Copies of J D Salinger's classic novel 'The Catcher in the Rye' as well as his volume of short stories called 'Nine Stories' at the Orange Public Library in Orange Village, Ohio. AP
Copies of J D Salinger's classic novel 'The Catcher in the Rye' as well as his volume of short stories called 'Nine Stories' at the Orange Public Library in Orange Village, Ohio. AP
Copies of J D Salinger's classic novel 'The Catcher in the Rye' as well as his volume of short stories called 'Nine Stories' at the Orange Public Library in Orange Village, Ohio. AP
Copies of J D Salinger's classic novel 'The Catcher in the Rye' as well as his volume of short stories called 'Nine Stories' at the Orange Public Library in Orange Village, Ohio. AP

Publisher to celebrate Salinger centennial


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With J.D. Salinger's centennial coming next year, the big news so far is that his publisher is planning to celebrate it.

Little, Brown and Company announced on Tuesday that new editions of The Catcher in the Rye and his three other works of fiction — Franny and ZooeyNine Stories and Raise High the Roof Beam, Carpenters and Seymour: An Introduction — would be released in November. Nationwide events will be announced later this year, Little, Brown said.

The anniversary editions will include paperbacks with new covers and a bound set of unjacketed hardcovers. Little, Brown did not mention any releases of books Salinger reportedly left unpublished at the time of his death in 2010.

"We're thrilled to be publishing these beautiful new editions to coincide with Salinger's centennial year," Little, Brown publisher Reagan Arthur said in a statement. "J.D. Salinger had a unique ability to connect with readers through a character's voice — readers have often said, upon encountering his fiction for the first time, that they felt as if it had been written just for them. We hope these reissued editions will help a new generation of readers discover the immense pleasures of reading his work."

According to Little, Brown, the New York Public Library will have an exhibition in October 2019, featuring "manuscripts, letters, books and artefacts from Salinger's archive."

Salinger readers may regret that no new work has been announced, but it's a surprise that his publisher will do anything.

In his lifetime, Salinger gave few interviews and had no use for anniversaries or reissues or anything that might attract publicity, such as allowing e-books or audio editions. Little had changed since his death.

"My father hated birthdays, holidays, and pretty much any planned or culturally mandated celebrations, and he'd certainly hate this centennial — but he loved writing and he loved his readers, and I hope his readers will be glad for an excuse to remember him in this way," Matt Salinger, the author's son, said in a statement.

"I would also love for more people to read his last two books, Franny and Zooey and Raise High the Roof Beam, Carpenters and Seymour: An Introduction, for I hear his voice the clearest in these," Matt Salinger said. "He once said that he wrote his first two books with at least part of an eye on selling them, whereas he wrote the last two because he longed to READ them. I hope that over the course of the year more people will join him in loving to read these books, and will come to know his work even better."

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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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