Frankie Dettori celebrates with owner Sheikha Hissa bint Hamdan Al Maktoum after being presented with the trophy following victory in the Juddmonte International Stakes. PA
Frankie Dettori celebrates with owner Sheikha Hissa bint Hamdan Al Maktoum after being presented with the trophy following victory in the Juddmonte International Stakes. PA
Frankie Dettori celebrates with owner Sheikha Hissa bint Hamdan Al Maktoum after being presented with the trophy following victory in the Juddmonte International Stakes. PA
Frankie Dettori celebrates with owner Sheikha Hissa bint Hamdan Al Maktoum after being presented with the trophy following victory in the Juddmonte International Stakes. PA

Dettori makes more history with sensational victory aboard Mostahdaf at York


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Mostahdaf gave Frankie Dettori a fifth domestic Group One of the season and in the process helped him to become the most successful jockey in the history of the Juddmonte International at York.

In doing so, the legendary rider served up a winner for Sheikha Hissa bint Hamdan Al Maktoum, who joined Dettori in the winner's enclosure.

A sixth triumph in York’s best race helped him go past Lester Piggott and create yet another record in a career that is set to end later this year.

Up against the potential Horse of the Year in Aidan O’Brien’s Paddington, who had beaten Dettori and Emily Upjohn in the Eclipse, he was determined his younger rival was not going to have things all his own way.

In a complete change of tactics from Ascot, when Mostahdaf had been so impressive in the Prince of Wales’s Stakes, Dettori bounded out of the stalls into an early advantage and it was one he would not relinquish with the Italian hailing him as the best 10-furlong horse around.

Afterwards, a delighted Detorri said: “This was a real team effort. I have to thank Angus Gold and Richard Hills (Shadwell’s racing managers), Sheikha Hissa for giving me the ride and John and Thady – and especially Jim, it’s his ride. We all came up with a plan to beat this great horse Paddington. We wanted to bully the race from the beginning. It takes a good horse to do that and he was.”

Jockey Frankie Dettori with owner Sheikha Hissa bint Hamdan Al Maktoum after winning the Juddmonte International Stakes with horse Mostahdaf. PA
Jockey Frankie Dettori with owner Sheikha Hissa bint Hamdan Al Maktoum after winning the Juddmonte International Stakes with horse Mostahdaf. PA

With his Ascot partner Jim Crowley suspended for his winning ride in the King George, Dettori for once was in the role as super-sub.

He still held a two-length lead two furlongs out but it was then a matter of what was left in the tank, however, by then Paddington was also beginning to paddle and it was the winner’s stablemate Nashwa closing in.

There might not have been much in the locker at the finish, but as he so often has in his storied career, Dettori had ridden the perfect race.

“He’s run over a mile and a half, so he stays a mile and a quarter really well. The key was to get the fractions right, not too slow and not too fast and thankfully after 36 years I got it right,” said Dettori.

“I knew I had got it right because when I looked round I still had two lengths rope, I expected them to be on my quarters and when they weren’t I knew it would take a good horse to catch me now.

“This is my last Ebor meeting, my wife has come along and to be the first jockey to get six Juddmonte Internationals, beating Lester, I couldn’t ask for more."

THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

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.”

Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

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Updated: August 23, 2023, 7:29 PM