April 20 marks five years since Swedish DJ music producer Avicii died.
The performer, born Tim Bergling, died by suicide at the age of 28 while on holiday in Muscat, Oman. He was known for his hits including Wake Me Up, Levels and Hey Brother.
His family released a statement at the time describing him as a "fragile artistic soul searching for answers to existential questions".
Avicii's impact on the music industry is still felt today and there are to be several tributes to the DJ to mark the anniversary of his death.
Tomorrowland's One World Radio is honouring his memory with Avicii Day, a full programme honouring his legacy. The show will be hosted by MC Stretch.
It will be available to tune into from 8pm GST on Thursday and will include Avicii's Tomorrowland 2015 mainstage set, as well as tracks by the artist and "the most beautiful anecdotes about Avicii".
Avicii's father, Klas Bergling, has also spoken about his son's legacy to SiriusXM presenter Geronimo. According to SiriusXM, the interview looks back at the DJ's "legacy in the electronic community".
It will be available to listen to globally on the SXM App from 5pm GST on Thursday.
In March, DJ Armin van Buuren spoke to The National about the effect Avicii's death had on him.
“Tim's passing was a massive tragedy. It was something that was very hurtful,” van Buuren said at Ultra Abu Dhabi. “I cried when I heard that news. He was such a genius. His music will be remembered for ever.”
He went on to say the DJ's death has made him more aware of issues surrounding mental health.
“Mental health is now an issue and people are aware. When I started DJing, this was never a topic. You're like, 'Oh, I'm so tired'. [People would reply:] 'Oh, stop whining man, they're paying you so much money and you're on a private jet. What are you complaining about?' and that's the biggest pitfall.
“I think that's the biggest danger of this industry — no matter how great it is — is that it's very difficult for most artists to say no and to choose for themselves.”
Speaking to lifestyle magazine The Fader's podcast, Swedish DJ Tiesto remembered Avicii, whom he had known since 2008.
"I never understood what happened. I wish I had more time to talk to him about what was bothering him. I feel like maybe I could have helped him," Tiesto said.
"I get the pressure a lot of artists are under. [People] think artists are untouchable and they have no feelings, no heart, but it hurts."
In 2021, Stockholm's Ericsson Globe venue was renamed the Avicii Arena. Later that year, the Together For A Better Day concert was held, raising money and awareness for mental health in young people.
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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