What a difference a round makes. With last month's successful Swedish appetizer fully digested, an unsavoury helping of Mexican misery now sits somewhat uncomfortably in the BP Ford Abu Dhabi team gullet.
Having scored a podium double in the Scandinavian opener, Ford's Finnish duo of Mikko Hirvonen [first] and Jari-Matti Latvala [third] had been confident going into the second round.
In Mexico, however, their Citroen rivals outwitted, out-drove and outpaced them. The Ford pair's humbling trans-Atlantic experience must be dissected and digested if they are to reignite their title challenges in Jordan - the venue of the third round next month.
"It was difficult all the way through and we never had the pace to match the Citroens," said Hirvonen after finishing fourth. "This is a special rally in that we never do well here, but it's good for the championship that more drivers are fighting for wins - it's a different game."
Unfortunately, last year's championship runner-up is only partially correct. France's Sebastien Loeb, whose fourth successive Mexico victory has thrust him seven points clear of Hirvonen in the drivers' standings, appears characteristically dominant.
Winning is a familiar feeling for the six-time world champion, and although Hirvonen might view things differently, the same game is being played again.
"I knew from previous years that we have struggled in Mexico, but I was still surprised [at the Citroens' speed]," added Hirvonen. "We were always behind, but we got some points so it's not that bad. I'm confident about the coming rallies and we'll have to see what happens in Jordan, where we will be able to play the tactics."
Tactics, however, count for nothing without stage wins. Of the 22 routes in Mexico, Citroen drivers won 21 of them - the remaining stage was cancelled. Loeb was victorious in every run on Saturday, barring the super special curtain-call, which his Junior Team colleague, Sebastien Ogier, won. It was one of four spectator-friendly speed tests the young Frenchmen claimed during the weekend.
Ford, for all their efforts, could not manage a single stage win; a spattering of third and fourths, plus a few seconds, was all the usually reliable Hirvonen-Latvala double-act could muster. "I thought we'd be fighting for the podium - in fact, we had no chance," admitted Latvala.
"Citroen's team performance with their cars was better than ours. They have a six-speed gear box and we have a five-speed; it's never an issue except here. But I believe we'll be at the same level in Jordan."
The real issue, however, is numbers. Citroen have four drivers capable of stage and rally wins, not to mention the former F1 driver Kimi Raikkonen, in their ranks.
Ken Block - the American who is untested at global level - provides little in the way of a point-scoring counter-punch for Ford.
Even Latvala, who led his title-chasing teammate overall by the time the cars embarked on the penultimate stage, was asked to move over to safeguard higher points for the team's No 1.
"That's my job, to be the second driver," said Latvala. "I'm happy about having completed the rally with no mistakes, that's my positive."
Ford's team director Malcolm Wilson was left scratching his head. "We lost too much time on the first day but we don't know why," he said. "We need to find the reasons, and we will, but at the moment it's a bit confusing."
With honours even after the season's opening race, let the next round - the Middle East's home fixture - commence.
@Email:emegson@thenational.ae
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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.”
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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TCL INFO
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
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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