Wolfgang Petersen worked with Hollywood stars including Clint Eastwood, Brad Pitt, George Clooney and Dustin Hoffman. Reuters
Wolfgang Petersen worked with Hollywood stars including Clint Eastwood, Brad Pitt, George Clooney and Dustin Hoffman. Reuters
Wolfgang Petersen worked with Hollywood stars including Clint Eastwood, Brad Pitt, George Clooney and Dustin Hoffman. Reuters
Wolfgang Petersen worked with Hollywood stars including Clint Eastwood, Brad Pitt, George Clooney and Dustin Hoffman. Reuters

Wolfgang Petersen, director of 'Das Boot' and 'Air Force One', dies aged 81


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Wolfgang Petersen, the director of hit films such as Das Boot and Air Force One, has died.

The German filmmaker, 81, had been battling pancreatic cancer and passed away at his home in Los Angeles, California, on Friday.

Petersen shot to fame with his breakthrough war epic Das Boot in 1982, it was the most expensive film in German history and tells the story of claustrophobic life on-board a doomed German U-boat during the Battle of the Atlantic, with Jurgen Prochnow as the submarine’s commander.

Heralded as an antiwar masterpiece, Das Boot was nominated for six Oscars, including for Petersen's direction and his adaptation of Lothar-Gunther Buchheim’s best-selling 1973 novel.

Petersen, born in 1941 in Emden, a port city in north Germany, recalled as a child running alongside American ships as they threw down food. In the confusion of post-war Germany, Petersen — who started out in theatre before attending Berlin’s Film and Television Academy in the late 1960s — gravitated towards Hollywood films with clear clashes of good and evil.

"In school they never talked about the time of Hitler — they just blocked it out of their minds and concentrated on rebuilding Germany," Petersen told The Los Angeles Times in 1993. "We kids were looking for more glamorous dreams than rebuilding a destroyed country though, so we were really ready for it when American pop culture came to Germany. We all lived for American movies and by the time I was 11 I'd decided I wanted to be a filmmaker."

Das Boot launched Petersen as a filmmaker in Hollywood, where he made features such as Outbreak (1995), The Perfect Storm (2000) and Troy (2004) with Brad Pitt.

But Petersen’s first foray in American filmmaking was the enchanting 1984 child fantasy The NeverEnding Story. Adapted from Michael Ende’s novel, The NeverEnding Story was about a magical book that transports its young reader into the world of Fantasia, where a dark force known as the Nothing rampages.

Arguably Petersen’s finest Hollywood film came almost a decade later in 1993’s In the Line of Fire, starring Clint Eastwood as a Secret Service agent protecting the US president from John Malkovich’s assassin. In it, Petersen marshalled his substantial skill in building suspense for a more open-air but just as taut thriller that careened across rooftops and past Washington DC monuments.

Seeking a director for the film, Eastwood thought of Petersen, with whom he had chatted a few years earlier at a dinner party given by Arnold Schwarzenegger. Eastwood met with Petersen, viewed his work and gave him the job. In the Line of Fire was a major hit, grossing $177 million worldwide and landing three Oscar nominations.

“You sometimes have seven-year cycles. You look at other directors; they don’t have the big successes all the time. Up to NeverEnding Story, my career was one success after another,” Petersen told Associated Press in 1993. “Then I came into the stormy international scene. I needed time to get a feeling for this work — it’s not Germany anymore.”

Petersen considered the political thriller — which cast the heroic Eastwood as the tired but devoted defender of a less honourable president — an indictment of Washington.

"When John’s character says: ‘Nothing they told me was true and there’s nothing left worth fighting for,’ I think his words will resonate for many people,” Petersen told The Los Angeles Times. “The film is rooted in a profound pessimism about what’s unfortunately happened to this country in the last 30 years. Look around — the corruption is everywhere and there’s not much to celebrate."

After Outbreak, with Dustin Hoffman, Rene Russo and Morgan Freeman, Petersen returned to the presidency in Air Force One (1997). Harrison Ford starred as a president forced into a fight with terrorists who hijack Air Force One.

Air Force One, with $315 million in global box office, was a hit, too, but Petersen went for something even bigger in 2000's The Perfect Storm, the true-life tale of a Massachusetts fishing boat lost at sea. The cast included George Clooney and Mark Wahlberg but its main attraction was a 30-metre computer-generated wave. With a budget of $120 million, The Perfect Storm made $328.7 million.

For Peterson, who grew up on the northern coast of Germany, the sea long held his fascination.

“The power of water is unbelievable,” Petersen said in a 2009 interview. “I was always impressed as a kid how strong it is, all the damage the water could do when it just turned within a couple of hours, and smashed against the shore.”

Petersen's followed The Perfect Storm with Troy, a sprawling epic based on Homer's Iliad that found less favour among critics but still made nearly $500 million worldwide. The big-budget Poseidon (2006), a high-priced flop for Warner Bros, was Petersen's last Hollywood film. His final film was 2016's Four Against the Bank a German film that remade Petersen's own 1976 German TV movie.

Petersen was first married to German actress Ursula Sieg. When they divorced in 1978, he married Maria-Antoinette Borgel, a German script supervisor and assistant director. He's survived by Borgel, son Daniel Petersen and two grandchildren.

— With additional reporting by Associated Press

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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.”

Updated: August 17, 2022, 6:55 AM