Mimi Spencer



How fashion works in mysterious ways and why you should wear sequins during the day. I had one of those fashion epiphanies the other day - a real moment of revelation when long-cherished beliefs about the rights and wrongs of dressing are overturned. There I was, readying myself to take the children to school. On went the jeans (yawn), the vest (snore), the Converse baseball boots which I wear with such monogamous monotony that they have almost become part of my body, like lace-up feet? Anyhow, there I was, getting dressed in the same-old-same-old, when my hand reached out across the ocean of hangers and came to rest upon a sequinned cardigan. Not a knitted cardie, but a chiffon one, heavy with midnight-blue, flat sequins, the kind of cardigan built for karaoke or an evening wedding reception when the lights go down and the volume goes up. And here I was, wearing it to the school gates.

Aye aye, I thought. Something's afoot. This is sometimes how a shift in style happens. Almost imperceptibly. You'll be cruising along, quite happy in your uniform kit of this and that, when suddenly, inexplicably, you develop a taste for - ooh, I don't know - a poppy-print pencil skirt or a deerstalker hat. Items that would never have crossed your mind a fortnight before, suddenly become the absolute gotta-have-it dish of the day. Things which you may have scooted over for months in favour of clothes more pleasing to the eye or the moment creep up on you unawares, until you find yourself popping out to the post office wearing your ancient tuxedo (it somehow looks great again!) or your dad's old corduroy gardening jacket tied with a piece of string (hey, Prada did something almost identical! It just feels so now!).

This is how fashion works. It is moving and mysterious, a Chinese whisper that starts in the mind of a designer or stylist as a nugget of the new, and then dances across the ether to settle, unannounced, in your head. When you least expect it - when you're thinking about what to have for breakfast or wondering whether to have the patio relaid - bam! New fashion. It's got you in its grasp. So it was with my daytime sequins. As it turns out, this is a major trend that has drifted very subtly into the way we're dressing this summer, like a star slipping in via the tradesman's entrance. You'll find them all over the UK high street (look online at River Island and Topshop), and at design houses such as Ralph Lauren and Isabel Marant (where I have my eye on a very luxe pair of sequin palazzo pants). These days, even the most routine event is reason enough to pull on the sequins - or, indeed, the lamé and the lurex. Where once they seemed excessive for daytime dressing, where once they looked too Bollywood, too Shirley Bassey, now they're simply spot on. It's all part of the age-old evening-into-day switch, one of fashion's established methods of keeping things fresh and unexpected. Personally, I pulled on my sequinned cardigan and knew that I had summer dressing in the bag. It may not be the same come October; it wasn't this way last month. But for now? Perfection.

COMPANY PROFILE

Company name: SimpliFi

Started: August 2021

Founder: Ali Sattar

Based: UAE

Industry: Finance, technology

Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals

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.”

COMPANY%20PROFILE
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The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Abu Dhabi GP weekend schedule

Friday

First practice, 1pm 
Second practice, 5pm

Saturday

Final practice, 2pm
Qualifying, 5pm

Sunday

Etihad Airways Abu Dhabi Grand Prix (55 laps), 5.10pm

POSSIBLE ENGLAND EURO 2020 SQUAD

Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.

The biog

Nickname: Mama Nadia to children, staff and parents

Education: Bachelors degree in English Literature with Social work from UAE University

As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families

Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now