Vokins plans to be a cut above the rest on his speeding lawnmower


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Ever since Briton Edwin Budding came up with the idea of a lawnmower in 1827, the yard-work contraptions have been getting more elaborate and hi-tech. Today, most have starter motors, headlights and cup holders. But Budding may not have expected what Stephen Vokins would do with his creation. Vokins is set to take to the wheel of the quickest and possibly most elaborate mower yet as he bids to be the first man to travel over the 100mph (160kph) mark on board one.

The current world record stands at 80.79mph (129kph) - set by American Bob Cleveland at Bonneville Salt Flats in the US in 2006 - but Vokins, a motoring journalist and archivist at the National Motor Museum in Beaulieu, England, plans to add on at least another 20mph when he attempts the record next February. The 49-year-old admits that his record attempt has been met with laughter but he is deadly serious.

"When I first mentioned it to people, I suspect they thought I'd had too much [to drink]," he said, "but people are beginning to realise how serious we are. Of course we're going to make it a lot of fun and as British and eccentric as possible, but we're also extremely focused and serious about getting the record." Carrying on the British theme, Vokins and his Project Running-blade team will not travel to Bonneville - the home to virtually every land-speed record of late - but head to the traditional home of land-speed records, Pendine Sands in Wales.

It was at Pendine where Donald Campbell first made a name for himself with Bluebird, a car that is now housed where Vokins works in Beaulieu, by clocking 150mph (240kph) over the seven-mile stretch of sand. But the history is only part of Vokins' decision to hold the record there. "History is one of the keys for us and [Lord] Montagu of Beaulieu [owner of the museum] has already said he plans to put our lawnmower next to Bluebird in the museum after the record, which will be great," he said. "But that's not the sole reason for doing it at Pendine.

"We're aiming to wrest the record away from the Americans and want to make it as British as possible, which means a British driver, a British team and a British venue. And we're even planning to have butlers serving tea at the start and finish as well. "Also, the mower lends itself to colder temperatures so February in Wales should do the job nicely." A serious heart condition gave Vokins the inspiration for this record run. He had successful surgery last year to treat a congenital heart defect.

"But that second lease of life has given me a desire to go for the record, and why not?" says Vokins. "I never thought of myself as a land-speed record man but it's just happened that way." An as-yet unnamed manufacturer is already in the early stages of building the mower. The identity of the builder will be revealed at the official launch in October. The mower will boast up to 50hp but tellingly will also be able to cut grass, a key factor in the project leader's mind.

"I didn't want to just get on board a Ferrari with shears on the front," he said. "I wanted to make sure it was a proper mower that can cut grass and we'll cut some grass on it before the record attempt. The only difference from a conventional mower is that it just travels a lot faster." He has yet to swap tips with Cleveland, the current record holder, and is not even sure if Cleveland knows about his record attempt.

"I'm sure I'll get in contact with Bob nearer the time to talk about the record," he said. "But we're confident we'll comfortably beat his record, although that's not the sole aim. "We don't want to just travel at 83mph. If we did that, it'd be a failure. We want to crack the 100mph mark and only then will it be a success." There are plans for children's books to stem from the record, a big bit of which is aimed at raising money for charity.

Vokins hopes to be able to give both charities a big "thank you" in February through his fundraising efforts, although faces one other stumbling block, his own health. He has currently been diagnosed with ME, a debilitating illness that leaves him bereft of any energy. "It can be bad," he explained, "but I'm learning to deal with it. It won't be a problem ? for starters I'm not running, I'm just driving. It's just I don't feel as full as beans as I'd like."

The irony that Vokins looks set for his own place in history alongside the likes of Donald Campbell are not lost on him and have undeniably left him a bit giddy. "I never thought I'd get my own slice of land-speed history but it's looking that way," he added. motoring@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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