White Moonstone headed to Ascot


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Simon Crisford, the Godolphin racing manager, has earmarked White Moonstone for the Fillies' Mile at Ascot in England next month after she maintained her unbeaten record with a convincing success in the German-Thoroughbred.com Sweet Solera Stakes at Newmarket yesterday. The filly had impressed on her debut 15 days earlier when taking a six-furlong maiden at Ascot. But she stepped up on that effort with a victory over Crying Lightening in the Group 3 contest.

The joint favourite was slowly away and Frankie Dettori, her jockey, was content to bide his time out the back. But the Saeed bin Suroor-trained White Moonstone picked up well when asked, taking over the lead approaching the final furlong and winning by a length and a quarter. "That was a really pleasing effort," Crisford said. "She has always shown a lot of talent at home and is a beautiful to look at. She has tons of class which you could see today. We are hoping she can go all the way to the top. The Fillies' Mile would be big target for her. I think she will have one more run before then and we will step her up to a mile next."

In the six-race Shergar Cup at Ascot yesterday - the international jockeys' challenge which was won by Fran Berry - the horses of Sheikh Hamdan bin Mohammed's had a disappointing day. The much-fancied Capercaillie was third in the Dubai Duty Free Shergar Cup sprint while Jutland was a non-runner in the Shergar Cup Classic, a race in which Godolphin's Fareej finished fourth. But the Crown Prince of Dubai did have two horses who were part of a clean sweep for Mark Johnston, the trainer, in the Shergar Challenge. Emerging Artist, the favourite, and Submariner finished second and third for Sheikh Hamdan behind Yorgunnabelucky, the winner.

"You get the hate mail when you have a one-two-three as everyone assumed we know the result beforehand," said Johnston. "You run one horse in a race when you look for the best opportunity but for horses of this level, there are not the chances for them to race for this kind of prize money, so we ran more than one. The winner was a revelation at Pontefract. As a full-brother to Shamardal we assumed he wanted top of the ground but he appears to be at his best when the ground is easier."

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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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She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro

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