When boxing promoters try to sell a bout, they expect both parties to play their part to hype the fight.
That was hardly the case when the connections of Godolphin's Dawn Approach and Sheikh Joaan bin Hamad's Toronado met at the Savoy Hotel on Monday in preparation for the Sussex Stakes, the key race at Glorious Goodwood two weeks from Tuesday.
Simon Crisford, Godolphin's racing manager, was on hand to play Godolphin's role ahead of the Group One mile race, but Richard Hannon, assistant trainer to Toronado, was not reading from the same script.
Dawn Approach edged out Toronado by a short head in a thrilling St James's Palace Stakes at Royal Ascot last month, which augmented his easy victory over the same rival in the English 2,000 Guineas in May.
Crisford was in little doubt the result would be the same at Goodwood, and that Dawn Approach could progress next month to Deauville to dislodge Intello from his unofficial title as the best three-year-old colt in Europe.
"I think it is going to be the highlight of the week," Crisford said. "We both believe we have got the better horse, but Dawn Approach needs to establish himself as the three-year-old champion by beating Toronado on the Sussex Downs and then head over to France for the Prix Jacques Le Marois."
When asked whether he felt Dawn Approach was better than Intello, Crisford added: "I would say he is, and at the moment, I don't think there is much question about it."
Toronado briefly led Dawn Approach in the final furlong at Ascot but was out-battled in the final strides. Both Dawn Approach and Toronado were badly hampered at a crucial stage of the race and Richard Hannon was clinging to the hope that given a clean race, his charge could well overturn his chief rival.
"I wouldn't say I was confident at all," Hannon said. "We got pretty close last time, but to be fair, Dawn Approach stuck his head out. I am not saying that we are going to beat him, but we thought our boy was slightly unlucky.
"If there is the same distance between them this time, it is going to be awesome."
Crisford also said that Sajjhaa would contest the Group 1 Nassau Stakes, staged at the same meeting on August 3. Sajjhaa seemed to improve for the application of a hood at Dubai, where she won the Dubai Duty Free at Meydan Racecourse in March.
She was fourth to Military Attack in Hong Kong in April and has not run since.
"When she won at Meydan, we were surprised she reached the top at Group One level," Crisford said. "In Dubai, she was running against a small pool of horses, but back here in Europe, she is in a far-bigger tank of fish to be up against."
Godolphin's Colour Vision heads a list of four currently entered for the Goodwood Cup, with Azheemah, Lost In The Moment and Cavalryman also in the mix.
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Jersey win by 35 runs
UAE currency: the story behind the money in your pockets
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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.”