Trendspotter: invisible technology represents lifestyle shift



At this month's Consumer Electronics Show (CES) in Las Vegas - certainly the world's largest annual gathering of gadgets and gadget-heads - the usual plethora of future-facing devices was launched into the world. Most of the smart fridges, connected washing machines and vast TVs, it can safely be assumed, will be forgotten by February; it's hard to see a spectacular future for the iPotty (yes, it's a potty-training accessory for your iPad).

Nevertheless, tech analysts descended on CES, as always, in the hope of seeing where consumer technology is taking us. This year, however, they might well have noticed that the technologies set to have the greatest effect on the way we live are not those you can see. Much of the next-generation consumer tech that will reshape our lives has one thing in common: it's invisible.

In fact, we're already living amid a few key examples of this trend for invisible lifestyle tech. Just take Apple's Siri voice control user interface. You can't see it, you can't touch it, but it's changing the way millions of users interact with the online space. Meanwhile, top-end Samsung TVs can now simply be told to record the next edition of Homeland rather than be "programmed" to do so. Of course, here, the real technology is not a device but the software that makes voice recognition possible (in both these examples the same California-based voice recognition specialists, Nuance, are providing that software).

But soon invisible technology will take us to some much more surprising places. If voice control seems impossibly futuristic, then check out the NTT DoCoMo prototype i beam tablet with gaze control. That's right, this is a tablet you interface with by looking at it. To open an app, simply stare at it. Two sensors along the bottom edge of the tablet, and a whole lot of clever software (again) will do the rest for you.

While those examples are primarily about software, the movement towards invisibility is apparent among devices, too. The US-based ClearView Audio will soon release its long-promised "invisible" speakers: ultra-thin, transparent membranes that, they say, offer an audio experience as rich as the best conventional speakers. And Samsung has been whispering for a while now about a revolutionary, transparent TV.

These are a diverse set of new technologies but, really, they - and the trend for invisible tech that they exemplify - are a part of a fundamental lifestyle shift. All around us, the technology that helps us live our lives is fading into the background, not because it's becoming less important but because it's becoming more ubiquitous than ever. And as it does so, our attitudes are changing.

So while the first decade of the 21st-century was characterised by the device-lust brought about by a swathe of revolutionary gadgets - digital cameras, flat-screen TVs, smartphones, tablets - we're now moving towards something new and more mature: an age in which we have tired of flaunting our technology and instead expect it to get out of our way and run invisibly around our needs. Whether that means a tablet device that doesn't require you to raise a hand or a speaker system that doesn't change the appearance of your living room, start opening your eyes to invisible tech and soon you'll see it everywhere.

David Mattin is Lead Strategist at www.trendwatching.com

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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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