CASTEL GANDOLFO, ITALY // Pope Francis travelled yesterday to Castel Gandolfo to have lunch with his predecessor Benedict XVI in an historic and potentially problematic melding of the papacies that has never before confronted the Catholic Church.
The Vatican said the two popes embraced on the helipad. In the chapel where they prayed together, Benedict offered Popr Francis the traditional kneeler used by the pope. Pope Francis refused to take it alone, saying "We're brothers," and the two prayed together on the same one.
The Vatican spokesman, Rev Federico Lombardi said he understands Benedict offered his pledge of obedience to the new pope, while Pope Francis thanked Benedict for his ministry. He said they both wore white, though Benedict was in a simple cassock without the traditional sash and cape worn by Pope Francis.
Outside, the main piazza of Castel Gandolfo was packed yesterday with well-wishers hoping to catch a glimpse of history: two popes breaking bread together and presumably discussing the future of the Catholic Church. They chanted: "Francesco! Francesco!"
Benedict has been living at the papal summer villa since he resigned February 28, the first pope to step down in 600 years. He has said he plans to live out his final years in prayer and remain "hidden from the world".
The Vatican is downplaying the luncheon in keeping with Benedict's desire to remain in private and not interfere with his successor's papacy. There was to be no live coverage of the private meeting by Vatican television, only a few still photos from the official Vatican photographer and perhaps a video released after the fact.
The lack of information surrounding the meeting has led to enormous speculation about what these two men in white might have to say to one another after making history together: Benedict's resignation paved the way for the first pope from Latin America, the first Jesuit, and the first to call himself Francis after the 13th century friar who devoted himself to the poor, nature and working for peace.
Perhaps over their primo, or pasta course during yesterday's lunch, the two popes might discuss the big issues facing the church: the rise of secularism in the world, the drop in priestly vocations in Europe, the competition that the Catholic Church faces in Latin America and Africa from evangelical Pentecostal movements.
Or maybe during their secondo, or second course of meat or fish, they'll discuss more pressing issues concerning Pope Francis' new job: Benedict left a host of unfinished business on Pope Francis' plate, including the outcome of a top-secret investigation into the leaks of papal documents last year. Pope Francis might want to sound Benedict out on his ideas for management changes in the Holy See administration, a priority given the complete dysfunctional government he has inherited.
Then over coffee, they might discuss the future of Monsignor Georg Gaenswein, Pope Benedict's trusted aide who has had the difficult task of escorting his old pope into retirement and then returning to the Vatican to serve his successor in the initial rites of the office.
Monsignor Gaenswein, who wept as he and Benedict made their goodbyes to staff in the papal apartment on February 28, has appeared visibly upset and withdrawn at times as he has been by Pope Francis' side. The Vatican has said Francis' primary secretary will be Monsignor Alfred Xuereb, who had been the No 2 secretary under Benedict.
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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.
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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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Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
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Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
