Hollywood A-listers have a knack for giving their children rather silly names (Pilot Inspektor, Fifi Trixibelle, Diva Thin Muffin and Moxie Crimefighter), but this phenomenon is by no means restricted to quirky showbiz types.
Car companies do it, too. Some current examples: Bentley’s upcoming SUV will be called the Bentayga, while Pagani’s flagship supercar is dubbed the Huayra. These monikers don’t exactly roll off the tongue, and it does make you wonder if the marketeers and spin doctors who gave them the green light are in the habit of quaffing beverages other than orange juice or Coke during their lunch breaks.
However, as loony as these names appear, there’s apparent method to the madness, because it’s increasingly challenging to come up with a new and unique sounding nameplate in an ever-more-crowded market. The added benefit of a name that’s controversial or left field is that it’s likely to spark debate – the way the car companies see it, any publicity is good publicity.
Some manufacturers go the obvious route and dub their products in a fashion that’s not terribly imaginative. Skoda named its large saloon Superb, while Ferrari’s latest and greatest hypercar is badged LaFerrari (well, duh). It makes one think it was late afternoon in both these cases, with the pressure on to coin a name before dashing out of the office for the weekend.
The German premium brands get around this curly dilemma by adopting unglamorous yet highly systematic alphanumeric protocols that signal the car’s body style and size and, in some cases, engine capacity.
Even here, though, there’s occasionally a stumbling block. For example, Porsche’s 911 was originally meant to be called the 901. However, Peugeot already had the trademark on all three-digit model numbers with a “0” in the middle. Hence we have the 911 instead of the 901.
However, no one tops Japanese carmakers when it comes to downright kooky names – although there’s probably a lost-in-translation element in most cases.
Even accounting for a loss of nuance across cultural/language barriers, you wonder what Subaru’s brains department was thinking when it came up with Vivio Bistro Chiffon for a retro-inspired hatchback sold in the mid-1990s. Vivio was apparently inspired by the word vivid, but quite how Bistro and Chiffon fit in this context is anyone’s guess.
Then there’s the Mitsubishi Lettuce, Suzuki Afternoon Tea, Mazda Secret Hydeout, Mitsubishi Mini Active Urban Sandal, Daihatsu Rugger Field Sports Resin Top, Mazda Bongo Friendee, Suzuki Every Joy Pop Turbo, Toyota Deliboy and Mitsubishi Guts. I could go on.
The Chinese are relative newcomers to the industry, but they’re catching on fast. Among the best monikers are the Great Wall Wingle and Tang Hua Detroit Fish, although the latter was an amphibious vehicle revealed at the 2008 Detroit motor show.
Even the Italians – renowned for evocative names – aren’t exempt. The 1946 Volugrafo Bimbo took care of that, and the car was just as comical to look at. It had a bodyshell shaped like an inverted bathtub and big bulging eyes perched atop its beak. Just the sort of thing you could imagine Mickey Mouse and Goofy hopping out of.
It’s a safe bet there will be plenty more ridiculous car names over the coming years, and I, for one, am certainly hoping this will be the case. Laughter is indeed the best medicine.
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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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