Paul Willcox took part in the pro-am race in Abu Dhabi last month.
Paul Willcox took part in the pro-am race in Abu Dhabi last month.

Paul Willcox answers Azzam skipper Walker's Volvo Ocean Race call



SANYA, China // Eight days ago and 11,000 kilometres away, in Cape Town, South Africa, a worried sailor sat at his computer.

A mainstay in the Abu Dhabi Ocean Racing tapestry for months as a reserve crew member and shore-crew supporter, he would miss this China stopover because of mild cost-cutting.

In his unsettling uncertainty, he thought he might try something in the Caribbean.

The phone rang with a blocked number, and the Abu Dhabi skipper Ian Walker spoke, and Paul Willcox figured Walker would give the bad news that he had to take Willcox off his retainer.

"We need you in China," Walker said instead. "Are you available?" As words rolled in, he heard Walker say, "We need you for this leg and probably for the rest of the race."

A thought flashed: Did you really just ask me if I am available?

The Abu Dhabi crew member Andrew Lewis had left the team for family reasons, and here came Willcox, who by yesterday afternoon sat aboard Azzam toiling, a sight familiar through three stopovers but unexpected here. "I was quite shocked, actually," Willcox said. "I think I still am, actually."

Soon he said, "It takes you a long time to sort of register that you're actually doing what you've been dreaming of doing your whole life."

He will sail Leg 4 to Auckland, New Zealand, and the transition should be as seamless as transitions get.

"He has sailed on our boat probably more than a lot of the racing team," Walker said.

An award-winning South African who can tell about malevolent seas off the South African/Namibian coast, Willcox had a brief stint with Team Russia's truncated bid in the 2008/09 Volvo Ocean Race. He contacted Walker in the summer of 2010. Walker happened to be home in England, so he met Willcox for a coffee.

"I liked him," Walker said, and across the autumn and winter Willcox made three trips to Abu Dhabi, helping out and trying out as an under-30 sailor.

He did not get that, but as reserve he sailed with the crew from Cascais, Portugal, to Alicante, Spain, and in the In-Port Race in Spain on October 29, when Lewis went home to Hawaii for his daughter's birth.

Then he followed his long and trying path home again after the Abu Dhabi stopover, cycled to maintain fitness and resumed wondering.

The clock ticked. By the next Volvo Ocean Race, he would exceed age 30, rendering the opportunities even scarcer than usual. Old doubts howled. Should he do something else? Get a "real job", as he put it?

In one phone call came one "massive stepping stone", as he also put it. And an ensuing phone call brought a deeply meaningful conversation with his long-supportive father in Johannesburg.

And here in China, Walker stressed yesterday that Willcox had "done exactly the right thing", keeping head down, staying fit et al. "I'm genuinely pleased for him," Walker said. "I really am."

Meanwhile, Leg 4 of the race will start as planned. From there, nobody knows.

Race officials retain the possibility for unusual directives early on, owing to merciless conditions forecast for the South China Sea.

Even with a tropical depression likelier than a tropical cyclone, the chief meteorologist of the race, Gonzalo Infante, wrote in an e-mail: “The problem is that the combination of a northeasterly monsoon surge with the tropical depression can make the South China Sea far from sailable, since the sea state can be very, very tough.”

For the 5,200 nautical miles from Sanya to Auckland the early stages promise by far the severest conditions the fleet has faced across four months. The disturbance “is between here and Luzon” in the Philippines, the Abu Dhabi Ocean Racing skipper Ian Walker said.

"We have no choice, if we want to go to Auckland, but to sail through the wind," anticipated at 40 knots and gusting.
Said Walker: "It is a decision for Volvo, how much risk it wants to take with the fleet," even while skippers will have input.

As compared with the tumultuous Leg 4 from Singapore to Qingdao in the 2008/09 race, this threat has both similarity (same region) and contrast (circumstances).

“The big difference with the last race is that first of all, you could always go hide around the Philippines,” said Ken Read, the Puma skipper, whose previous entry did just that. “That’s a big difference because here; we have to go out to the South China Sea and there’s no hiding.”

As for similarity, “It was relentless,” Read said. “This place is relentless. Quite frankly, it’s not a great place to go sailboat racing this time of year. It’s a great place to visit, but the South China Sea this time of year is no bargain.”

@ For more on VOLVO OCEAN RACE, visit thenational.ae/sport

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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