Win or lose, No Risk al Maury will remain a contender

DUBAI // He won the first Purebred Arabian race at Meydan Racecourse and now No Risk al Maury bids to claim the final contest of the 2010 Carnival at the new track. His victory in the Al Maktoum Challenge Round I, which got racing under way at Meydan Racecourse on January 28, delighted his trainer, Gillian Duffield. If he can claim the third instalment of the prestigious series tonight, No Risk al Maury will set himself up as a force to be reckoned with for the showpiece of Arabian racing, the US$250,000 (Dh918,250) Dubai Kahayla Classic on World Cup day.

Duffield, a four-time UAE Arabian champion trainer and current championship leader, said No Risk al Maury is destined for the Kahayla Classic whether he wins tonight or not. "He's definitely getting a run on World Cup day," said Duffield who was the handler responsible for the great Madjani's record-equalling three consecutive victories in the season-ending race. "He is in great shape. "He had a little rest after his last outing but he's been back in full training and doing very well."

No Risk al Maury, unsurprisingly after the way he won the opening race of the season, is the choice of owner Sheikh Hamdan bin Rashid's jockey, Richard Hills. Kandar du Falgas is one that opposes Sheikh Hamdan's horse. He won the Al Maktoum Challenge Round I over eventual Kahayla Classic winner, Fryvolous, last season but could manage only fourth in the same race this time. Trained by Doug Watson, he is ridden by Tadhg O'Shea.

Jinad, the fleet-footed yet tricky customer from Saifaldin Deeb, will be expected to atone for an inconsistent run two weeks ago. He was the fastest-finisher in the race, but had metres of extra ground to make up after shying wide at the bend. William Buick is in the irons today. @Email:stregoning@thenational.ae

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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.”

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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi

Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi

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Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi

Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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