It's been a good time to be a tourist to the UK these past few days, what with pageantry, parades, multiple gun salutes, the lighting of commemorative beacons and all manner of sights to see. The reason is, of course, the 90th birthday of Queen Elizabeth II.
After 64 years, 2 months and 14 days on the throne she has become so much part of the fabric of Britain as to be virtually synonymous with it – and thus thoroughly deserved all the pomp and circumstance she duly received.
Like many of her subjects, my impression of the Queen is largely predicated on little more than images of her on TV and in the papers, with the occasional glimpse of her in person, waving from the window of some passing motorcade, just to prove she’s real, which is exactly as it should be.
In an age when the private lives of world leaders are under scrutiny as never before, Her Majesty has somehow managed to retain both her mystique and her dignity. While many of her most illustrious predecessors can be conjured up in a few visual short cuts – Henry VIII with his girth and inelegant table manners, Elizabeth I with her chalk white visage and starched ruff, Victoria with her bustle and dyspeptic countenance – Britain’s reigning monarch remains intriguingly opaque, and 60 years on we know little more about her likes and dislikes than we did back in 1953. And therein, surely, lies the secret of her constitutional longevity.
Take, for example, last Thursday evening, when in front of the gates of Windsor Castle, her eldest son and heir to the throne, 67-year-old Prince Charles, paid tribute to her in front of an adoring crowd.
“Your Majesty,” he began in sober tones, before adding mischievously, “Mummy”. Whatever she made of being referred to in such starkly intimate terms in public we will never know, for her face remained an inscrutable mask throughout his speech.
During her reign she has presided over 12 British prime ministers, innumerable economic and political crises and profound changes both in the Commonwealth and in the world at large. Only once – in the autumn of 1997 – did it seem that perhaps her position, indeed even the future of the royal family itself, might be under threat.
This was of course in the aftermath of the death of Diana, Princess of Wales, in a car crash, when, for a few brief days, Her Majesty appeared to have lost her touch, choosing to remain sequestered in Balmoral Castle despite a tumultuous public clamour for her to return to London and join the unfolding emotional meltdown.
But return she did, and with her a sense of calm was restored. Yet if she misjudged the moment, who can blame her? I happened to be at a reception the day after Diana’s funeral attended by the then-prime minister Tony Blair, who confessed that recent events had passed in a blur, one in which he had only his instinct to guide him. “There was no manual to consult back at 10 Downing Street” was how he put it at the time. Nor, one suspects, at Buckingham Palace.
Twenty years on and the royal family are now as popular as ever. Despite her advanced years the Queen still attends nearly 300 official functions a year, and although she prefers flat soled shoes to high heels and is rumoured to find stairs a little more challenging than she once did, there’s precious little evidence of her slowing up. There’s been the inevitable speculation as to whether she might one day abdicate in favour of her son, but it seems unlikely. Abdication is neither in her nature nor her vocabulary.
Hers may indeed be a rarefied existence – the rumour that she once asked one of her attendants why it was that everywhere she went always smelt of fresh paint may not be entirely apocryphal – but it would be a brave punter who’d bet against her celebrating her 100th birthday a mere decade from now. In which case, I wonder; will she send herself an official telegram?
Michael Simkins is an actor and writer in London
On Twitter: @michael_simkins
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Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.
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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.”