Mercedes boss Toto Wolff said thoughts of pursuing four-time world champion Max Verstappen is no longer on his radar and that talks to extend George Russell's contract will take place most likely in the summer.
Wolff attempted to lure Verstappen to Mercedes as a replacement for Lewis Hamilton last year before the Dutchman decided to continue his long association with Red Bull - the team who have helped him win all four of his F1 titles.
Italian teenager Kimi Antonelli was instead promoted from the team’s junior ranks alongside Russell for the new season which starts in Australia on Sunday.
Russell, 27, is entering his fourth season with Mercedes but his current deal is due to expire at the end of the year, leaving some to speculate whether Wolff was leaving the door open on a renewed attempt to lure Verstappen.
However, speaking in Melbourne ahead of Sunday’s curtain-raiser, Wolff said: “We need to concentrate on our driver line-up.
“I don’t flirt outside if I am in a good relationship. At the moment that [a move for Verstappen] is not on the radar.
“I don’t like to shift my concentration away from these guys [Russell and Antonelli]. I’m someone who sticks to what he says and this is the combination that I want to go forward with Mercedes. I have no other reasons to doubt that.”
Russell will take the lead role in the team following seven-time world champion Hamilton's move to Ferrari.
Regarding the Briton's contract extension, Wolff added: “We had a chat a few weeks ago about when the right timing would be to liaise.
“We’re going to find some time, I guess before the summer. We will do that in a timely manner, without disrupting the season.”
Russell, who outscored Hamilton in two of the three years they were paired together at Mercedes, added: “In sport, performance speaks for itself. So from my side, there’s no pressure. I’ve got no doubts about myself, and everything will fall into place when the timing is right.
“With Toto and me, we’ve had such a long-term relationship and there is so much trust between one another. But at the moment, we have got bigger fish to fry, which is getting Mercedes back on top and trying to win races and championships.”
Meanwhile, Stefano Domenicali will remain president and chief executive of Formula One until 2029 after extending his contract.
The Italian assumed the role in 2021 and has been instrumental in driving a strong period of growth for the business, with increased fan interest and demand for races around the world.
He is the second Formula One Management chief appointed since Liberty Media took over as owner of the sport's commercial rights in 2017, after predecessor Chase Carey.
"We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula One for the years ahead," Derek Chang, president and chief executive of Liberty Media, said in a statement.
"Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula One's rate of growth both commercially and in fan engagement."
Former Ferrari team boss Domenicali said he was "honoured" to stay in the role.
"Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans as they are the heartbeat of everything we do," said the 59-year-old.
Read next: Emirati teen joins Mercedes F1 Junior Driver Programme
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
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
UAE%20v%20West%20Indies
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