The anointing of King Charles III will not be shown by broadcasters during his coronation ceremony, according to reports.
The act, described as the most sacred part of the ceremony, will remain private.
It had been thought the monarch would be the first to be publicly anointed, using a transparent canopy.
However, those familiar with the plans said this will not happen during the ceremony on May 6.
The Telegraph reported a method has been found to ensure the sacred act remains private, as it was for the late Queen Elizabeth II’s coronation in 1953, when a canopy of gold cloth was placed above her head.
The process involves the Archbishop of Canterbury pouring holy oil from the beak of the golden eagle-shaped ampulla on to a 12th-century, silver-gilt anointing spoon, the most ancient treasure of the Crown Jewels.
He will then use the holy oil to anoint the hands, chest and head in the form of a cross.
The act, based on a tradition included in the Old Testament, takes place before the investiture and crowning of the monarch.
It used to be performed to signify the sovereign was appointed by God, but the monarch has not been considered as divine since the 17th century.
The crowning of a monarch is one of Britain's most ancient ceremonies, being deeply religious and steeped in regalia.
The coronation of Queen Elizabeth in 1953 was one of the defining moments of the 20th century.
King Charles's coronation will be shorter and on a smaller scale but will still retain the pageantry and tradition that was on display with aplomb at the queen's funeral.
The oil that will be used to anoint the king was recently made at a ceremony in Jerusalem, using olives harvested from two groves on the Mount of Olives, at the Monastery of Mary Magdalene and the Monastery of the Ascension.
The Patriarch of Jerusalem, Theophilos III, and Jerusalem’s Anglican Archbishop, Hosam Naoum, consecrated the oil in the Church of the Holy Sepulchre in early March.
The olives were pressed outside Bethlehem and the oil has been perfumed with sesame, rose, jasmine, cinnamon, neroli, benzoin, amber and orange blossom.
Oil from the Mount of Olives has been used to anoint monarchs for centuries.
Queen Consort Camilla will also be anointed with holy oil and crowned, as the late Queen Mother was in 1937, during the coronation of her husband King George VI.
The oil is based on what was used at the coronation of Queen Elizabeth II, the formula of which has been used for hundreds of years.
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.”
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Charlotte Gainsbourg
Rest
(Because Music)
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