Emma Watson in The Bling Ring. Photo by Moviestore / Rex Features
Emma Watson in The Bling Ring. Photo by Moviestore / Rex Features
Emma Watson in The Bling Ring. Photo by Moviestore / Rex Features
Emma Watson in The Bling Ring. Photo by Moviestore / Rex Features

Chain reaction: what The Bling Ring tells us about modern celebrity culture


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Back in 2009, a story broke that summed up the celebrity-soaked world we now live in. For nine months, five Los Angeles teenagers had been tracking their idols on social networking sites to see when they were out of town – then burgling their homes. Victims ranged from Paul Oakenfold to Paris Hilton, with more than US$3 million (Dh11m) of luxury goods and cash stolen.

According to Sofia Coppola – the 42-year-old Oscar-winning (Lost in Translation) writer-director whose new film The Bling Ring documents this crime spree – it was never about the money.

“I think it’s about middle-class suburban kids wanting to be part of this life they think is glamorous, which is being promoted in our culture today,” she says. “They talked about being a celebrity, having status brands and not really about doing some work [to achieve that].”

Ironically, the Bling Ring-ers got exactly the notoriety they wanted. Their activities catalogued in a Vanity Fair article The Suspects Wore Louboutins, the sisters Alexis and Gabby Neiers also saw their arrest and trial chronicled in the reality show Pretty Wild. When Alexis was sent to jail, she even cooled her heels in a cell adjacent to one occupied by Lindsay Lohan, one of the Bling Ring's victims.

While Coppola met Nick Prugo, the only male member of the gang, “I’m not so concerned about those five kids,” she says. More important “was this idea of where our culture is going” – fuelled by the rise of reality television and the internet – and “how this instant information might be affecting young people”. Celebrity is also a theme pertinent to Coppola, from the 18th-century French queen in 2006’s Marie Antoinette to Stephen Dorff’s unravelling actor in 2010’s Somewhere.

This fascination is hardly surprising, given she's the daughter of Francis Ford Coppola, the titanic director of The Godfather; cousin of Nicolas Cage; and ex-wife of filmmaker Spike Jonze. But Coppola is more like an amused observer of LA's celebrity-crazed culture, living as she does in Paris with her musician husband Thomas Mars and their two daughters. "I think everything in moderation; I participate in some [of this world] – I don't want it to be all of my life."

Largely casting unknowns (with the exception of Emma Watson) as the Bling Ring gang, Coppola nevertheless used her sway in Hollywood to flesh out the film with some genuine stars. Kirsten Dunst, from Coppola's 1999 debut The Virgin Suicides, can be glimpsed in one scene, as can Paris Hilton, a real-life victim of the Bling Ring gang, who even let the production use her garish Hollywood Hills mansion.

“She told me it was upsetting for her to see all those people in her house,” says Coppola of the socialite. So upsetting that Hilton accompanied Coppola and her cast to the French Riviera, where the film opened the Un Certain Regard strand of the Cannes Film Festival this May. As much as the fame-hungry Hilton may be a victim, you might argue that she is part of the problem: famous for the sake of it and an unhealthy role model for those Bling Ring-ers.

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The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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.”