Jack Hobbs, with jockey William Buick aboard, won the Dubai Duty Free Irish Derby on Saturday. Steve Davies/Racingfotos.com
Jack Hobbs, with jockey William Buick aboard, won the Dubai Duty Free Irish Derby on Saturday. Steve Davies/Racingfotos.com
Jack Hobbs, with jockey William Buick aboard, won the Dubai Duty Free Irish Derby on Saturday. Steve Davies/Racingfotos.com
Jack Hobbs, with jockey William Buick aboard, won the Dubai Duty Free Irish Derby on Saturday. Steve Davies/Racingfotos.com

Sport

Godolphin’s Jack Hobbs delivers at Irish Derby

The John Gosden-trained colt found stable companion Golden Horn too hot to handle in the both the Dante at York and in the Epsom Derby, but with his old rival back in Newmarket, Jack Hobbs was favourite to win and deliver the goods.

Press Association

June 27, 2015

  • English
  • Arabic

Godolphin’s Jack Hobbs turned in a brilliant performance to win the 150th Dubai Duty Free Irish Derby at the Curragh on Saturday.

The John Gosden-trained colt found stable companion Golden Horn too hot to handle in the both the Dante at York and in the Epsom Derby, but with his old rival back in Newmarket being prepared for next week’s Coral-Eclipse, Jack Hobbs was favourite to win and deliver the goods.

He broke smartly under William Buick, carrying the blue of Godolphin, before being taken back to settle in third place.

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Epsom third-place finisher Storm The Stars carried the field for much of the mile-and-a-half journey, but Jack Hobbs loomed alongside before straightening up for home.

Once let down by Buick, who ensured there was never any likelihood of being hemmed in by Giovanni Canaletto off the turn, Gosden’s charge quickly asserted and galloped on for a runaway success.

Storm The Stars ran an excellent race from the front in second, with Giovanni Canaletto back in third.

Gosden said: “He travelled really well and William just waited after he came at the head of the straight, and I loved the way he finished off his race.

“The second horse has run a blinder and he was third at Epsom. We’ll put him away and go for the Prix Niel and then on to the Arc (Prix de l’Arc de Triomphe). He needs a holiday. He’s a big, rangy horse and he needs some time to fill out.”

Buick said: “That was fantastic. He’s a great horse. I had a lot of belief in him before Epsom and he was even better today.

“It’s fantastic to win an Irish Derby, but it’s just great to ride horses like him. For Sheikh Mohammed (bin Rashid, Vice President of the UAE and ruler of Dubai) and all the (Godolphin) team, it means everything to us. Everyone works very hard behind the scenes and to get days like this is brilliant.”

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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.”

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