Titanic passengers Isidor and Ida Straus. Getty
Titanic passengers Isidor and Ida Straus. Getty
Titanic passengers Isidor and Ida Straus. Getty
Titanic passengers Isidor and Ida Straus. Getty

Wife of missing submersible pilot is descendent of wealthy Titanic victims


Gillian Duncan
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The wife of OceanGate owner Stockton Rush, who was piloting the missing Titanic submersible, is a descendant of first-class passengers who died in the 1912 disaster.

Wendy Rush is a great-great-granddaughter of retail magnate Isidor Straus, co-owner of Macy's department store, and his wife, Ida, The New York Times reported.

The story of the couple, two of the wealthiest passengers on the ship, was immortalised in James Cameron's 1997 blockbuster movie Titanic.

An officer in charge was willing to let Mr Straus board a lifeboat, but he refused a seat because women and children were still on board the stricken liner.

Witnesses reported that Ms Straus refused to leave her husband behind.

The pair were last seen holding hands on the deck before a wave swept them into the ocean.

In the 1997 film, their story inspired a scene in which an older couple embrace in the ship as the water rises around them.

The couple were travelling back to the US on the Titanic with Ida’s recently appointed maid, Ellen Bird, and Isidor’s manservant, John Farthing, after visiting their native Germany, the UK’s National Archives website said.

“Her maid Ellen was put into the lifeboat and Ida gave Ellen her fur coat, saying she had no further use for it,” the archive said.

Wendy Rush is communications director with OceanGate.
Wendy Rush is communications director with OceanGate.

Mr Straus’s body was recovered, but his wife’s was not.

Mr Farthing was lost on the ship. Ms Bird survived.

Ms Rush, a communications director with OceanGate, is the relative of one of the couple’s daughters, Minnie.

She married Dr Richard Weil and their son, Richard Weil Jr, went on to serve as president of Macy’s New York.

Ms Rush’s husband spoke about his fascination with the wreck in an interview recorded for an episode of the BBC Travel programme.

“I read an article that said there are three words in the English language which are known throughout the planet,” Mr Rush said.

“That's Coca-Cola, God and Titanic.”

Ms Rush went on expeditions to the wreckage in 2021, 2022 and 2023, according to her LinkedIn page. She has been married to Mr Rush since 1986.

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

MATCH INFO

Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai

UAE currency: the story behind the money in your pockets
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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.”

UAE currency: the story behind the money in your pockets
Updated: June 22, 2023, 1:50 PM