If there's one thing Karl Lagerfeld can never be accused of, it's idleness. The German fashion designer not only creates multiple seasonal collections for the houses of Chanel and Fendi each year, but also oversees his eponymous brand, always photographs his own campaigns and creates one-off red-carpet gowns for his celebrity muses.
It is little wonder, then, that Lagerfeld gave up his beloved Villa Jako, which is perched on the banks of the River Elbe and was his home for much of the 1990s. As he told his estate agent at Engel & Völkers: "It's impossible to live on the Elbe. You spend all your time looking out at the river. You end up becoming lazy." Sounds about perfect.
The hilltop residence, located in Hamburg's affluent Blankenese district, is inspired by neo-classical Roman architecture. This is evident in a front portico manned by multiple columns, and the grand dimensions and striking symmetry of the heavy stones that dominate the building's façade. The entrance is through an archway reminiscent of Paris's Arc de Triomphe.
The 5,000-square-foot villa is set on 2.9 acres of lush greenery, with high-growing hedges and dense foliage. The lower level features a central atrium with an impluvium, a sunken Roman water pool, which leads to a grand living room that spans the length of the property. The first floor has a gallery, library and arched glass doorways with a landscaped terrace overlooking the placid waters. The three en-suite bedrooms on this level can be reached by walking along a hallway lined with bookshelves and velvet drapes, and each bedroom features walk-in dressing rooms. The last level has four additional bedrooms and three bathrooms.
The property was originally built in the 1920s by architect Walter Baedeker for shipping magnate Herrmann Witte, and was also home to lawyer Alfred Schüler, who named it Villa Schüler. Lagerfeld changed the name to Villa Jako, after his former partner Jacques de Bascher, when he bought the property in 1991. The designer enlisted famed art conservator Renate Kant and French decorator Andrée Putma to refurbish the interior. The home is now registered on Germany’s National Heritage list.
The living area retains several elements from Lagerfeld’s time, including the oak and marble flooring, six-metre-high coffered ceilings lined with gold leaf, and the ornate brocade fabrics, patterned rugs and wall hangings that he installed to offset the stern stone exterior.
Lagerfeld also shot the advertising campaign for his Lagerfeld Jako fragrance on the house's columned terrace, and referenced the property in his book Ein Deutsches Haus (A German House), where he alludes, somewhat wistfully, to its too-tranquil surrounds.
Villa Jako is on the market through Engel & Volkers for €10 million (Dh42 million).
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Read more:
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The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
COMPANY%20PROFILE
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The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
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.”
KLOPP%20AT%20LIVERPOOL
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Mohammed bin Zayed Majlis
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
'Cheb%20Khaled'
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AT%20A%20GLANCE
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models