Just after Godolphin’s Barney Roy won the St James’s Palace Stakes at Royal Ascot on Tuesday, Coolmore’s John Magnier crossed over the winner’s enclosure and congratulated Sheikh Mohammed bin Rashid, Vice President of the UAE and the Ruler of Dubai.
Whatever the two men said to each other there were smiles, and after the 30 races at Royal Ascot last week the two men have a lot to be satisfied with.
Godolphin came mightily close to breaking the grip Coolmore have on the world’s premier international race meeting. Coolmore’s six wins, seven seconds and four thirds pipped Godolphin’s six winners, six second-place finishes and the same number of thirds.
Coolmore were crowned the leading owner, but their retained trainer in Aidan O'Brien also topped the charts. Ryan Moore, the jockey who rides largely for the triumvirate of John Magnier, Derrick Smith and Michael Tabor, also ruled the roost.
New Godolphin group chief executive Joe Osborne has a lot to consider: imagine what Godolphin might achieve at this meeting in 12 months with no controversy beforehand?
Osborne was previously the managing director of Kildangan Stud, Godolphin’s breeding outpost in Ireland, so it will be alarming for him to note that of the sires who produced winners across the 30 races Coolmore’s Scat Daddy, who is dead, led the way with four winners.
Drill down a bit further and it becomes clear exactly how hard it will be to knock Coolmore off their perch.
Coolmore flew back to Ireland on Saturday night, having run just 36 horses trained by O’Brien. Of those, only four ran in handicaps. In contrast, Godolphin’s myriad trainers combined to send out 51 runner and 21 of those were in handicaps.
Where two weeks ago internal divisions in the Godolphin camp opened up a fissure that forced former chief executive John Ferguson out, O’Brien welcomed his title by highlighting the unity at his Ballydoyle stables.
"We always hope to do well at Royal Ascot and we always try and have the horses ready for this meeting but we don't really expect anything really. Credit must go to all the team who do such a great job at home; it's a big team effort."
Osborne has told this paper that he is already looking to get every person in his organisation pulling in the same direction, and it was a mantra that every Godolphin trainer and jockey repeated last week each time they made it in to the winner’s enclosure.
Caravaggio's victory in the Commonwealth Cup over Godolphin's Harry Angel and Blue Point showed there is still much to be done. Coolmore got their tactics spot on during the race of the meeting on Friday, as they have done all season. In contrast, Blue Point and Harry Angel did nothing to assist each other to gain a mutual advantage against a common opponent. Co-ordinating such an enormous organisation as Godolphin without a racing manager will be difficult, and it is a situation that Osborne will have to solve with some finality.
Godolphin’s three best achievements at this year’s Royal Ascot were the impressive victories of Ribchester and Barney Roy on Tuesday, and Atty Persse providing his jockey Kieran Shoemark and his popular sire Frankel with their first Royal Ascot winner in the King George V Handicap.
What might prove to be the most significant success, however, was Benbatl’s Hampton Court victory. Bin Suroor’s grin was stretched across the winner's enclosure, and with his juveniles ready to run for the first time this season next month there is a real feeling within his Newmarket stables that Godolphin are ready shift up a gear.
“We need more forward horses and more quality,” he said. “Mine is the main stable, the original stable, and people want to see us do well. We have a good reputation worldwide. Now we are looking to the future. If it is not this year, it will be the year coming. I am very positive.”
sports@thenational.ae
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.”
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
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Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
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Dir: Guy Nattiv
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Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
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Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)