French sprint hope Nacer Bouhanni was taken to hospital by ambulance after crashing early on the fifth stage of the Tour de France on Wednesday.
The 24-year-old former French champion hit the deck after 12 kilometres of the 189.5km trek from Arras to Amiens, which was expected to end with a bunch sprint in which he would have been among the favourites. It was Bouhanni’s second crash within 10 days having also tasted the tarmac in the finale of the French Championships a week before the Tour began.
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He injured his ribs in that fall and initially announced on his Twitter account that he would miss the Tour, only to confirm his participation the day before the Grand Boucle began.
His Cofidis manager Yvon Sanquer revealed he had broken nothing and his sports director Didier Rous told France Television that Bouhanni had “again hurt his injured ribs”.
He will be out of action for between eight to 10 days, Sanquer said. He was the eighth person to abandon the Tour after seven riders crashed out on the third stage that saw a spectacular pile-up involving about 20 riders. It was Bouhanni’s second participation at the Tour after 2013, in which also he crashed out inside the first week.
Wednesday’s fifth stage was designed to pay homage to the soldiers who died on the battlefields of northern France during World War I. Several commemorative centenary events were programmed throughout the day.
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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.
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“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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