The Fifth Harmony. Photo by Ted Emmons
The Fifth Harmony. Photo by Ted Emmons
The Fifth Harmony. Photo by Ted Emmons
The Fifth Harmony. Photo by Ted Emmons

More Fifth Harmony albums on the way, says Kordei


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In the world of pop music, nothing lasts forever – least of all, girl-groups. The internet is awash with fresh rumours that the members of Fifth Harmony are preparing to go their separate ways, after feisty fan favourite Normani Kordei dropped a sudden solo debut last week.

But fear not, the 19-year old scene-stealer – affectionately dubbed American quintet’s “Beyoncé” – pledges that there will be “two or three” more 5H albums to come.

"That seems pretty decent and pretty accurate. We want to win Grammys – so until we win a Grammy, there you go," she told us in exclusive interview, two days after the February 4 unveiling of a smouldering cover of rapper Tory Lanez's Say It.

“I feel that was representative of who I am and what kind of music I want to make for myself, beyond the group,” she says, speaking from Los Angeles, late in the evening after wrapping up rehearsals for Friday’s RedFest gig.

The story of Fifth Harmony is an increasingly familiar 21st century musical fairy tale. In 2012, five unsuccessful solo entrants to the US version of X Factor were publicly repackaged as a group – viewers even voted to choose the name.

After hitting the core teen market with their early singles, worldwide fame followed with last year's triple-platinum Worth It, an unlikely pairing with 2015 RedFest headliner, Kid Ink.

Officially the most successful alumni of the US X Factor, Billboard named Fifth Harmony last year's Group of the Year. As success builds, going solo isn't just an option, but an inevitability. And Kordei knows it.

“After Fifth Harmony succeeds to the fullest of its capacity, one day we can go off and do our individual things,” she says with refreshing frankness. “Because we are different people. It’s all about the timing.”

Which is why a pledge of two or three more albums is no small matter. Last year's well-received debut, Reflection, impressed fans and critics with its feel-good optimism (it made "high self-esteem feel like a party", noted stuffy Rolling Stone).

Work on the follow-up is underway, with production from certified hitmaker Max Martin. That Grammy could come sooner than Kordei – who describes herself as “diva of the group” – expects.

“It’s definitely a bit more mature,” says the 19-year-old. “We’ve been through so much this past year. We want to show people just that, how much we’ve grown, and our story.”

A recent sad chapter in the group’s story saw bandmate Lauren Jauregui calling on her 1.8 million Twitter followers to help her harass a troll who sent her horrible messages following the death of her grandmother.

“It really did hurt her,” says Kordei. “I was texting her the whole time it was happening.

“It really sucks. People forget that at the end of the day we are people just like them. We see everything [that is posted] – I may not comment on everything, but I see it all. And it affects me, in the same way it affects them, because we’re all human.”

• Fifth Harmony perform on Friday at 5.40pm

rgarratt@thenational.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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2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

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Ministry of Health and Prevention – 80011111

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Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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What can victims do?

Always use only regulated platforms

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Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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