James Corden has promised to "go out with a bang" as he announced he will depart The Late Late Show next year.
Revealing the news personally during the latest episode of the US talk show, he said the programme had "changed my life" and promised there would be "lots of tears" when his tenure came to an end.
Corden has extended his contract with CBS to present the show for one more year before finishing in the summer of 2023.
"Seven and half years ago I started hosting this show and there's no other way to put it, it has changed my life," he said.
"I love it, I love all the people that work here, I am so proud of what we've achieved, it's been beyond my wildest, wildest dreams.
"When I started this journey it was always going to be just that, a journey, an adventure.
"I never saw as it as my final destination, and I never want this show to overstay its welcome, I love making it and I really think in a year from now that will be a good time to move on and see what's out there."
Despite his status as a British host of a US late night show, Corden has enjoyed immense success with the programme, which features scores of celebrity guests and special segments.
His popular Carpool Karaoke series, in which he drives to work with different musicians, singing their back catalogue over the radio and discussing their careers, has included Adele, BTS, Billie Eilish, Sir Paul McCartney and the Red Hot Chili Peppers.
He promised viewers that his final 12 months would be full of fan favourites and "other surprises", which would be "a blast".
"We are all determined to make this the best year we have ever had ... we are going to go out with a bang," he said.
"There's going to be carpools and crosswalks and sketches and other surprises and there will be tears, there will be so many tears."
He added: "This has been the hardest decision I've ever had to make. I've never taken this job for granted. Ever. Not once.
"The fact that you watch this ... all over the world ... is an absolute privilege for me and every single person who makes this show.
"Here's to the next 12 months and it's going to be a blast, I promise you that."
Corden took over as presenter of The Late Late Show in 2015 from Scottish-born comedian Craig Ferguson, who spent 10 years as host.
His first episode, which was broadcast in March of that year, featured Hollywood superstar Tom Hanks as a special guest.
George Cheeks, president and chief executive of CBS, told Variety: "In my two years at CBS, I've had the privilege to see James' creative genius up close and experience his valuable partnership with CBS, both as a performer and a producer.
"We wish he could stay longer, but we are very proud he made CBS his American home and that this partnership will extend one more season on The Late Late Show."
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
