It has often been remarked that taking up the job he was born to inhabit at the age of 73 means King Charles III has served the longest apprenticeship ever observed.
This means the tests for the new British monarch can be easily identified. King Charles must connect with the people to become a guide in changing times. How he reflects the role of religion in society is one of the standout issues facing his reign.
There was a heavy hint of this in his first King's Speech just ahead of his formal accession. “Whatever may be your background or beliefs, I shall endeavour to serve you with loyalty, respect and love, as I have throughout my life,” he said.
There was more than a flavour of the famous pledge of lifelong service that Queen Elizabeth fulfilled in her long tenure on the throne. King Charles gave over the bulk of his speech to a personal tribute to his mother that was heartfelt and sincere, but the business end of the address was in the above quote. It was his personal manifesto to his subjects of what they could expect from his time as head of state.
Queen Elizabeth herself was deeply dedicated to her role as head of the established Church of England. She defined the role of that church as an institution that carved out the space for all religions in the country to enjoy the freedom to worship. In doing so, she went far down the road offering parity of esteem but held, ultimately, to the single foundation of the Anglican church as the prism for her religious interventions.
While the departed monarch was very identified with her own religion, King Charles has a long history of immersion in other faiths as well as his own. He has been very keen to show an openness not only to the tenants of other faiths but the variety of practice and the separate ethos that underpin religion.
This is an important distinction because the vast changes in British society under Queen Elizabeth were, in some ways, the most important element of her rule. This has seen the emergence of a multi-ethnic, cultural and religious society. King Charles was a keen student of the impact of these changes when he was Prince of Wales.
Now he gets the chance to embed new approaches in the institution of the monarchy, whose mission is to remain an emblem of British life.
As far back as 1994, King Charles talked about carving out a role as a “defender of faith”. This would have been a subtle change in the coronation oath that included the line that the monarch would act as a “defender of the faith”, signifying the Anglican faith.
The coronation is an event that is likely to take place at a much later date, and it seems there will be no changing of the language when that sacred and opulent ceremony takes place. King Charles himself does not push for the vital “the” to be dropped. “It’s always seemed to me that, while at the same time being defender of the faith, you can also be protector of faiths,” he said at one point.
Many things have moved on since he first trailed these thoughts.
As was evidenced on accession day, the history of the current dynasty is tied up with the split between Protestant and the Roman Catholic streams. It is still a central part of the declarations and proclamations that the new monarch must make. And it is up to King Charles to craft the wider messages that include other religions as well.
What lies ahead for the UK is an exercise in building over the void left by the departure of Queen Elizabeth. The qualities she possessed allowed the nation to look to her for some guidance at pivotal times. This kind of reassurance stemmed from her ability to channel the national mood. There were several occasions when she got it horribly wrong, but for the most part she was a class act.
King Charles noted that one of the changes for him would be that he would not have the time or ability to devote to the charities and causes that he was particularly associated with as heir to the throne. It is, therefore, right that he can find a role in giving cohesion to the British ways of faith and identity.
The messages and gestures that he shapes and delivers in these areas have a crucial role for this monarchy. Divides have already been eroded in everyday life by time and familiarity.
The next step must be to embed new openness to all faiths in the system and how it communicates with the country. This leadership will be important on an international level, not least in the Middle East, where the structure binding together the Abrahamic faiths is a pillar of unity.
It will be just as important for all those communities in Britain that want a monarch serving them with loyalty, love and respect – whatever be the values and ideals that they cherish as individuals and as members of society.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
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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