As the daily rush from venue to venue begins to take its toll on Paris Fashion Week attendees, there is little more likely to recommend a designer to weary journalists and buyers than a welcome spread of steaming Le Pain Quotidien coffee and croissants before your morning show. Thus a contented crowd thawed out in the Opéra Garnier before Stella McCartney's autumn/winter show, and the response to her collection was largely favourable.
That wasn't just because of the coffee, of course, though the beginning of the show wasn't promising, reprising those masculine silhouettes for which she is so well known, in dreary black and navy. But within a few looks the mood had lightened and the tailoring had been refined, starting with a beautiful, soft and warm-looking white shawl-collared coat. That shape returned again and again in jackets and coats, an effective shorthand for menswear-inspired tailoring.
More interesting was the new femininity and body-hugging shapes that are far from standard McCartney: tight knee-length dresses emphasised tiny waists with clever panelling, stiff peplums and wavy cutouts filled with polka-dotted tulle. A particularly nice touch, for this famously vegetarian designer, was the leather-esque shell top, with wool sleeves, a style that has appeared in real leather a number of times over the past couple of seasons. For evening, a more girlish approach: cloth paillettes were scattered across tulle bases, which looked especially good on a high-necked white A-line overlay with a tight dress beneath. Gold-foiled knits were striking, but whether the stiff, voluminous shapes will work off the catwalk remains to be seen.
McCartney's alma mater, Chloé, was also shown, now with Hannah McGibbon at the helm. It was not an entirely successful outing, though there were certainly some pieces that justified her concentration on casual 1970s styles. The collection was largely based around a python print (and, in some cases, real python inserted into cloth garments), and she used every ounce of ingenuity to find ways to avoid monotony. Yet some of the looks tipped over from "edgy" to simply ugly - something that will no doubt endear them to some of the quirkier fashionistas, but which detracted from an otherwise fairly chic outing.
Pushing the yellow and brown paisley prints or mint-green satin snake mid-length skirts aside (though they were hard to forget), standout pieces included the slim block-coloured knits, super-wide, slouchy trousers, delicate chiffon dresses, belted low on the hips, and a beautiful creamy cape fastened high on the neck with a giant bow.
A designer who can be relied on for pretty, wearable separates, and is consequently dubbed "commercial", is Vanessa Bruno, whose complex draping and layering, neutral palettes and fluid fabrics are rarely groundbreaking but always enjoyable.
Her show at the Palais de Tokyo was just as one would expect, although with some concessions to the raglan-shouldered tailoring to be found across the season. Heavily textured knitwear contrasted with crisp cottons and light matte silks, and the dusty pink, soft grey, stone, white and putty shades were a subtle backdrop for the heavily patterned gold and silver brocade used for the highly structured tailoring that anchored the collection. It may not blow minds, expand horizons or break hearts, but there's a lot to be said for making clothes people might actually want to wear.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory