Going by the book: The best autumn novels



The past six weeks have been so unusually brilliant for ambitious, much-anticipated novels - such as Michael Chabon's Telegraph Avenue, Zadie Smith's NW, Martin Amis's Lionel Asbo and Ian McEwan's Sweet Tooth - that literary reviewers have struggled to find space to do them all justice.
And the boom shows no sign of slowing. The publication today of JK Rowling's The Casual Vacancy should help the recent surge in book sales stay high. It's possible that the early-autumn rush is because of the US election in November. Publishers might not want to compete with Mitt Romney and Barack Obama for press coverage, but there are plenty of big books coming out next month and beyond. Here is our guide to some of the most eagerly awaited.
 
The Casual Vacancy by JK Rowling (Little, Brown; out today)
A black comedy without a wand or an owl in sight, JK Rowling's first novel for adults, set in a deceptively pretty English town, is about a parish councillor who dies, leaving his seat empty and sparking a vicious election battle. As with the Harry Potter books, The Casual Vacancy has been kept so tightly under wraps that advance copies were not sent to the press, although the book's American publisher, Michael Pietsch, says its humour and humanity reminds him of Dickens.
The Silent House by Orhan Pamuk (Knopf; October 9)
This novel from the Nobel Prize-winner has already been published in seven other European languages and finally gets an English release this autumn. The book tells the story of three siblings who visit their bedridden grandmother in a crumbling house on the outskirts of Istanbul one month before Turkey's 1980 military coup. Pamuk has said that young people tend to like it best among his books because of its tangible youthful spirit.
 
The Fifty Year Sword by Mark Z Danielewski (Pantheon; October 16)
The House of Leaves author only published 1,000 copies of this grown-up ghost story at US$1,000 (Dh3,673) apiece when it first came out. Now it's being widely released in time for Halloween at a more affordable price. Telling the spooky story of an invisible sword that inflicts wounds that only appear when the victim turns 50, the book is as visually inventive as we've come to expect from Danielewski, with unconventional layouts and coloured quotation marks to indicate who is narrating.
 
The Testament of Mary by Colm Tóibín (Viking; October 25)
As if it wasn't audacious enough to write in the voice of Henry James for his 2004 novel The Master, Tóibín chooses the Christian figure of Mary as the narrator of his ninth published novel. An ageing, exiled Mary refuses to believe that her martyred son was the son of God and won't cooperate with the writers of the gospels. It won't fail to be a talking point when it's published next month in the UK and November in the US.
 
Flight Behaviour by Barbara Kingsolver (Harper; November 6)
An unhappily married woman in her 20s, living on a failing farm in rural Tennessee, escapes to a mountain cabin to embark on a destructive affair but stumbles across a breathtaking natural phenomenon that changes her life. It has only been two years since Kingsolver won the Orange Prize for The Lacuna, and this environmentally conscious tale - of a woman whose sheltered existence is invaded by scientists, tourists and the media - is getting similarly glowing early reviews.
 
Back to Blood by Tom Wolfe (Jonathan Cape; October 25)
"In Miami, everybody hates everybody," says the Cuban mayor in the latest novel from the 81-year-old Wolfe. Back to Blood examines class, race, corruption, ambition, money and sex in a way that's familiar to anyone who's read The Bonfire of the Vanities, but this time the action happens in the Magic City, a place dominated and run by recent immigrants. At his best, Wolfe has a keen eye for social observation and here he focuses it on Haitian femme fatales, an Anglo sex therapist, Cuban cops and the Russian mob.
Woes of the True Policeman by Roberto Bolaño (Farrar, Straus and Giroux; November 13)
Bolaño was reported to have worked on this posthumously published novel for 30 years until his death in 2003. Set, like 2666, in a northern Mexican border town haunted by the unsolved killings of women, it follows an exiled, widowed Chilean professor who begins an affair with a young art forger, while his daughter Rosa sends romantic letters to a basketball player in Barcelona. The police investigation that follows is laced with plenty of plot twists and black humour.

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.”

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

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