Kerashan, under Antioco Murgia, wins the Ghee Whizz Carrere feature last night.
Kerashan, under Antioco Murgia, wins the Ghee Whizz Carrere feature last night.

Murgia steps up to the mark



ABU DHABI // The Italian apprentice Antioco Murgia made the most of his unexpected ride to win the feature Ghee Whizz Carrere race in the capital last night. Murgia, who was substituting for the injured Emirati rider Ahmed Ajtebi, made every yard of the running on the Ali Rashid al Raihe-trained Kerashan to win by six lengths from Jackson with Felix a further half-a-length behind in third.

"He is an honest horse. It is true he [Murgia] was the stable's second string but he took his chance and won on merit," said al Raihe. "It may be the return to the turf and Antioco rode a good race making all the running." The eight-year-old gelded son of Sinndar had strung out the field at the halfway mark of the 11-furlong race. "I looked over my shoulder after turning for home and we were comfortably in front and he has still going strong. He gave me an absolutely wonderful ride," Murgia said of Kerashan.

The pre-race favourite Envisage was last when the field rounded the penultimate bend and could only finish in the middle of the pack. Rod Simpson got off to a bright start with No Limit Del Ma running away with the opening race, a maiden over the mile distance, on only his second career start under Daragh O'Donohoe. "He picked up well when asked for an effort and ran on gamely," said O'Donohoe. "He's still a baby and so there should be improvement,"

Abu Dhabi Non Stop went down by half-a-length after challenging all the way to the finishing line with Salima De Faust a further three-quarter-lengths behind in third. Royal Class and Jawhara Al Reef provided back-to-back victories for Gillian Duffield under two different jockeys for two different owners. Royal Class, winner of a Group Two prize at Newbury and a Listed race in Abu Dhabi, burst through the pack to win the Bibi De Carrere handicap under Tadhg O'Shea in the silks of Sheikh Hamdan bin Rashid.

The Irishman drove the five-year-old clear in the final 200 yards to win by one-and-a-half lengths from AS Muheeb, who tried to make all the running under Richard Mullen. "He was on a handy mark to win and won very well. He travelled well and picked up well when I asked for an effort," said O'Shea after riding his 21st winner of the season. Ted Durcan completed Duffield's double on Jawhara Al Reef in the silks of Abdul Malik al Yaqoub. The seven-time UAE champion jockey had the easiest of the winners on the night in the maiden race for local bred fillies and mares.

"She stepped up on her debut effort. She wasn't given a hard race on her first start and didn't have to be pushed hard to win this time either," said Durcan. "She's a very nice filly and can win more races." Bakhit al Ketbi's AF Asasi bounced back to claim his second prize in three starts under Wayne Smith in the Al Wathba Stud Farm for private owners, while Eric Lemartinel's Albar Lotois followed up his maiden win last week with another impressive effort to run away with the Nez D'or handicap.

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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. 

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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.”