Dietmar Siersdorfer first joined Siemens in 1987, going on to hold several positions around the world. Ravindranath K / The National
Dietmar Siersdorfer first joined Siemens in 1987, going on to hold several positions around the world. Ravindranath K / The National

Off hours: Siemens chief executive says experience is everything



Dietmar Siersdorfer is the chief executive of Siemens Middle East and Siemens UAE, positions he has held for three years. Born in Germany, Mr Siersdorfer first joined the company in 1987 holding several positions around the world from Asia, Europe and now in the Middle East. The 53-year-old has been living in Abu Dhabi with his wife since 2008.

How do you spend your weekend?

Exercise is important to me. In the summer I use the gym but in the winter I like to be outside so I often cycle, run and sometimes play golf. I also enjoy the occasional brunch, and working in an international company of course means that at times I need to attend to work. Weekends around the globe do not necessarily always coincide with mine.

How did you become a chief executive?

That’s perhaps a question for my boss. I think experience is key for a CEO role; I started out almost 30 years ago working as an engineer in Mannheim, Germany, and it’s been quite a journey to get to where I am now. Working with Siemens has taken me all over the world and I’ve been lucky enough to gain experience in many business fields and functions, and learn from good people. Siemens Middle East is quite a complex organisation, and to take responsibility for it I really believe there’s no substitute for experience.

What is your go-to gadget?

My automatic lawnmower, which looks after the grass at my house in Germany. I can monitor and control it from anywhere in the world using an app on my iPhone, and I enjoy seeing it take care of a job that would usually be mine.

What was the lowest point of your career?

I don’t think I could pinpoint a particular low point, but I would say that I have always tried to learn from my experiences, both good and bad. In an international career there are always going to be ups and downs, and when things aren’t working the way you’d like it’s important to step up, work on yourself and the topic and move on. That’s what I’ve always tried to do.

What advice would you offer others starting out in your business?

Always be open-minded. Look for methods that are perhaps unexpected or non-traditional. Question processes. The way we do business is changing rapidly – it’s faster, more integrated – and you have to be open to new ideas. Don’t exclude any possibilities, and don’t be afraid to think differently.

What is your most indulgent habit?

I enjoy good food and bever­ages.

What do you have on your desk at work?

Certainly a lot less paper than 10 years ago. My desk is quite clear. I always have a notebook and a picture of my family, and usually a cup of tea and a bottle of water. I am a gadget geek, but I keep these off my desk.

What can’t you live without?

My wife and my friends.

What car do you drive?

I have a Mercedes ML350, which is great on the road and also perfect for a small amount of off-road driving.

How do you achieve a work-life balance?

I try to keep a balance regardless of what’s happening at work or at home. When I’m away from work, I disconnect and do something different. I do sports and I like to get back to nature, to hike, to work in the garden and do things which allow me to properly relax. Outside the office I also try to talk about things that are different from my business. It’s too easy to talk about work and it’s good to keep your mind fresh.

If you could swap jobs with anyone who would it be and why?

I would swap with the CEO of a small start-up company, perhaps in a completely different business. Siemens has an incredible 170-year history, but I would love to experience how a brand-new company operates, how it gains momentum and how it builds its own future. I think it would be a steep learning curve, but very exciting.

lgraves@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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The biog

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Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

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