Twice Over edges out Midday in Group 1 Yorkshire Oaks


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YORK, ENGLAND // Vita Nova bids to get her career back on track this afternoon when she takes on a high-quality field in the Group 1 Yorkshire Oaks.

Owned by Sheikh Sultan bin Khalifa and trained by Sir Henry Cecil, the Galileo filly has taken time to come to hand and looked ready to show her true worth last time out in the Lancashire Oaks.

Vita Nova went to make a race-winning challenge two furlongs from the finishing post but at a crucial moment Tom Queally's saddle slipped. The Irish jockey clung on, despite appearing to be in a precarious position, and once he had kicked out both of his irons the filly ran on to finish second to Gertrude Bell.

Their task is not an easy one. In Godolphin's Blue Bunting, Banimpire and Wonder Of Wonders she faces the first three home in the Group 1 Irish Oaks last month. Crystal Capella will also provide a stern test, but despite the stiff challenge connections seem confident of success.

"Vita Nova probably would have won the Lancashire Oaks had the saddle not slipped," Salim Al Ketbi, Sheikh Sultan's racing manager, said. "We are not disappointed with the incident, it was rather unlucky and we are pleased that she came out of the race in good form. She has always been a big filly and needed time to grow into her frame. Hopefully we will be rewarded with the patience we have given her."

Yesterday was dominated by Khalid Abdullah of Saudi Arabia, who won the Great Voltigeur Stakes with Sea Moon and the International with Twice Over.

Twice Over showed exactly why so many felt he would win the Dubai World Cup in March before disappointing in ninth. The six year old edged out Midday, his stablemate, in a thrilling tussle in the final furlong to hand the Prince his first win in the Group 1 contest he has sponsored through his Juddmonte breeding operation for 22 years.

"I am delighted for the Prince," Cecil, the victorious trainer, said. "I told him if we don't win it today we are going to have to wait to win it with Frankel next year. I wanted to win it for him, and they both deserved to run, didn't they? How did you know which was going to win?"

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

MATCH INFO

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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.”

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

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Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

THE BIO

Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place

Job Title: Human resources administrator, Expo 2020 Dubai

First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group

Entrepreneur: Started his own graphic design business

Favourite singer: Avril Lavigne

Favourite travel destination: Germany and Saudi Arabia

Family: Six sisters