Jewellery is not a man's best friend



Growing up in the 1970s and 1980s meant I saw the extremes when it came to pop icons and their jewellery. In the 1970s, it was the television star Lee Majors (Farrah Fawcett's first husband, who starred in the 1974-78 show The Six Million Dollar Man) and his open shirt sans necklaces. On the big screen, it was Steve McQueen and Paul Newman, two men who defined cool and wore very little jewellery. The most you saw either man wearing was a watch and perhaps a chain. Thirty-five years ago, the sporting world's stars had yet to express any interest in earrings and only a few wore their championship rings.

Then in the 1980s, men and their jewellery went on a mission to make up for lost time and nothing personified this quest better than Mr T, the star of Rocky III (1982) and The A-Team (1983-87) and the emerging stars of the rap world. Jewellery quickly became acceptable for men. Rappers were not shy about donning thick, rope-like gold necklaces (think of the guys from Run-DMC). Earrings became popular for more mainstream musicians as well, such as Bruce Springsteen, who at one point was sporting at least eight earrings in his left ear and another four in his right. In the 1980s, there was a new look in town, and its name was bling.

Today's fashionable man continues to be bombarded with images of Hollywood, Bollywood and sports stars wearing watches, bracelets, necklaces and every kind of ring through just about anything that can be pierced: Johnny Depp adorns his neck and wrists with bandannas, leather straps, string and chains; Salman Khan wears an earring in each ear that most 65-year-old women would find gaudy; the triple-jumper Phillips Idowu has a small arrow through his eyebrow; the ex-Guns N' Roses guitarist Slash has a nose ring; and the former NBA player Dennis Rodman has his bottom lip, belly button and nipples pierced. What men need to accept is that the bling must be kept to a minimum. No one is Mr T anymore - not even Mr T.

When it comes to jewellery on men, less is more, to steal a phrase from the English poet Robert Browning. A wedding ring is acceptable and so is a watch and that, I'm afraid, is it. No university rings or championship rings. If Wayne Gretzky doesn't wear any of the four Stanley Cup rings he won with the Edmonton Oilers and if Joe DiMaggio only wore his 1936 rookie-season World Series ring (and he ended up winning nine), then none of us mere mortals should wear them.

Still, a championship ring is not the worst a man can do. That honour goes to the dreaded pinkie ring. The former ABC news anchorman and Canadian Peter Jennings wore one and Prince Charles wears one. The former is deceased and the latter is the future king of England and neither one can change my opinion about its appeal. It would be better to be a member of the yakuza and lose the entire pinkie - and then the pinkie ring could do no damage.

Ÿ Michael Jabri-Pickett is the news editor at The National.

Prophets of Rage

(Fantasy Records)

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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