Jackson Pollock’s Yellow Islands: one of the pieces on show at the Tate Liverpool from October 18. The Pollock-Krasner Foundation
Jackson Pollock’s Yellow Islands: one of the pieces on show at the Tate Liverpool from October 18. The Pollock-Krasner Foundation

Our top international art picks this week: Jack the Dripper’s darker late works and much more



Explore the art of a Ming dynasty prince

Bada Shanren was a Ming prince who managed to survive the military conquest of the dynasty by retreating to a monastery for about 30 years before emerging as a gifted artist. Shanren was a painter of shuimohua, a type of brush painting using black ink, and also a calligrapher. A new exhibition in the United States now looks at the different phases in his life, including his peak as an artist in the 1660s. It features 43 of the artist's works and will be the last exhibition of Chinese paintings at the Smithsonian's Freer Gallery of Art before it closes for renovations for more than a year. Enigmas: The Art of Bada Shanren runs until January 3. For more information visit www.si.edu.

Retrospective of Auguste Rodin in Canada

Auguste Rodin worked in relative obscurity until his Gates of Hell project — a monumental sculpture commissioned in 1880 for a museum (which was never built), which depicts figures from the works of Dante. Many of the Paris-born sculptor's most renowned pieces, such as The Thinker, started off as design figures for this composition. From 1900 onwards, the Paris-born sculptor achieved global acclaim. This exhibition in Canada features 300 of his works, including The Thinker, along with sketches, watercolours and prints. Metamorphoses: In Rodin's Studio runs at the Montreal Museum of Fine Arts until October 18. For more information visit www.mbam.qc.ca.

When Jack the Dripper entered a dark phase

Jackson Pollock pioneered what is now known as "action painting" — dripping paint on canvasses that were laid on his studio floor. This exhibition in the UK examines the American painter's darker late career, when he abandoned the colourful works that made him famous for these so called "darker pours" — a series of black enamel and oil paintings. These show an emergence of human figures and faces, which was a significant departure in his style of work. Works from his peak in the late 1940s will be shown alongside these works. Jackson Pollock: Blind Spots runs at the Tate Liverpool from Tuesday until October 18. For more information visit www.tate.org.uk.

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

'The Sky is Everywhere'

Director:Josephine Decker

Stars:Grace Kaufman, Pico Alexander, Jacques Colimon

Rating:2/5

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

In numbers

Number of Chinese tourists coming to UAE in 2017 was... 1.3m

Alibaba’s new ‘Tech Town’  in Dubai is worth... $600m

China’s investment in the MIddle East in 2016 was... $29.5bn

The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn

Boost to the UAE economy of 5G connectivity will be... $269bn 

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