EPSOM, ENGLAND // Arrogate has been given another month off after his heroics in the Dubai World Cup at Meydan in March and is unlikely to be seen again on a racecourse before August.
The American colt powered to a stunning success at Meydan last month having won the Pegasus World Cup in January and the Breeders’ Cup Classic in November.
The grey, trained by Bob Baffert, is being targeted at a repeat victory in the Breeders’ Cup Classic, staged at Del Mar in his home state of California, and the Pacific Classic in August looks the most logical stepping stone.
“The initial thing is to probably give him a break, then think about something like the Pacific Classic at Del Mar as that is where the Breeders’ Cup is this year, and take it from there,” Lord Grimthorpe, UK racing manager for owners Juddmonte, said.
“That’s in August and whether we go before it is hard to tell at this stage. He won’t work for at least a month. The horse will tell Bob when he is ready. The main aim is the Breeders’ Cup Classic again.”
UAE Derby winner Thunder Snow could be in line for a trip to Louisville in the next few days as Godolphin mull over whether to pitch him in to the Kentucky Derby next Saturday at Churchill Downs.
Godolphin have never won the “Run For the Roses”, and as they have ample ammunition to fire at the English 2,000 Guineas, run on the same day in Newmarket in England, it is expected that the Meydan winner will travel, perhaps as soon as on Sunday.
Speaking after Leader’s Legacy had won a maiden at Epsom on Tuesday, trainer Saeed bin Suroor said: “I have trained him for the race but all options are still open: the Kentucky Derby, the English and French Guineas. The decision will be left to Sheikh Mohammed [bin Rashid, Vice President of the UAE and Ruler of Dubai]. He will decide very, very soon.
“So far everything has gone well with him and the travel is no problem for him and the Kentucky Derby is the same day as the Guineas.
“If he goes he’d probably go about a week before the race, so it wouldn’t change anything.
“He’s working very well and we know he’s very good.”
Ascot racecourse revealed the initial entries for all eight of their Group 1 races for the royal meeting in June on Tuesday and a rerun of the thrilling Al Quoz Sprint between The Right Man and Long On Value appears on the cards.
The Right Man, trained in France by Didier Guillemin, edged out Bill Mott’s Long On Value by a nose in a pulsating contest at Meydan last month.
Bill Mott has yet to dispatch a horse to Royal Ascot, but the 63-year-old American is looking forward to the challenge.
“Long On Value travelled very well from Dubai and is back in training,” he said. “We haven’t given him a breeze yet, but he is cantering. He looks like he held his weight well and seems to be doing good after his trip.
“He has been nominated for the Diamond Jubilee Stakes and it is very exciting as I have never been to Royal Ascot before.
“We are excited just to be able to participate.”
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Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
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- Spaces for historical and cultural exploration
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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