Max Verstappen on Miami GP boos: They only do it because I'm winning

Bullish Max Verstappen insisted the only reason he is being targeted for boos by Formula One crowds is the fact he is winning regularly.

The Red Bull driver secured his third victory of the season after starting the Miami Grand Prix ninth on the grid but went on to take the chequered flag five seconds clear of teammate Sergio Perez with Fernando Alonso a distant third.

It extended Verstappen's championship lead to 14 points over Perez, who had secured his third career pole position in Saturday's qualifying session, as the Dutchman looks to make it three titles in a row.

But the 25-year-old was heckled as he was introduced on the grid in the moments before the race, and then also on the podium as he was presented with his winner's trophy.

“If I am driving at the back nobody will be doing anything in terms of a reaction,” said Verstappen.

“It is normal when you are winning and they don't like who is winning. This is something which is absolutely fine for me as long as I stand on the top step of the podium.

“That is the most important thing. I take the trophy home and they can go back to their houses and have a nice evening.”

After starting so far back, Verstappen ruthlessly overtook every driver in front of him before eventually overtaking Perez to take the lead. Once in front, there was simply no catching him.

“It was a good race,” added Verstappen, who started ninth after Ferrari driver Charles Leclerc’s crash on Saturday denied the Dutchman a fast qualifying lap.

“I stayed out of trouble at the beginning and then just had a clean race, you know, picked the cars off one by one.

“I stayed out really long on the hard tyres and I think that's what made the difference and then a good little battle with Checo at the end.

“Yesterday was of course a bit of a setback but today we kept it calm, kept it clean and for sure winning a race from P9 is very satisfying.”

Meanwhile, team principal Christian Horner said Red Bull's total dominance this season is mainly due to the failings of their rivals Mercedes and Ferrari rather than any big steps forward from his team.

Red Bull have won all five races and had four one-two finishes so far this season, leading some to worry the sport is becoming too predictable.

But while this is Red Bull's best-ever start to an F1 season, Horner doesn't want to take too much credit for his team.

“We feel that we've made a good step from the [previous car] but the kind of step that you would expect, it's more that it feels like others have lost ground,” Horner told reporters.

The Englishman said that he has been surprised by the lack of competitiveness of the rivals.

“I think it surprised us that the others have perhaps under-delivered compared to where they were last year, but no doubt they will be looking to address that, and I'm sure starting in Imola [for Emilia Romagna GP on May 21] we're going to see big updates starting to come through,” he added.

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.”

Max Verstappen on Miami GP boos: They only do it because I'm winning

Red Bull driver was heckled before and after latest victory that extended his championship lead to 14 points