Vogue documentary tries to get a read on the chilly Wintour



Say you have no interest in fashion. Say you genuinely couldn't give a hoot about couture, handbags or whether this season's heels should be four inches or five. Say you don't even know what a heel is. There's still a smidgen of a chance that you've heard of Anna Wintour, the bob-haired, feared editor of American Vogue. Calling the 59-year-old British woman "legendary" is crass. Wintour, who has helmed the fashion tome since 1988, is a well-recognised name across the globe, consistently talked of as more influential within fashion circles than the designers. She can make collections, she can ruin them. The pieces that end up in her hallowed pages filter down and dictate trends for the fashion spectrum - from Gucci to Gap.

The extent of her influence is shortly to be revealed in a documentary on the Vogue office, released next month. Titled The September Issue, the film has been pulled together by the Emmy Award-winning filmmaker RJ Cutler, whose previous projects have included a documentary on Bill Clinton and, somewhat less exaltedly, a reality show titled Greatest American Dog. Filmed in 2007, the documentary examines the everyday life of the office as Voguettes scramble to put together the biggest issue of the year - 840 glossy pages, of which 727 are advertisements. The buzz surrounding its release is high-pitched, mostly because onlookers are salivating at the prospect of unveiling the enigmatic character.

Wintour has always been guarded. Cutler has said, in a nonplussed manner, that he simply had to ask her permission for the film, but in the past, interviews have been rare, and most have left the reader with no revelatory impression. Tellingly, Wintour once explained that she admired her father, Charles, a former editor of the London Evening Standard, because he was "inscrutable". It is a quality his daughter seems to have inherited, right down to the masking Chanel sunglasses that she so often wears. But can she really be so terrible? So terrifying?

Those who know Wintour say that her professional front belies a very different personal life. "Behind the publicly cold facade is a devoted and generous mother and friend; there is no limit to the lengths she will go to for those in that tight circle of people she trusts," insists one family friend, who prefers to remain unnamed. But that "publicly cold facade" has led to much speculation, and before now there have been notable attempts to unpick Wintour, both on-screen and off. In 2000, the BBC was allowed access to her for one episode of a series called Boss Woman. Viewers learnt that Wintour rises before 6am, plays tennis and gets to the office for 8am. She often eats steak for lunch. She rarely stays at any party for longer than 20 minutes and tends not to stay out late. But so far, so typical for a high-powered magazine editor.

In 2005, the biographer Jerry Oppenheimer published an unauthorised book on Wintour that was catty in tone but no great exposé. Often decried as "sizeist" (she once called the residents of Minnesota "little houses"), Oppenheimer wrote that Wintour used to buy clothes for a school friend that were too small, to try to make her feel fat. She has had the same haircut since she was 14, a topic that is given five pages in Oppenheimer's book. And once, in reply to a complaint from Cindy Crawford's agents about their client being dropped as a Vogue cover girl, she is said to have retorted: "Cindy Crawford's just another model. I'm Anna Wintour."

It was this haughty, ice-queen image of Wintour that was put to such brilliant effect in the hit film The Devil Wears Prada. Released in 2006, it made Wintour's name more mainstream, spreading from the fashion world into popular culture. Meryl Streep plays the withering Runway editor Miranda Priestly, given to outrageous demands. "Why isn't my coffee here? Has someone died?" she questions in one scene.

The film was based on a book penned by The New Yorker author Lauren Weisberger, who once briefly passed through the doors of Vogue as Wintour's assistant. Therefore, film sleuths insisted, Priestly's character must be based on Wintour, whose assistants talk of not being able to look their boss in the eye, of having to wear heels at all time in the office, of dancing through the office corridors when she is out of town. Wintour's reaction to the film, however, implied that she doesn't take herself as seriously as some suggest. She attended an advanced screening wearing Prada, and a spokesman subsequently said she found the film "very entertaining".

Perhaps The September Issue is her attempt to set the record straight before bowing out. Wintour turns 60 in November and since the end of last year has been dogged by whispers that she was to be replaced, possibly by the editor of French Vogue, Carine Roitfeld. Those chasing the story then met with ill luck. "I'm so sorry, I think that's an extremely rude question," she replied to one unfortunate reporter who asked about the rumour. "Just go away." Inscrutable as ever, it seems.

* Sophia Money-Coutts

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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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