Joseph O'Brien riding Australia during The Derby at Epsom. Charlie Crowhurst / Getty Images / June 7, 2014
Joseph O'Brien riding Australia during The Derby at Epsom. Charlie Crowhurst / Getty Images / June 7, 2014

Australia day for O’Brien at Epsom



Epsom // The superlatives had already been uttered before he had run here, but Australia lived up to every one as he handed Aidan O’Brien an unprecedented third successive English Derby at its 235th running yesterday.

Australia produced a devastating turn of foot around Tattenham Corner under Joseph O’Brien to effectively settle the issue before he strode purposefully to the line to hold off the limited challenge of Kingston Hill, the only Group 1 winner in the field.

If the proximity of Princess Haya’s outsider Romsdal just over three lengths back in third appears to let down the strength of the form, there was a yawning gap back to Arod, who chased home the subsequent French Derby winner The Grey Gatsby at York last month.

There was no fairy tale first Derby success for Godolphin and Keiren Fallon, who finished seventh on True Story, while Godolphin stablemates Pinzolo and Sudden Wonder were 14th and 15th respectively.

O’Brien has now won 21 British Classics and 41 races at Royal Ascot but he has been unequivocal in his belief that none of those horses that had gone before could hold a candle to his latest stable star.

Australia has raced five times but, after O’Brien’s Ballydoyle stable was ravaged by illness this spring, there is surely more to come from a colt who boasts 2001 Derby winner Galileo as his sire and 2004 English Oaks winner Ouija Board as his dam.

O’Brien is well known for his meticulous planning – he was still tending to Australia in the parade ring as the other 15 runners were already saddled up, and even after watching his son deliver a second Derby after Camelot in 2012 he underlined the difficulty of churning out results at the highest level since he sent out his first Derby runner in 1998.

“We never expected this, all the way along the line,” Aidan O’Brien said.

“There are so many variables and twists and turns along the way that every time it happens I just can’t believe it. I can’t put into words how difficult it is to win the Derby and we are very privileged.”

Silvestre De Sousa set the pace aboard Abdullah Al Manoori’s Our Channel, who was pressed for much of the early stages by Colm O’Donoghue, riding Australia’s stablemate Kingfisher.

O’Brien, the jockey, held up Australia in mid-division and moved up ominously around the bend. After they straightened, he hunted down Andrea Atzeni and Kingston Hill in a matter of strides.

As an illustration of how fast the pace was, Kingfisher was 10th and Our Channel trailed in 13th, although he appeared not to stay.

It looked effortless but, for Teo Ah Khing, a part-owner and the architect who built Meydan Racecourse and the China Horse Club, it was a buzz of the highest order.

“This is the first time there has been any Chinese representation in the Derby,” he said.

“My heart was beating very fast as he came down the straight. This is my first time at Epsom and the atmosphere is electric. It’s all very different and there is a charm to it.”

sports@thenational.ae

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

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.”

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Stats at a glance:

Cost: 1.05 billion pounds (Dh 4.8 billion)

Number in service: 6

Complement 191 (space for up to 285)

Top speed: over 32 knots

Range: Over 7,000 nautical miles

Length 152.4 m

Displacement: 8,700 tonnes

Beam:   21.2 m

Draught: 7.4 m