Rainbow must stand firm



LONDON // Rainbow View is highly fancied to land this afternoon's Oaks at Epsom. It is the temperament of last year's champion two-year-old filly, however, that threatens to derail her challenge for the ladies' Day centrepiece. In contrast to her ultra-relaxed trainer, John Gosden, Rainbow View is a nervous filly. It was not a problem last year, when her superior ability saw her finish the season unbeaten in four starts, the last of which was the decisive success in the Group 1 Fillies' Mile at Ascot.

Although Rainbow View stayed calm throughout the preliminaries to last month's 1,000 Guineas, in which she finished fifth, the firm going forced her to put on a jittery display. With London basked in sunshine for the past few days, it must be a significant worry once more. "She is maturing," revealed Gosden, seemingly unconcerned. "We schooled her a lot in the paddock before she ran in the Guineas, but she really hated the ground there."

There is also the unknown factor of Epsom's idiosyncratic mile-and-a-half, which is the furthest that Rainbow View will have raced before. "I could guarantee her to 10 furlongs," Gosden said hopefully. "Remember she won at Ascot and that is a stiff uphill that climbs and climbs. "We went to Epsom last week for her to have a look at the place, have a sweat, bounce around and she cantered down to the start nicely."

If Gosden is hopeful about the outcome of today's Classic, he is far more pragmatic with regards to tomorrow's assignment. Gosden saddles Debussy, an outsider not without hope that runs in the colours of last year's winning owner, Princess Haya of Jordan. The Diesis colt is unlikely to beat all 12 of the colts that are entered, and although he can boast a victory around Epsom's undulating camber already, he has a daunting mission ahead of him.

Aidan O'Brien lines up six colts of which Fame and Glory and Rip Van Winkle are vying for favouritism. The Irish challenge also boasts of Sea the Stars. If that wasn't enough, Jim Bolger, who trained New Approach to Derby glory last year, has entered 2,000 Guineas third Gan Amhras. Only three times in the 229 previous runnings of the Derby have foreign raiders managed to blank English-trained horses for first, second or third place, and it is something that Gosden is well aware of.

"It is a high-quality event and the challenge is formidable," he continued. "Clearly Princess Haya had a wonderful day last year, and as it is the most valuable flat race in the English calendar at £1.25m (Dh7.5m), I think it would be a bit wet not to have a crack at it." griddle@thenational.ae

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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

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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.”

Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

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3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.

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Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.