Satish Seemar saddled a double to take his tally to 33 winners for the season after Adrie de Vries rode Pilgrim’s Treasure to victory in the third race and Antonio Fresu on Cachao took the concluding handicap at Meydan on Thursday.
However, the bigger picture for Seemar is the Dubai World Cup meeting on March 31 in which he has five runners across four races, including North American in the featured US$10million (Dh36.7m) race.
Seemar revealed Reynaldothewizard in the Golden Shaheen, Yulong Warrior in the UAE Derby, and both Secret Ambition and Raven’s Corner in the Godolphin Mile, as his other runners.
“This probably is the strongest team we have had for the big day in Dubai,” said Seemar who has completed a quarter century as the Zabeel Stables trainer in Dubai.
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“I also think a couple of them have solid chances. I’m not being biased but people outside are talking about them. It’s going to be very exciting for me and my team.”
Pilgrim’s Treasure was winning for the first time in six local starts and Seemar insisted it had been coming after he had prevailed in the 1,400m race which was the fourth event of the night.
“This horse has always been in our sights but he’s taken his time,” he said. “He will be even better next season. It was nice to get that win for the owner (Ailan Al Mehairi). It takes the pressure off from one of my owners.”
Meanwhile Jim Crowley and Doug Watson, the jockey-trainer combination, enjoyed two victories on the night.
Crowley picked Almanaara as a Dubai World Cup Carnival prospect after he charged home to an impressive victory over the 1,200m distance in the second race of the night.
Blazing out of Gate 1, Crowley took the shortest way home to win by more than seven lengths from Ajraam under Fernando Jara.
“We always had high regards for him and tonight it all worked out well,” said Crowley of the five-year-old grey.
“It’s nice because he’s got a good pedigree and hopefully he’ll become a nice Carnival horse next year.
“The draw was favourable for him because sometimes when you are draw wide all the time it becomes a hard race to get into a good position. Tonight it was sweet. He went out nicely. He got the size and the scope to develop further.”
The opening race was marred by a fall involving jockeys Pat Dobbs and Brett Doyle and their horses The Jinad and More To Come.
Dobbs and Doyle walked off the track but they missed their remaining rides as they were taken for precautionary checks.
The Rashed Al Bouresly-trained Dubawi’s Thunder with Bernardo Pinheiro atop won the opener from Cranesbill under Antonio Fresu and Cape Of Eagles ridden by Adrie de Vries.
Doyle aboard The Jinad led before falling at the 800m marker, bringing down More To Come and Dobbs. Zeed Alaihum, who was behind the pair, unseated Jesus Rosales while trying to avoid the incident.
Bouresly said his horse has reached the peak after running eight times in the season.
“But unfortunately the season has come to an end,” he said. “We’ll see how he’s come out of this race and run him at Jebel Ali next Friday when he’s in this kind of form.”
Xavier Ziani also rode a double for two different trainers. He made all the running on Salem bin Ghadayer’s Gundogdu in the third race and replicated that victory aboard Omar Daraj’s Tailor’s Row in the penultimate race.
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Power: 310hp
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Fathiya Nadhari's instructions to her children was to give back to the country
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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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