Russell Crowe reported to have split from wife

The Hollywood star Russell Crowe and his wife of nine years Danielle Spencer have split up, according to press reports. The Australian couple separated amicably, the Sydney Morning Herald said, and both were determined to protect their two children, aged eight and six, from any publicity. No public comment has been made by the Oscar-winning actor or his musician wife. Rumours that their relationship was in trouble surfaced in June this year when photos appeared showing Spencer on a night out with her Dancing With The Stars partner Damian Whitewood. Crowe is in the US filming the biblical epic Noah. * AFP

Brad Pitt the new face of Chanel No.5

Brad Pitt has become the first male to lend his face to the iconic Chanel No.5 fragrance. Following in the footsteps of the likes of Marilyn Monroe, Audrey Tatou and Nicole Kidman, Pitt stars in a 30-second black-and-white commercial, for which he was reportedly paid US$7 million (Dh25.7 million) for his efforts. Explaining the choice of Brad Pitt, Chanel's chief executive Maureen Chiquet told Vanity Fair magazine: "No.5 is the most iconic fragrance of our time, and Brad Pitt is the most iconic actor of our time."

Member of Jerry Lee Lewis band shot dead

Police say a member of Jerry Lee Lewis' band has been killed in a shootout in Memphis. Reports say BB Cunningham Jr was working as a security guard in a neighbouring apartment when he heard a heard a shot in the Cherry Crest apartments and went to investigate. Police didn't provide details, but they said when officers arrived both Cunningham and a 16-year-old boy were found dead from gunshot wounds. Cunningham had been a keyboardist with Lewis' band since 1997. His solo album, Hangin' In, was released in 2003. * AP

Lohan arranges sit-down with Barbara Walters

Lindsay Lohan has reportedly signed up for a one-on-one interview with the legendary Barbara Walters. According to the TMZ website, Lohan has been close to Walters for years and agreed to the interview when it was announced she'd be playing Liz Taylor in the upcoming Liz & Dick TV movie biopic. The focus of the interview will be on the parallels between the lives of Lohan and Taylor, including topics such as dealing with childhood stardom, life in the public eye and addiction.

Fresh Prince actor ties the knot

Actor Alfonso Ribeiro, best known for playing Will Smith's uptight cousin Carlton Banks on The Fresh Prince of Bel-Air - has married for the second time. "Last night I got married to the most incredible woman in the world," he tweeted after marrying writer Angela Unkrich at a ceremony in California. Family friend Joey Fatone of boy band *NSync was reportedly among the 175 guests. Ribeiro has a 9-year-old daughter with first wife Robin Stapler.

Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

Formula Middle East Calendar (Formula Regional and Formula 4)

Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi

Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi

Round 3: February 7-9, Dubai Autodrome – Dubai

Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi

Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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.”