Ice Age 3


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Fox Animation may be languishing well behind DreamWorks, Aardman, Disney and Pixar as far as brand recognition goes, but the popular Ice Age franchise and last year's hit, Horton Hears a Who!, suggests that the studio is doing something right.

Subtitled Dawn of the Dinosaurs (nonsensically: it's set after their supposed extinction), Ice Age 3 is strictly surplus to all natural storytelling requirements. Make no mistake: it only exists because the accountants demanded it. But every studio needs to exploit its cash cows and it takes real craftsmanship, if not artistry, to do it so well. In 2002, the first Ice Age movie was a kind of anthropomorphised Three Men and a Baby, although you could trace its roots further back, to the John Ford/John Wayne western Three Godfathers (itself a remake of a silent picture from 1916) in which a trio of bankrobbers accidentally inherits an infant. In the animated version, a sloth (Sid), a woolly mammoth (Manny) and a sabre-tooth tiger (Diego) are thrown together by circumstance and the discovery of a mewling human baby. Putting aside their differences (and Diego's natural inclination to eat the kid), they embarked on a risky journey to restore him to his people.

Come 2006's Ice Age: The Meltdown: Manny meets a mate, Ellie, who is under the mistaken impression that she is a possum and the strange herd saves the entire valley from a potentially devastating flood. In Dawn of the Dinosaurs, Ellie is with child, Manny is thoroughly domesticated, Diego is hearing the call of the wild, and klutzy and addlebrained Sid is feeling broody - so much so that when he happens across three seemingly abandoned eggs, he adopts them as his own. The babies that emerge all have big teeth and appetites to match, but Sid is not discouraged until an angry T-Rex comes to reclaim them and leads him down to a subterranean "lost valley" of the dinosaurs. Needless to say, Sid's pals decide they must follow.

After a lachrymose start that belabours the fissures threatening the friendship of the three males, Ice Age 3 soon reverts to the frantic pace of its predecessors. Underground (a much more verdant environment than you might expect), Sid and his friends face one perilous adventure after another. With their breathless concentration on high-stakes action - intermingled with a few choice wisecracks - these movies are really a throwback to the Looney Tunes shorts that came out of Warner Bros in the 1940s and 1950s: it's safe to say that Wile E Coyote and Roadrunner would be up to speed in this company.

The franchise even has its own supporting short in the shape of a running gag about a mute squirrel, Scrat, and his fruitless attempts to hold on to an elusive acorn. In this instalment, his struggles are complicated by the arrival of a female squirrel, who is both a rival for the nut and a distraction in her own right. Of course, the Looney Tunes shorts didn't have to sustain our interest for 94 minutes, and Ice Age: Dawn of the Dinosaurs struggles to find room to develop each of what is now a lengthy cast of characters. Diego (voiced by Denis Leary) and Manny (the Everybody Loves Raymond star Ray Romano) are left fighting over scraps in a script which doles out perfunctory character arcs like goody bags at a children's party: everyone gets one but they'll be landfill by morning.

Meanwhile, the irritatingly immature and idiotic Sid (the perennial supporting player John Leguizamo) gets the lion's share of the dramatic focus and the comedy bragging rights. More accurately, he splits most of the screen time with yet another character, a one-eyed weasel named Buck who serves as a guide to the land of the dinosaurs. Voiced by the British comedian Simon Pegg (Shaun of the Dead), Buck is a reckless adventurer likely modelled on Shrek 2's scene-stealing Puss in Boots.

Buck is an engagingly eccentric fellow - evidently out of his mind and often as not dead wrong in the leadership department. The filmmakers seem to be in two minds themselves about whether to keep him on hand for a potential third sequel, but the truth is that the next Ice Age needs less characters and more story. There is enough wit and technical acumen on display to keep part three moving along briskly, but take a step back and you can see the series is running on a treadmill. It can't go much faster before falling flat.

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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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