A handout picture released by Buckingham Palace on May 12, 2023 shows Britain's King Charles III (C), Britain's Prince William (L), Prince of Wales, and Britain's Prince George of Wales (R), posing in the Throne Room of Buckingham Palace in London. The King is pictured in full regalia and is wearing The Robe of Estate, the Imperial State Crown and is holding the Sovereign's Orb and Sovereign's Sceptre with Cross. He is seated on one of a pair of 1902 throne chairs that were made for the future King George V and Queen Mary for use at the Coronation of King Edward VII. These throne chairs were also used in the background of the 1937 Coronation of King George VI and Queen Elizabeth and King Charles III and Queen Camilla at Westminster Hall to receive addresses from the Speakers of both Houses of Parliament last year. (Photo by Hugo BURNAND / BUCKINGHAM PALACE / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / BUCKINGHAM PALACE / HUGO BURNAND / ROYAL HOUSEHOLD 2023 " - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS - NO DIGITAL MANIPULATION This photograph can not be used after 2259hrs GMT on December 31, 2023, without prior, written permission from Royal Communications. After that date, no further licensing can be made. The portrait should be used in the context of Their Majesties' Coronation. Any questions relating to the use of the photographs should be first referred to Buckingham Palace before publication. The photograph is provided to you strictly on condition that you will make no charge for the supply, release or publication of it and that these conditions and restrictions will apply (and that you will pass these on) to any organisation to whom you supply it. There shall be no commercial use whatsoever of the photograph (including by way of example ) any use in merchandising, advertising or any other non-news editorial use. The photograph must not be digitally enhanced, manipulated or modified in any manner or form
A handout picture released by Buckingham Palace on May 12, 2023 shows Britain's King Charles III (C), Britain's Prince William (L), Prince of Wales, and Britain's Prince George of Wales (R), posing in the Throne Room of Buckingham Palace in London. The King is pictured in full regalia and is wearing The Robe of Estate, the Imperial State Crown and is holding the Sovereign's Orb and Sovereign's Sceptre with Cross. He is seated on one of a pair of 1902 throne chairs that were made for the future King George V and Queen Mary for use at the Coronation of King Edward VII. These throne chairs were also used in the background of the 1937 Coronation of King George VI and Queen Elizabeth and King Charles III and Queen Camilla at Westminster Hall to receive addresses from the Speakers of both Houses of Parliament last year. (Photo by Hugo BURNAND / BUCKINGHAM PALACE / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / BUCKINGHAM PALACE / HUGO BURNAND / ROYAL HOUSEHOLD 2023 " - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS - NO DIGITAL MANIPULATION This photograph can not be used after 2259hrs GMT on December 31, 2023, without prior, written permission from Royal Communications. After that date, no further licensing can be made. The portrait should be used in the context of Their Majesties' Coronation. Any questions relating to the use of the photographs should be first referred to Buckingham Palace before publication. The photograph is provided to you strictly on condition that you will make no charge for the supply, release or publication of it and that these conditions and restrictions will apply (and that you will pass these on) to any organisation to whom you supply it. There shall be no commercial use whatsoever of the photograph (including by way of example ) any use in merchandising, advertising or any other non-news editorial use. The photograph must not be digitally enhanced, manipulated or modified in any manner or form
A handout picture released by Buckingham Palace on May 12, 2023 shows Britain's King Charles III (C), Britain's Prince William (L), Prince of Wales, and Britain's Prince George of Wales (R), posing in the Throne Room of Buckingham Palace in London. The King is pictured in full regalia and is wearing The Robe of Estate, the Imperial State Crown and is holding the Sovereign's Orb and Sovereign's Sceptre with Cross. He is seated on one of a pair of 1902 throne chairs that were made for the future King George V and Queen Mary for use at the Coronation of King Edward VII. These throne chairs were also used in the background of the 1937 Coronation of King George VI and Queen Elizabeth and King Charles III and Queen Camilla at Westminster Hall to receive addresses from the Speakers of both Houses of Parliament last year. (Photo by Hugo BURNAND / BUCKINGHAM PALACE / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / BUCKINGHAM PALACE / HUGO BURNAND / ROYAL HOUSEHOLD 2023 " - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS - NO DIGITAL MANIPULATION This photograph can not be used after 2259hrs GMT on December 31, 2023, without prior, written permission from Royal Communications. After that date, no further licensing can be made. The portrait should be used in the context of Their Majesties' Coronation. Any questions relating to the use of the photographs should be first referred to Buckingham Palace before publication. The photograph is provided to you strictly on condition that you will make no charge for the supply, release or publication of it and that these conditions and restrictions will apply (and that you will pass these on) to any organisation to whom you supply it. There shall be no commercial use whatsoever of the photograph (including by way of example ) any use in merchandising, advertising or any other non-news editorial use. The photograph must not be digitally enhanced, manipulated or modified in any manner or form
A handout picture released by Buckingham Palace on May 12, 2023 shows Britain's King Charles III (C), Britain's Prince William (L), Prince of Wales, and Britain's Prince George of Wales (R), posing in

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UK

King Charles releases coronation photo with his two successors

Regal portrait showing monarch and heirs echoes centuries of royal tradition

Marwa Hassan
Marwa Hassan

May 12, 2023

  • English
  • Arabic

In commemoration of his recent coronation, King Charles III has released a photograph featuring himself and his two successors, the Prince of Wales and Prince George.

The photograph was taken in the throne room of Buckingham Palace on May 6, the day of his coronation, symbolising the continuity of the monarchy and its deep-rooted traditions.

The snapshot shows King Charles seated on a throne chair dating back to 1902, originally crafted for the future King George V and Queen Mary.

The chair was used in the coronation of King Edward VII and later featured in the background of the 1937 coronation of King George VI.

King Charles and Queen Camilla had previously used the throne chairs at Westminster Hall to receive addresses from both Houses of Parliament last year.

The king, adorned in the traditional Robe of Estate, is seen wearing the Imperial State Crown while grasping the Sovereign’s Orb and Sovereign’s Sceptre with Cross.

Princes William and George flank the king on either side, signifying the solid and unified lineage of the crown.

On Friday, another photograph was released, capturing King Charles and Queen Camilla accompanied by their Pages of Honour and Ladies in Attendance. This photograph was also taken in the throne room on coronation day.

King Charles III and Queen Camilla with their Pages of Honour and Ladies in Attendance. Photo: Hugo Burnand/Royal Household 2023
King Charles III and Queen Camilla with their Pages of Honour and Ladies in Attendance. Photo: Hugo Burnand/Royal Household 2023

King Charles is seen in his Robe of Estate and Imperial State Crown once again, while Queen Camilla shines in Queen Mary’s crown and Robe of Estate.

This second portrait includes Prince George along with the queen’s grandsons Freddy Parker Bowles, Gus Lopes and Louis Lopes and her great-nephew Arthur Elliot.

Standing beside Queen Camilla is her sister, Annabel Elliot, and adjacent to the king is the Marchioness of Landsdowne, appointed as a queen’s companion in the Royal Household in 2022.

The remaining Pages of Honour, Ralph Tollemache, Lord Oliver Cholmondeley and Nicholas Barclay, can be seen on the far left.

Hugh Burnard, the photographer who previously captured King Charles and Queen Camilla’s wedding in 2005, was responsible for photographing these historic moments.

  • King Charles III wearing the Imperial State Crown and carrying the Sovereign's Orb and Sceptre leaves Westminster Abbey after the coronation in May 6. AFP
    King Charles III wearing the Imperial State Crown and carrying the Sovereign's Orb and Sceptre leaves Westminster Abbey after the coronation in May 6. AFP
  • King Charles and Queen Camilla watch the flypast from the balcony of Buckingham Palace. Reuters
    King Charles and Queen Camilla watch the flypast from the balcony of Buckingham Palace. Reuters
  • King Charles looks up as the St Edward's Crown is held above his head by Archbishop of Canterbury Justin Welby. Getty
    King Charles looks up as the St Edward's Crown is held above his head by Archbishop of Canterbury Justin Welby. Getty
  • Crowds fill the Mall following the coronation of King Charles. PA
    Crowds fill the Mall following the coronation of King Charles. PA
  • King Charles leaves Westminster Abbey as king. PA
    King Charles leaves Westminster Abbey as king. PA
  • The Archbishop of Canterbury crowns King Charles. Reuters
    The Archbishop of Canterbury crowns King Charles. Reuters
  • A girl waves Union Jack flags as King Charles and Queen Camilla wave to the crowds from the balcony of Buckingham Palace. AP
    A girl waves Union Jack flags as King Charles and Queen Camilla wave to the crowds from the balcony of Buckingham Palace. AP
  • Queen Camilla departs Westminster Abbey. PA
    Queen Camilla departs Westminster Abbey. PA
  • Military personnel as the coronation procession travels along the Mall towards Buckingham Palace. PA
    Military personnel as the coronation procession travels along the Mall towards Buckingham Palace. PA
  • Prince William kisses his father King Charles III during his coronation ceremony. PA
    Prince William kisses his father King Charles III during his coronation ceremony. PA
  • King Charles III and Queen Camilla with members of the royal family stand on the balcony of Buckingham Palace. EPA
    King Charles III and Queen Camilla with members of the royal family stand on the balcony of Buckingham Palace. EPA
  • King Charles and Queen Camilla smile at each other on the balcony of Buckingham Palace. AFP
    King Charles and Queen Camilla smile at each other on the balcony of Buckingham Palace. AFP
  • King Charles receives the St Edward's Crown. PA
    King Charles receives the St Edward's Crown. PA
  • Catherine, Princess of Wales arrives at Westminster Abbey. AFP
    Catherine, Princess of Wales arrives at Westminster Abbey. AFP
  • A giant screen in Piccadilly Circus, central London, showing the ceremony. AP
    A giant screen in Piccadilly Circus, central London, showing the ceremony. AP
  • King Charles and Queen Camilla after being crowned in Westminster Abbey. Getty
    King Charles and Queen Camilla after being crowned in Westminster Abbey. Getty
  • King Charles and Queen Camilla leave Buckingham Palace in the Diamond Jubilee Carriage. Getty
    King Charles and Queen Camilla leave Buckingham Palace in the Diamond Jubilee Carriage. Getty
  • King Charles begins the journey back to Buckingham Palace in the Gold State Coach. AFP
    King Charles begins the journey back to Buckingham Palace in the Gold State Coach. AFP
  • People watch the coronation on a big screen at Bristol Cathedral. EPA
    People watch the coronation on a big screen at Bristol Cathedral. EPA
  • The king and queen receive a royal salute from members of the military in the gardens of Buckingham Place. PA
    The king and queen receive a royal salute from members of the military in the gardens of Buckingham Place. PA
  • The king and queen in the Gold State Coach, pulled by eight Windsor Greys, at Parliament Square. PA
    The king and queen in the Gold State Coach, pulled by eight Windsor Greys, at Parliament Square. PA
  • Kate smiles as Prince Louis shouts as they wait for the Royal Air Force fly-past. AFP
    Kate smiles as Prince Louis shouts as they wait for the Royal Air Force fly-past. AFP

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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.”

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Updated: May 13, 2023, 9:21 PM
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