen that phrase many times since I first heard it. It’s come in handy on movie sets.

Some insider lingo is designed to animate and colour something basic – that’s what “tick tock” does. It makes a simple and prosaic kind of newspaper article sound snappy and interesting. We screenwriters often use the phrase “hang a lantern on it” when we’re struggling with a plot contrivance or coincidence so unrealistic that the only way to make it believable is to have one of the characters remark on it in dialogue.

“What are the odds of meeting you here?” one character might say to another after an implausible – and utterly artificial – meeting. The theory is, if you acknowledge it – even call attention to it – by “hanging a lantern” on it, then you somehow make the cheap trick seem a little less objectionable.

The catchphrases of the business world are a lot more drab. A few years ago, people started talking about certain business sectors as “spaces”. Companies were said to be “entering the online space”. Fast-food restaurants were investing in the “healthy food option space”. Every executive worth his outsize bonus was suddenly talking about this “space” or that “space”.

It sounded odd, at least to me, when some television networks announced that they were investing heavily in the “drama space”, – meaning, I guess, that they were going to be making more television dramas. But the phrase “drama space” just made me think of a room somewhere with padded walls where people could behave in overly dramatic ways. Feeling the need to be really dramatic? Then head on down to our “dramatic space”.

Now, of course, most television networks are making big moves into web-based programmes, or “the streaming space”. That makes me think of a room somewhere, too, but it’s a much more unpleasant image.

Many years ago, when Disney executive Jeffrey Katzenberg was leaving that studio to start up DreamWorks, he said something in an interview that was philosophical and deep. The transition from one job to the next had been tumultuous – there were bitter words exchanged between him and his boss – but what he said in the article was: “At the end of the day, what do you want your life to be about?”

“At the end of the day” was not, at that time, a phrase people used a lot. But when a powerful person in Hollywood uses new-sounding dialogue in public, pretty soon everyone is using it. A week or so after the article appeared, people were saying “at the end of the day” pretty much hourly.

A year or so ago, for instance, once I had learnt the phrase “tick tock”, I used it in a script meeting. I wanted the characters to really lay out the consequences of whatever it was they were trying to avoid – this is what was once popularly called “raising the stakes” – and I said: “I just think we need to hear the tick tock of what they’re afraid of.”

That was two years ago. Yesterday, in a totally unconnected conversation with a completely separate cast of characters, someone told me that she was rewriting a scene to put in more “tick tock”.

I’m not saying I introduced the phrase into the bubble, but, well, who knows? In my case, it took two years for the phrase to come around again. In Jeffrey Katzenberg’s case, it was a couple of weeks. But now that I’ve introduced it to the newspaper space, who knows?

Rob Long is a writer and producer based in Hollywood

On Twitter: @rcbl

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.”