Paul McCartney and David Beckham among stars celebrating platinum jubilee


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Sir Paul McCartney and David Beckham were among the stars celebrating Queen Elizabeth II on Thursday as festivities for the platinum jubilee weekend got under way.

The Beatles star, 79, was knighted by the Queen in 1997, and shared a picture of himself with her from an event the year before as he congratulated her on her 70-year reign.

Alongside a picture on Instagram, Sir Paul wrote: “70 beautiful years of Queen Elizabeth the second. Congrats ma'am! And thanks — Paul?.”

David Beckham also took to the platform to hail the queen's “remarkable” reign.

Dame Julie Andrews and actress and singer Sheridan Smith also shared messages of congratulations for the queen.

The Sound Of Music's Dame Julie said in a video message shown on BBC News: “Your Majesty, I well remember the beautiful radio speech you gave on your 21st birthday.

“You pledged yourself in service to the people of Britain and the Commonwealth, and I feel that in all the years since you have never betrayed that promise.

“I would like to say my warmest congratulations to you, Ma'am. And thank you.”

Cilla star Smith was presented with her OBE by the Duke of Cambridge in 2015 and said in her BBC News message: “Your Majesty, one of the last memories I have of my dear father was of him escorting me to Buckingham Palace to receive my OBE.

“It was a very special day for him too and one that he cherished dearly as you have touched the hearts of generation upon generation.

“You are beloved by children, parents, grandparents and great-grandparents. Your selflessness and dedication to duty is beyond compare.

“I just wanted to take this opportunity to say a huge thank you and to send you my best wishes on your platinum jubilee.”

Her father Colin, who died in 2016, had along with her mother Marilyn formed the country and western duo The Daltons.

Spice Girl Geri Halliwell shared two posts on Instagram to commemorate the occasion.

Among the pictures shared by Halliwell was one of her alongside her fellow Spice Girl bandmates — Victoria Beckham, Emma Bunton, Mel B and Mel C — from 1997 when they met the monarch at the Royal Variety Performance.

They had performed as part of the show, staged at London's Victoria Palace Theatre, in celebration of the queen and Duke of Edinburgh's Golden Wedding Anniversary.

Penny Lancaster shared a photo showing her husband, Sir Rod Stewart, in front of the gates at Buckingham Palace, ahead of him performing as part of Saturday night's Party at the Palace concert, which will be broadcast on the BBC.

She captioned the picture: “Excitement and nervous for Saturday night #partyatthepalace”.

Sir Rod, who was given a knighthood in the 2016 Honours list, said previously of performing at the concert: “Queen Elizabeth has given incredible service to the United Kingdom over the last 70 years and I'm delighted to be able to join her in celebrating her platinum jubilee with the Party at the Palace.

“She has demonstrated to the world what a special person she is and how lucky we are to have her. This will be a momentous occasion.”

Other names on the bill for the concert include Queen + Adam Lambert who will open the concert, while Diana Ross will close the event, marking her first UK live performance in about 15 years.

Watch: top five moments from Trooping of Colour

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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Updated: June 02, 2022, 4:32 PM