Musicians perform at Westminster Abbey on the morning of the coronation. AFP
Musicians perform at Westminster Abbey on the morning of the coronation. AFP
Musicians perform at Westminster Abbey on the morning of the coronation. AFP
Musicians perform at Westminster Abbey on the morning of the coronation. AFP

What is Zadok the Priest? The music at King Charles's coronation


Tim Stickings
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Follow the latest news from the coronation of King Charles here

A choir at Westminster Abbey will continue a royal tradition on Saturday by singing the hymn Zadok the Priest at the most sacred moment of King Charles III's coronation.

The hymn by German composer Georg Frederick Handel has been played at every British coronation since 1727.

It was composed for the coronation of King George II, who was born in Germany and was a patron of Handel.

The name refers to the biblical story of King Solomon being anointed by the priest Zadok and the Prophet Nathan.

The Old Testament tale is also the origin of the procedure in which the king is anointed with holy oil by the Archbishop of Canterbury — the moment at which the hymn is sung.

Outside of royal events, an adapted version of Zadok the Priest was composed in 1992 as the anthem for football's Champions League.

The coronation of King Charles III — in pictures

King Charles's music

As well as traditional music, the coronation features 12 newly commissioned pieces from UK and Commonwealth composers.

Seven of the composers are female, in what is believed to be the first time music written by women is featuring in a coronation.

Buckingham Palace said the king had personally shaped the musical programme for the service, which includes a performance by the official Royal Harpist.

The harp, regarded as the Welsh national instrument, is a nod to King Charles's former role as Prince of Wales.

Prince Philip tribute

Greek Orthodox music will be played in a tribute to the king's late father, who was born Prince Philip of Greece and Denmark.

The choristers are a mixture of the Choir of Westminster Abbey and other choirs from around the UK.

Fanfares will be played by trumpeters from the British military.

The service concludes with a singing of the national anthem, God Save The King.

It will include a rarely-heard second verse that includes the lyrics: “May he defend our laws / and ever give us cause / to sing with heart and voice / God Save The King”.

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Updated: May 06, 2023, 8:56 AM