Charice: ‘I’m proud to represent the Philippines’

Turning the page of a new chapter – this is how the Filipino singing sensation Charice describes her forthcoming performance at the Yasalam Beats on the Beach in Abu Dhabi during the F1 weekend.

After breaking onto the international scene in 2007, her fame has skyrocketed, with TV appearances on The Ellen DeGeneres Show and Oprah providing worldwide exposure.

Charice further cemented her reputation as one of the pop artists to watch with the release of her 2010 self-titled debut album, which spawned the hit single Pyramid.

She also appeared in the American musical comedy-drama TV series Glee, and the movies Alvin and the Chipmunks: The Squeakquel (2009) and Here Comes the Boom (2012).

We caught up with her to find out her thoughts about her early fame, changing musical direction and performing with other artists in Abu Dhabi.

You’ve been to the UAE before, so what makes this visit special?

aI was just looking at the artist line-up and I can’t help but feel excited with the variety of genres and performers. I feel proud at the thought of representing the Philippines and being mentioned alongside other artists that I admire, such as Jason Derulo.

Are you still prone to fits of career retrospection and does everything still feel like a dream?

Definitely. Every time I chance upon some old videos, it still feels surreal and I’m really grateful. No matter what happens, maybe I have something that people will always remember about me.

How would you describe the new Charice and your current artistic direction?

I think I’m at that point where I know exactly what I want. Initially, particularly in the Philippines, people are comparing me to Sarah [Geronimo] or Regine [Velasquez]. I genuinely admire both singers, but I saw myself going a different route even back then – a style where I’m more comfortable.I see my Abu Dhabi performance as sort of a comeback and a chance to introduce the new Charice.

Is there a chance that we will see you again on TV and in movies?

Not at the moment. I’m focusing on music and we’re in talks with a new label in the United States for an album to be released internationally.

Acting takes too much of your time, based on my experience. For now I just want to continue making new music. Perhaps in the future I can dabble again in acting if there’s time and an opportunity.

Charice performs at Yasalam Beats on the Beach concert on the Abu Dhabi Corniche on Thursday. Other performers include Juicy J, Chada Hassoun, Two Tone, Jae Franklin and Nikotin. For more information, visit www.yasalam.ae

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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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