Not all authors must have prizes



A couple of years ago the crime author Karin Slaughter was in Dubai for the Emirates Airlines International Festival of Literature. Someone asked what she thought of the way book awards tended to overlook popular genre toilers like herself. Her response, magnificent in its steeliness, was that she saw awards as "welfare for people who write very slowly." Pros, one saw, didn't need prizes. This week, after two of the world's most prestigious literary contests named their winners, it occurs to me that this might have been more than just a punchy line.

If Mario Vargas Llosa's Nobel victory caught most commentators on the hop, few disputed his worthiness. All the same, was he perhaps a little too worthy? The Nobel committee's record of political grandstanding and promotion of abstruse leftish obscurities (JMG Le Clezio, for instance) may get up a lot of noses, but what is a prize for if not to champion the authors who can't or won't sell themselves? Vargas Llosa is a good novelist who has written lots of decent books, garnered respectful reviews throughout his career and picked up a few readers on the way. He doesn't look bad in his fresh laurels but then, they don't add much to his established image either. In the ongoing conversation between the Nobel committee and the tastes of the world, he's a polite hesitation, a clearing of the throat.

This week Howard Jacobson's The Finkler Question won the Man Booker prize, which is open to Commonwealth writers. It's a more irksome development than the Vargas Llosa victory since it appears to have been taken for a daring choice. Jacobson's book was the rare comic novel even to enter contention for the Booker. Indeed, Jacobson wrote an essay in The Guardian earlier this month lamenting the fact that comic literature isn't taken more seriously. His own book happens to be well worth taking seriously: it is heartfelt, provocative and superbly well-crafted. If its reflections on Jewish identity flirt a little too enthusiastically with chauvinism, that too is serious.

Still, a remark from the Booker committee chairman Sir Andrew Motion struck a strange note. It would be a mistake, he explained, to think that The Finkler Question is "relentlessly middle-brow or easy-peasy" just because it was comic. "It is much cleverer and more complicated and about much more difficult things than it immediately lets you know." All of this is true, but there's still something depressing about a literary award defending its own populism, even when its populist choices have a profound side. However gleeful Jacobson might have been in victory, one can't help thinking that he, like Vargas Llosa, was doing quite nicely already, toiling far from obscurity for nearly 30 years.

The question of which qualities a book prize ought to recognise often becomes another way of asking what, at bottom, literature is for. It's the sort of question that has to keep turning up in disguise because its familiar answers all seem so feeble. Who really believes that reading novels can encourage moral discernment or foster empathy or help one to grapple with the absurdities of existence? Who became a wiser person for slogging to the end of Middlemarch or Palace Walk? All we can say with confidence is that reading novels teaches one about novels.

Yet we go on all the same, taking various sorts of pleasure in our reading. Some of these pleasures are amenable to commodification. The formula is cracked, a cottage industry establishes itself and a level of professionalisation becomes possible. Pros, you recall, don't need prizes. Other pleasures can be trickier: they resist replication or fail to attract mass audiences. It may be hard to make money out of them, but it's still a cause for celebration when they arise. And the appropriate form of celebration in such unusual cases is the literary prize. It broadcasts their existence and supports their production. They're cause for celebration and celebration can help cause them in return. Except, that is, when winners keep winning.

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

As You Were

Liam Gallagher

(Warner Bros)

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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.”