Cavalryman, centre, was in good form in 2009.
Cavalryman, centre, was in good form in 2009.

Sport

Cavalryman ready for Epsom

He makes his European return under Dettori in the Group One Coronation Cup at Epsom Downs aiming for a third win after the 1999 and 2001 glory.

Cavalryman makes his European return in the Group One Coronation Cup at Epsom Downs, England today. Frankie Dettori, who partnered Godolphin's Daylami (1999) and Mutafaweq (2001) to victory in the Coronation Cup, takes the ride on Cavalryman. The four-year-old colt showed some fantastic form when trained by Andre Fabre in 2009, winning three times and rounding off the campaign with an excellent third behind Sea The Stars in the Prix de l'Arc de Triomphe.

He failed to rediscover his best on his first couple of starts for Saeed bin Suroor in Dubai but the Godolphin trainer hopes a return to turf will see him in a better light today. "Cavalryman was a little disappointing in Dubai but I have been pleased with his preparation," said bin Suroor. "A mile and a half on turf is ideal for him and he will have no problem with the forecast good ground. "It's always hard to win a Group One race but Cavalryman goes to Epsom in good heart and he has the class to run well."

Cavalryman's opponents includes Fame And Glory, the dual Irish Group One victor, Sariska, last year's Oaks heroine, and Youmzain, a two-time European Group One winner. Youmzain, owned by Jaber Abdullah, a Dubai businessman, bids to make it third time lucky after finishing second in the last two runnings. Meanwhile, Alexandros makes his second appearance in the Group Three Diomed Stakes at Epsom today.

The five-year-old son of Kingmambo, the mount of Dettori, lines up against eight rivals including Penitent, the Lincoln Heritage Handicap scorer, Mabait, a progressive handicapper, Group Three runner-up The Cheka, and Bushman, a Listed scorer. "Alexandros has been working well and he looks in good form at the moment," said bin Suroor. "He has been second in the race before and posted some good efforts in Dubai earlier this season. It looks like it is going to be a strong renewal of the race but Alexandros has the class to run a big race."

In the Oaks today, Rumoush is much fancied. Sheikh Hamdan's horse ran a race full of promise to finish seventh in the 1000 Guineas and delighted connections in a racecourse spin at Lingfield, England, last week. "She's got to get the trip, but she has a reasonably relaxed attitude which will help her." Elsewhere, Fabre, who is in charge of Godolphin's France-based operation, added another winner yesterday.

In the Listed Prix Melisande in Fontainebleau, Peacot was slightly awkward leaving stalls and raced a bit keenly initially. The three-year old colt settled in third on inside after first quarter-mile and then switched off the rail with a furlong-and-a-half left. He then ran on to lead inside the final half-furlong, winning by a neck. * With agencies

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

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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.”