Keith Richards: A buccaneer's Life in the fast lane


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Life. Not A Life or The Life. Just Life.

The title offers some indication of where Keith Richards sees himself on the cosmic stage … but don't misread it. Celebrated, demonised, mythologised, Richards might seem the embodiment of rock star narcissism, and in terms of music and style, who's going to argue? Richards' journey is the central rock'n'roll trajectory, and for any fan of rock'n'roll, this wizened 66-year-old cat is the lead buccaneer.

But that title has a dual sense, of narcissism twinned with humility. Keith refers both to his own life, and the life that dwarfs us all, and that philosophy is central to his understanding of the creative process - and your understanding of it. Because for all the excerpted passages about his rampant drug use, for all the pithy comments about his band's singer, Richards is at least as interested in writing about and explaining his creative process - the mystery of where songs come from, how they are captured, the inspiration/perspiration tandem of their genesis and moulding. And it's a love story.

His love of music comes from his mum Doris, who "trained my ears to go to the black side of town", to Ella Fitzgerald and Louis Armstrong. Grandfather Gus and his nylon-strung guitar are a first glimpse into a musical future. Later, his rebel persona will be formed in that crucible of treason - the school choir.

Richards was a 12-year-old soprano competing for his school in a choir competition when he learned about betrayal. The school proudly displayed the trophies he and his mates had won, then kept them back a year for the classes they'd missed. "The moment that happened, Spike, Terry and I, we became terrorists."

And so music and outlaw were fused. Rock'n'roll-wise, his first impulse after experiencing the white flash of Heartbreak Hotel and its perfect starkness, is to imitate, learn, understand and become. There are lengthy passages on the nascent Rolling Stones' dedication to their craft, their abject poverty and devotion to learning the sound, their mission to become (white) Chicago bluesmen (in England).

The Stones were a cover band running out of covers when the Beatles gave them a new song they'd written, I Wanna Be Your Man. Songwriting would be important. Richards was learning that "you were really in one of the sleaziest businesses there is, without actually being a gangster. It was a business where the only time people laughed was when they'd screwed someone else over."

He describes the legendary moment when manager Andrew Loog Oldham locked him and Jagger in a kitchen, refusing to let them out until they'd written a hit. The only way you might protect yourself was to empower yourself, and the result was As Tears Go By. Fiscal lesson learned: it was "The first real cash I ever saw … you've got more than you've ever had in your hand ever, and more than your dad makes in a year."

But more important was the actual writing. Because as he and Jagger traded ideas, "something else took over somewhere in this process". That something else was work, craft.

Richards describes composing "using what we called vowel movement - very important for songwriters. The sounds that work." As in, wordless melody lines built up into words, from - well, sounds that work. Later, there is a remarkable passage on how Jumping Jack Flash, Street Fighting Man and most of Beggar's Banquet were due to him running cheap acoustic guitars through cassette players and overloading the audio. Still later, the evolution of the five-string guitars, open chords and the resulting drone notes that would make songs and an entire sound possible.

Richards loves his aphorisms, his rock'n'roll lexicon, and he's funny too.

But ultimately, songs - and Life - are about something bigger. There is a sublime description of the birth of Happy, of a kind of channelling, wherein "Once you have something, you just let it fly. When you're writing this, you've got to put your face in front of the microphone, just spit it out… Great songs write themselves. You're just being led by the nose, or the ears."

Remember, I said "love story". Which explains the least likely (to some readers) passage in the book. We've learned something about How he wrote songs. Was there a Why? "In a way you want to stretch your way into other people's hearts. You want to plant yourself there, or at least get a resonance, where other people become a bigger instrument than the one you're playing … an obsession to touch other people … A thread that runs through all of us. A stab to the heart."

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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