Lessons in how to work the room



Everyone does it, but few do it really well. Networking is more than just attending happy hours, making idle chat with a cocktail in hand. Doing it well is a strategy that can pay off in increased revenues and a wider circle of friends and associates. Women, in particular, often feel at a disadvantage when making the rounds in male-dominated business circles. How to make the most of networking opportunities was the focus of a recent discussion among about 40 women, sponsored by the law firm Fulbright and Jaworski.

Rim Atassi Fakhouri, an executive coach with Inside Out Coaching in Dubai, led the session. First and foremost, she says, networking is "like anything else. It makes things easier when you've practised it." Ms Fakhouri tells clients to be clear about what they are trying to get out of attending an event, but she cautions against a strict business development approach. This is not about a sales pitch, she says, or giving new contacts details of the services your company can provide. "You are there to form relationships."

Another key to successful networking is considering that "we all have different doorways to relationships", Ms Fakhouri says. There might be types of people who would normally turn you off, cutting off any chance of a fruitful connection. "Have the guts to approach people with different energies," Ms Fakhouri says. She says you should always bear in mind the sort of signals you are sending, and watch your carriage and speaking style as you begin talking with new contacts. The best bet is to be self-confident without coming across as too fake or aggressive.

Create your own "10-second introduction", a quick name and occupation spiel. "Use simple language and practise your delivery with family and friends," Ms Fakhouri says. At the event, she says, "act quickly before you lose your nerve" and target clusters of people. Introduce yourself first but, Ms Fakhouri says, never interrupt if two people are deep in conversation. Hand out business cards to everyone in the group, even if you are speaking only to one person. "Listen and ask questions," Ms Fakhouri advises. "Don't make it about you; make it about them."

One woman at the discussion said her strategy was to look for the person "who was trapped". You can go into that group and "rescue" that person. "They'll be grateful and then they owe you," she joked. Another thing to keep in mind, the woman says, is what you might be able to do for these new contacts. If they mentioned an upcoming holiday and you have a tip or a travel book to lend, offer to do so.

If they mentioned they are looking for a recommendation for a doctor, and you believe you have a good one, offer to pass on the contact information. Another woman said that if she met someone with whom there was not an immediate professional connection, she mentally filed that person away. "I'm thinking about the greater network," she says. "Then, later, I might meet someone else and I'll remember that first person. I'll say, 'there's someone I need to call'. I like helping and making connections."

Ms Fakhouri says the exit strategy must also be planned. If the conversation comes to a natural pause - she says three seconds is a good marker - wrap it up. Tell them you enjoyed meeting them, turn around, and if you've put yourself in a dense cluster of people you can talk to an entirely new group. One woman asked about how best to deal with men on a professional basis: how friendly should she be?

Ms Fakhouri says she has found that men appreciate assertiveness. "Be a working woman," she says. "Just extend your hand." ashah@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.”