SINGAPORE // Bernie Ecclestone, the commercial rights-holder of Formula One, feels the life ban on Flavio Briatore for race fixing was too harsh and advised the former Renault team boss that he should appeal against the decision to the sport's governing body.
The Briton said the departure of the flamboyant Italian, banished this week by the International Automobile Federation (FIA) for his role in Nelson Piquet Jr's deliberate crash at last year's Singapore Grand Prix, was a loss to the sport. "In my opinion it was quite harsh on Flavio," the 78-year-old billionaire, Briatore's friend and business partner, said. "I don't think it was necessary, but I was on the [FIA] commission so I am probably just as guilty as anyone else. On reflection it wasn't necessary."
Ecclestone, who is in Singapore for this weekend's Grand Prix, nodded when asked if Formula One would miss Briatore. "Absolutely... We need people like him. It was too much." The motorsport tycoon, in a relaxed and jovial mood, felt Briatore may have been better served if he had acted differently ahead of the hearing last Monday. "He was invited to appear ... and his lawyers said the FIA have no jurisdiction as far as he is concerned, which was probably right - but it was not the right thing to say," said Ecclestone.
"It would have been just as easy to say 'I was caught with my hand in the till, it seemed a good idea at the time, and I am sorry.' "There is an organisation that works very, very well on that idea - where the people go to a box and confess," he smiled. "Honestly, I am a friend of Flavio's. He has just handled the whole thing badly. He could have handled it in a completely different way... and that would have been the end of it."
Ecclestone, who is a co-owner of the English football club Queen's Park Rangers with Briatore, urged his partner to appeal to the FIA but steer clear of any legal action. "He should ask to be heard by the court of appeal. He should appeal to the FIA," he said. "If he goes to a civil court ... the FIA would have to defend and somebody will say that he sent a young guy out to what could have been to his death. It wouldn't go down too well, I wouldn't think."
Mark Webber, the Red Bull driver and a protege of Briatore, also agreed that life would be very different without him. "I have had Flavio look after me for years. I never looked at a contract after I signed it ... and there are not many people in the paddock you can do that with." * Reuters
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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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Family: I am happily married to my wife Liz and we have two children together.
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The biog
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