Erykah Badu is answering a phone call: her new eyeglasses are ready, and the frames are available for collection when she has time.
“I figured you’d probably been busy,” the guy from the optician’s shop says.
He’s right. Badu hosted the Soul Train Music Awards this week in Las Vegas, and has been promoting upcoming projects.
“I’ve had this on for about two months,” Badu says of the outfit she’s wearing – shiny black overalls, sky-high top hat and a chambray button-up with a wooden bow tie that reads “HELLO”. “It was the last thing I had on at Soul Train, [and] I haven’t had a break since then.”
Badu is sharing material from her new mixtape, But You Caint Use My Phone, titled after a line from her 1997 single, Tyrone.
The 44-year-old soul diva speaks about the hosting major music events, her new music and platinum-selling rapper Drake, whose Hotline Bling single she remixed and released in October.
You returned to host the Soul Train Music Awards on Sunday after your last turn in 1998. How was your experience this year?
It was really fun. And this time around they made me an associate producer, so I had an opportunity to write my material, which I think is really cool – to see my things crystallise; my words and my sense of humour, which is pretty unique and self-serving.
That's the under-appreciated aspect of your career, how you're just more than a singer.
I’m known for the singing. No one knows that I direct all my videos and write all of the treatments. No one knows that I do all of my own artwork. No one knows that, you know, this is me. I pick my clothes out. So I think that it’s a good time to start exposing my art to the air.
Tell us about the mixtape?
It's really awesome. I first did a remake of Drake's Hotline Bling, because I thought it was an awesome song. I actually did it for Big Mike's birthday. Big Mike's my tour manager. That's his favourite song, as well as a lot of other people's, too. And it came out good. And I just stayed in that studio, in the bedroom, and I just kept writing songs, making songs. And about 10 days later, I had this mixtape.
We've heard you love Drake. Why is that?
He's a genius. He's a talented actor. He's a brilliant comedian. He's a talented songwriter. He's a talented singer. He's an exquisite, extraordinary producer. He's a great person. He invited me to Canada to listen to [2011 album] Take Care. You know, [I'm] just really proud to see his evolution. He's one of the few artists I can say is really evolving each time he appears. And that's inspiring to me. And that's my challenge.
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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The specs
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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.”