Agencies
AINTREE, England // Leighton Aspell became the first jockey for 61 years to win the Grand National on different horses in successive years as he powered Many Clouds to victory on Saturday the world’s most famous steeplechase.
Aspell, winner on Pineau De Re last year, rode another magnificent race on the Oliver Sherwood-trained horse to win ahead of runner-up Saint Are and third-placed Monbeg Dude in the 168th running of the race.
Aspell, 38, emulated the achievement of Bryan Marshall, who earned victories in the 1953 National on Early Mist and 1954 on Royal Tan.
Brian Fletcher achieved the feat on the same horse, Red Rum, in 1973/74.
It was also a record-equalling third Grand National triumph for Many Clouds's owner Trevor Hemmings. There was, though, to be no fairy-tale farewell to the race for 19-times champion jockey Tony McCoy, who had promised to retire on the spot, instead of at the season's end, if he won on Shutthefrontdoor.
Instead, despite a fine effort in which Shutthefrontdoor make a concerted bid for victory, he eventually faded to fifth off the final fence.
Aspell, who chose to ride Many Clouds in place of last year’s unplaced winner Pineau De Re, who finished 12th, said: “Wonderful. We’ll certainly celebrate tonight.
“I asked him big questions and he certainly responded. He’s all heart. I was hoping his battery would last and it did.”
Sherwood cut a distinctly modest figure in the winner’s enclosure, reflecting on his eight-year-old charge’s return to top form after a poor run in the Gold Cup last month.
“The horse has been unbelievable, blossoming all season,” he said.” I don’t know what happened in the Gold Cup, he got out of the wrong side of the bed that morning. I’ve never showed him a fence at the National on purpose. But what do I know about horses.”
Hemmings, owner of the English football club Preston North End, welcomed home his third National winner after Hedgehunter and Ballabriggs.
He paid tribute to Aspell, saying: “Achievers are normally quiet, confident and experienced, and he’s got all three. You come to the National and you dream that you win it. When a third comes along, that is something special. It is a wonderful, wonderful feeling.
“For years and years this race has captured my heart. What a wonderful feeling, you can’t express it.” Last year’s runner-up Balthazar King made it only as far as a crashing fall at the Canal Turn on the first circuit.
The signs were ominous for the horse’s welfare as the veterinary screens went up around him and the fence missed out on the second circuit, a statement from the racecourse later reporting that he was “up standing and under assessment”.
One of the main hard-luck stories in the 2015 edition of the race first run in 1839 concerned The Druid’s Nephew, who was going as well as anything in front only to hit the deck five fences out.
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The specs
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The specs
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Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
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Price: From Dh1.05 million ($286,000)
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
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Date started: March 2023
Founder: Jacqueline Perrottet
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Investment stage: Pre-seed
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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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In numbers
1,000 tonnes of waste collected daily:
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800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
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