Goodwood, England // It was a snapshot of the domination of British horse racing.
The sight of Coolmore’s The Gurkha edging out Al Shaqab’s Galileo Gold and Godolphin’s fast-finishing Ribchester in a thrilling Sussex Stakes on Wednesday encapsulates perfectly the current position of the three racing superpowers in the racing firmament.
The Gurkha, ridden by Ryan Moore, was only Aidan O’Brien’s 18th winner on these shores this season, but by avenging his defeat to Galileo Gold at Royal Ascot last month, the French 2,000 Guineas winner all but wrapped up the British trainers’ title for his Irish handler.
O’Brien has now amassed just over £4.5 million (Dh21.67m) in Britain this season, and is primed to make an assault on the £5,277,651 accumulated by John Gosden last year.
Looking at his stable of stars that landmark may well come sooner rather than later. O’Brien runs hot favourite Minding in the Nassau Stakes on Saturday, a race in which the English Guineas, Oaks and Pretty Polly Stakes winner will pick up £340,260 should she win.
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O’Brien has recent King George VI and Queen Elizabeth Stakes winner Highland Reel ready to embark on his travels.
Found, his Breeders’ Cup Turf star, is waiting in the wings, too, while The Gurkha could return to France for either the Prix Jacques Le Marois at Deauville on August 14, or the Prix Moulin at Chantilly the following month.
In what could prove to be the next chapter of an enthralling rivalry Galileo Gold could take him on again there and all the way through to the Breeders’ Cup in Santa Anita.
“The horses are running really well and they are coming on,” O’Brien said. “The lads [owners Derrick Smith, John Magnier and Michael Tabor] will decide if The Gurkha needs to go back up in trip. He could go to France. He wouldn’t mind stepping up if the ground is fast and at a level track – he has lots of options.”
If O’Brien has got the horsepower purring at Ballydoyle, it is Moore who is doing the steering. Where The Gurkha gave Galileo Gold a taste of his own medicine on the Downs, Moore also served up a cold dish to Frankie Dettori on Galileo Gold, too.
Last month at Ascot, it was Dettori who got the better of Moore in the St James’s Palace Stakes.
None of the 10 jockeys wanted to do the running once the gates opened, however, and it fell to Dettori to lead the way.
Moore anchored The Gurkha on to the back of Galileo Gold and an easy trip in his slipstream.
At the business end Moore had to wait patiently for the gap to appear before he flew past and won by a neck, while Godolphin’s Ribchester came home under James Doyle third by a short head. O’Brien has now won the English 1,000 Guineas, the Oaks, the Gold Cup, the Falmouth Stakes, the King George VI and Queen Elizabeth Stakes and the Sussex Stakes, while Al Shaqab have grabbed the 2,000 Guineas and St James’s Palace Stakes with Galileo Gold and the Coronation Stakes with Qemah.
Godolphin have Hawkbill’s victory over The Gurkha in the Eclipse Stakes in May and Belardo’s Lockinge Stakes in the bag.
Their grip is tight, and there is all to play for.
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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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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to avoid crypto fraud
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants