In the bustling heart of the city, nestled among the modern shops of Covent Garden, is the Rock and Sole Plaice, London's oldest fish and chip shop.
The National visited the shop and sat down with its dedicated owner, Ali Ziyaeddin, who is deeply intertwined with its storied past.
The shop – located in Endell street – was founded during the Industrial Revolution in 1871, its wooden doors bearing witness to times of peace and turmoil, prosperity and scarcity, including relentless bombings during the Second World War.
Amid the chaos, the shop, though struck, was never defeated.
The shop changed hands from a Jewish family to the Italian Ferrini sisters – Anna and Rachael – who later Anglicised their name. The shop was reopened in 1950 as The Negris Fish Bar.
The Ferrini sisters played an instrumental role in the shop’s survival, passing down their unique frying techniques, refined through generations, to the present owners.
In 1974, the shop was bought by two local men, Peter and Howard, who changed the name to the now famous Rock And Sole Plaice.
The current owners, in possession since the 1980s, share this dedication to maintaining the shop's historical spirit.
Mr Ziyaeddin, the owner, started as a potato washer and table clearer when he was only six years old.
He says that over the years, he learnt the nuances of the trade, understanding that no two pieces of fish are the same, and that the oil is as much a living ingredient as any other.
This historic shop also holds secrets from the war era.
It served as a meeting place for Spitfire squad leaders and was the hub where rationing of fish and potatoes was organised during the Blitz, feeding those who had lost their homes.
It is also known to have played host to notable figures from ex-presidents to top chefs, including Alain Ducasse, who has 23 Michelin stars to his name.
Yet the owner's humble philosophy remains unchanged: everyone, no matter their stature, deserves the same quality of meal.
Through all its changes, the shop has retained its character and charm, standing as a monument to history while feeding the souls of Londoners.
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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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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DIVINE%20INTERVENTOIN
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SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years