The Schleck brothers Andy, left, and Frank, are hoping to give a good account of themselves in the Tour de France.
The Schleck brothers Andy, left, and Frank, are hoping to give a good account of themselves in the Tour de France.
The Schleck brothers Andy, left, and Frank, are hoping to give a good account of themselves in the Tour de France.
The Schleck brothers Andy, left, and Frank, are hoping to give a good account of themselves in the Tour de France.

The Schlecks are aiming for the top


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SUPER-BESSE // The name Schleck will barely register outside the cycling world but, come the finish of the Tour de France in Paris at the end of July, the Luxembourg name should be known better. Brothers Andy and Frank are both contenders for a podium. Frank's already finished in the top 10 - back in 2006 when he also won on Alpe d'Huez - while Andy finished in last year's Giro d'Italia. But any thoughts of sibling rivalry bubbling over during the next two-and-a-half weeks are dismissed by the brothers.

Frank explained: "I don't know how to explain it. For example, if I see my brother cut his finger, it hurts me more. So honestly the best result would be for him to win the race and me to come second. It gives me more pleasure." Andy adds: "I've never cried about my results but I've cried about Frank's. I remember when he won on Alpe d'Huez, I cried." The Schleck brothers were born to cycle. Their father Johnny rode nine Tours de France, acting as a domestique to the 1973 Tour winner Luis Ocana, and their mother played a key role too. Andy explains: "Our dad got us into the cycling but mum kept us there. She took us to training and to competitions when we were growing up, always driving us from A to B, and she still had to cook for us at the end of the day."

Andy, who recently turned 23, has been earmarked as perhaps the brighter of the two talents, but older brother Frank, at 28, is yet to reach his peak as a rider and is something of a late bloomer. He joined CSC in 2003 after Jan Ullrich reneged on his decision to join the team headed up by the 1996 Tour winner Bjarne Riis. Now, under Riis, both Schlecks have excelled. They remain very close. At home in Luxembourg, Andy lives with his parents while Frank's flat is just 200 metres away and he returns for his evening meals when at home.

Their greatest asset as riders is their climbing ability, which Frank highlighted best with his ride to victory up Alpe d'Huez, the Tour's toughest ascent, and he aims to repeat the feat this year. He readily admits such climbs are "absolute torture" even for the best of climbers but he wouldn't have it any other way. He said: "It is the stage and it was amazing to win it once. I didn't realise the enormity of it at the time but it was what I'd always wanted to do since I was a kid."

Schleck Jr is also expected to shine in the mountains and, during the Tour, he's been taking advice from five-time winner Bernard Hinault on how to win. Andy said: "It's great to talk to him but he's just told me to keep calm and relax. But I am both of those things as there's no pressure on me." Hinault also warned him to prepare for the horror of the mountains, but Andy adds. "I know there will be those days when I feel totally destroyed and I don't want to carry on. But somehow I will. I'll get on the bike, get on with it and end up loving it. It's strange as it's almost like a disease."

Andy is in marginally better shape for the race, with Frank still nursing a back injury from a horrific fall at the Tour of Switzerland, as he hurtled over a railing and fell down a steep ravine from which he escaped unscathed. "It wasn't great but thankfully I got stopped by a tree and then a blueberry bush," he said. "I didn't have time to pick the berries!" As for their Tour ambitions - they started the race as back-up to team leader Carlos Sastre although, as potentially better climbers than the Spaniard - the brothers might have a better chance of a podium finish.

"We'll see," the brothers sum up in unison. @Email:sports@thenational.ae

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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.

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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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Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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