Queen Elizabeth II dies — follow the latest news as the world mourns
The queen's beloved corgis will be cared for by the Duke of York and his former wife after his mother's death.
Prince Andrew said he and Sarah, Duchess of York, would take in Muick and Sandy, which he gave Queen Elizabeth as gifts.
The queen was known for her love of corgis and owned more than 30 of them during her reign.
In early 2021, she was given two new puppies, a dorgi — a corgi-dachshund cross — and a corgi, as a gift by Prince Andrew while staying at Windsor during lockdown.
The puppies kept the monarch entertained while the Duke of Edinburgh was in hospital and Buckingham Palace and the royals were dealing with the bitter fallout from Megxit and the Sussexes’ Oprah interview.
The queen named the dorgi Fergus after her uncle who was killed in action during the First World War, and the corgi Muick, pronounced Mick, after Loch Muick on the Balmoral estate.
But the monarch was devastated when five-month-old Fergus died just weeks later, after her husband Prince Philip’s death.
He was later replaced with a new corgi puppy, from Andrew and Princesses Beatrice and Eugenie for her official 95th birthday, who the queen named Sandy.
Platinum jubilee 'corgi trail' - in pictures
The puppies were a constant source of joy for the queen during lockdown, her dresser Angela Kelly said.
Prince Andrew, flanked by Beatrice and Eugenie, thanked well-wishers for lining the route back to Balmoral after the royal family attended a prayer service on Saturday.
It was the first time the members of the royal family had been seen together in public since the queen’s death on Thursday.
“We’ve been allowed one day, now we start the process of handing her on,” Prince Andrew said when asked by a mourner how things were.
“It’s nice to see you, thank you for coming."
Meanwhile, Sarah said the queen was “the most incredible mother-in-law and friend” to her and she would miss her “more than words can express”.
The queen with horses throughout the years - in pictures
The queen’s love of corgis was celebrated during platinum jubilee events, with a gathering of 70 corgis at Balmoral and a “corgi derby” at Musselburgh racecourse.
Most of the queen’s corgis were descended from her first corgi, Susan, who was given to her on her 18th birthday in 1944.
The queen looked after her own dogs as much as possible. They would accompany her on weekends at Windsor and lived in her private apartments.
She fed them whenever her busy schedule allowed and also enjoyed walking the dogs.
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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.”