Pastor Maldonado, left, was also involved in a collision with Kamui Kobayashi. Geoff Caddick / EPA
Pastor Maldonado, left, was also involved in a collision with Kamui Kobayashi. Geoff Caddick / EPA

Sergio Perez incensed after collision with 'stupid' Pastor Maldonado



SILVERSTONE, England // The widely predicted deluge never arrived, but Pastor Maldonado, Williams's crash-prone Venezuelan driver, ensured some sense of normality at the British Grand Prix by once more being involved in a controversial collision.

The 27 year old has been heavily criticised for his reckless driving style since entering the high-risk, high-reward world of Formula One last season. Yesterday, under a dark cloud at Silverstone Circuit, Maldonado was in the spotlight again after ending Mexican Sergio Perez's race.

The FIA, world motor sport's governing body, reprimanded and fined Maldonado €10,000 (Dh45,128), adding that two penalties had been applied due to the serious nature of the incident with the Sauber driver, who vented his anger to television broadcasters after being forced to return to the pits prematurely.

"He tried to push me off the track," Perez said. "[He] is a stupid driver and shouldn't be here. I'm not the only driver who has had their race ruined by him. Everybody has concerns about him.

"I don't understand why he drives like that and I hope the stewards do something.

"This guy will never learn if they don't do something. He could hurt someone."

Mark Gillan, Williams' chief operations engineer, said the team considered the accident a racing incident and refused to accept Maldonado had made a mistake. They did, however, accept the reprimand. Maldonado dismissed Perez's criticism.

"In that moment I was coming out of the pit with cold tyres," he said. "I was on the inside of the corner, so it was mine, Sergio was outside trying to take the position from me. I tried to defend and lost the rear of the car and we bumped tyres. It was disappointing. It was an unlucky race for me and that is it. Sergio can say what he wants. We are racing, we are trying to do our best."

Maldonado unexpectedly won his first grand prix in Barcelona earlier this season, but has been involved in more moments of despair than moments of joy.

In Australia, at the opening race of the year, he clashed with Romain Grosjean, forcing the Lotus driver to retire.

In Monaco, he was given a 10-place grid penalty for apparently deliberately sliding into the side of Perez. And at last month's European Grand Prix in Valencia, on the penultimate lap, he collided into Lewis Hamilton of McLaren-Mercedes, ending the Briton's race.

Maldonado was not the only driver given a monetary penalty by the FIA. Kamui Kobayashi, Perez's teammate, was handed a €25,000 fine after crashing into his pit-stop crew during the race. The Japanese braked too late when coming in for his second stop and knocked down three mechanics. The FIA fined him for an "unsafe manouevre".

Kobayashi said: "Of course I had to push hard for points, but without doubt I braked too late in the pit lane. The front wheels locked, I couldn't control the car, and this is how I overshot the pit box. I am terribly sorry this happened, and I hope the three mechanics I hit get well soon."

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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