Sebastian Vettel heads Mark Webber, his Red Bull-Renault teammate, on his way to victory in yesterday’s Japanese Grand Prix. Jung Yeon-Je / AFP
Sebastian Vettel heads Mark Webber, his Red Bull-Renault teammate, on his way to victory in yesterday’s Japanese Grand Prix. Jung Yeon-Je / AFP

Vettel enjoys a perfect day at Suzuka



SUZUKA // There have been times this year when Sebastian Vettel's self-control has let him down, but yesterday was not among them. From the moment he beat Mark Webber, his Red Bull-Renault teammate to pole position, the German looked a sure-fire favourite to win the Japanese Grand Prix for the second year in succession. Circumstances made it a challenging race, but Vettel was flawless. He and Webber had been separated by just seven hundredths of a second during the rain-delayed qualifying session, which began five hours before the race rather than the customary 24.

Vettel started well, but Robert Kubica (Renault) was more spectacular, vaulting from third to split the Red Bulls on the run to the first turn. The safety car was called for almost before the field had reached Turn Two though. Nico Hulkenberg (Williams-Cosworth) and Vitaly Petrov (Renault) collided on the pit straight, while Felipe Massa (Ferrari) lost control under braking for Turn One and hit the innocent Vitantonio Liuzzi's Force India-Mercedes.

"Nico Rosberg made a really bad start and I passed him to the right," said Massa, who was only 12th on the grid after a mistake in qualifying. "I was squeezed to the right on the run to the first turn, however, and was unable to avoid the grass. At that point, I could no longer steer." Kubica's presence should have given Vettel a buffer, but the Pole's right rear wheel fell off before the race restarted - the team later discovered their wheel guns were incorrectly calibrated, so Petrov would have suffered the same fate had he not already crashed.

The race resumed at the end of lap six and the Red Bulls immediately edged clear of Fernando Alonso's Ferrari, with Jenson Button and Lewis Hamilton (McLaren-Mercedes) tagging along in their wake - the five title contenders again to the fore. Vettel and Webber made their mandatory tyre stops on laps 24 and 25 - Red Bull reacting to the sight of Ferrari's crew emerging in the pits. "We wanted to bring Seb in on the same lap as Alonso and Mark one later, because we felt there might be a significant advantage on new tyres and Fernando was still a little too close for comfort," Christian Horner, the Red Bull team principal, said.

They rejoined as they were, ahead of Ferrari, but Button - uniquely, among the top four - started the race on the harder Bridgestone tyre and was due to run a long opening stint. Vettel remained behind him until Button finally stopped on lap 38 - and Red Bull felt McLaren were using the world champion to slow the pace and bring Hamilton into the frame. "Some teams might race like that, but we don't," said Martin Whitmarsh, the McLaren team principal.

Vettel was subsequently able to control proceedings from the front, but Webber matched him for pace and the fraction that divided them during qualifying ultimately made the difference. "It has been an incredible day with everything happening all at once," Vettel said. "Most of our guys didn't sleep from Thursday until Saturday because they were working on the car, so it was probably good for them that qualifying was postponed.

"The car became nicer to drive as the fuel load went down and I absolutely love this track." Button slipped to fifth after his stop, but passed his teammate when Hamilton lost use of third gear with 15 laps to go, and the pair traded places and finished fourth and fifth. sports@thenational.ae

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.”

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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