Kagan McLeod for The National
Kagan McLeod for The National

First Daughter takes her next step



It is the happiest day in a girl's life, but also potentially the most stressful. As any bride will tell you, her wedding day is the ultimate high-wire balancing act. One wrong step and it's not so much a day to remember as one that you will spend the rest of your life trying to forget.

And how much more so if your name is Chelsea Victoria Clinton. Let's not get into the fact that, in a hippy flashback, your parents named you after a Joni Mitchell song. Or what your dad got up to in the Oval Office when he was president of the United States. Or that your mom, who is actually the US Secretary of State, has taken to referring to herself in public as "MotB" (Mother of the Bride) and keeps saying toe-curling things to TV reporters like "you're more likely to get the nuclear codes out of me than the date of the wedding".

For starters there's the guest list for the nuptials (which the MotB has since revealed are this afternoon by the way, so perhaps this might also be a moment to worry about rogue incoming intercontinental ballistic missiles). There are 400 names, and while Oprah might be coming, it seems that President Obama is not (he's been telling people his presence might distract from the happy couple). Supposedly Barbra Streisand gets an invitation, as does Steven Speilberg and Sting. For some reason, the former British prime minister John Major is also on the list. According to New York magazine, Chelsea "has instituted a strict no-strangers policy: she must personally know every invitee", which suggests an even weirder childhood than anyone has ever guessed.

Even The New York Times, which surely ought to be addressing oil pollution in the Gulf of Mexico and the state of the Afghan war, has got caught up in a giddy whirl of speculation. "Clinton Wedding Is Leaving Some Feeling Left Out", was the headline last weekend, as the paper reported that a number of important people were feeling snubbed after failing to get an invitation. It quoted one of them, anonymously "I'm good enough to borrow a plane from, but not good enough to be invited to the wedding?"

Which brings us to the in-laws. Chelsea's fiancé, Marc Mezvinksy, whom she has known since her teens, works for a Wall Street hedge fund. He also happens to be Jewish, although Chelsea is Methodist, as is her mother. One Israeli news website has described the Mezvinksky family as "colourful", by which they meant that prospective father-in-law Ed Mezvinksky is a former US congressman also known as inmate 55040-066 after serving an eight-year prison sentence for fraud in 2001.

Perhaps he can talk to Uncle Roger, the black sheep of the Clinton family, who did time in the 1980s for dealing cocaine. Other topics on the big day might well be the cost (estimated at, variously, $6,400 a head or $5 million, including an $11,000 gluten free cake (Chelsea has allergies and is also a vegetarian) and luxury portable toilets for $15,000. The dress is either from Vera Wang or Oscar de la Renta. Meanwhile The Wall Street Journal, which also really ought to have better things to do, is reporting that the bouquets are from Winston Flowers of Boston, but also that the supposed location of the Astor family estate in Reinebeck, upstate New York, might actually be an elaborate ruse to fool the media and that the whole circus is moving to Martha's Vineyard.

At which point, any normal bride might well scream "enough" and run off to the nearest town hall, pausing only to grab a couple of witnesses off the street. But the point is, that for Chelsea Clinton this is all quite normal, or at least since January 30, 1993, when a slightly gawky 12-year-old with braces entered the White House, with the unofficial title of First Daughter. Until that point the official chronicling of Chelsea's short life had been largely restricted to the pages of the Arkansas Gazette, the local newspaper based in Little Rock, the city of her birth and where her father forged a political career first as attorney general and then governor.

For the first few years of the Clinton administration, Chelsea lived largely under the radar, helped by her mother's insistence that her daughter's life was off limits from the word go. Instead she went to a good private school and won the part of the Sugar Plum Fairy in the 1996 Washington School of Ballet's production of The Nutcracker. There was generally more media interest in Socks, the White House cat.

Then came the Monica Lewinsky affair and the whole drawn-out ordeal of impeachment. The president's extra-marital affair nearly broke not just his marriage but his relationship with his only daughter. It was a test of loyalty, and Hillary Clinton seems to have won. When the worst became known, in late 1998, the family spent Christmas at their traditional retreat at Hilton Head in South Carolina. The president was photographed walking the beaches alone, Chelsea staying indoors with her mother.

Several months earlier it was reported she was forced to listen as her father admitted his indiscretions in private to her and Hillary. At the time many believed Chelsea was the only thing holding the marriage together. On another trip to Martha's Vineyard, when the story first broke, she sat with her mother several seats back from the president on Air Force One, but in public made a point of holding both parents' hands.

If the affair demonstrated anything, it is that Chelsea is her mother's daughter, the living proof of her belief that women first and foremost need to fend for themselves. There is a story that Chelsea was banned from wearing shoes with velcro fastenings until she had learned to tie her own laces. Academically, Chelsea was also precocious, skipping a grade in elementary school, and with a reputation for always being the first in her class with her hand in the air.

At the time of the Lewinsky scandal she was also going through the usual agonies of teenage life. Barely 17, she had just broken up with her first boyfriend. The following year she headed for Stanford University, in California, graduating in history with a thesis on the Belfast Agreement in Northern Ireland (in part brokered by dad). Her tutor described her work rate as "prodigious", adding, "If you talk books with her, you can be blown away by how much she knows."

The following year she completed a masters in international relations at Oxford. It was now 2003 and, unsurprisingly, she became the youngest member of her class to find a job; with a New York consultancy. Three years later she left to join Avenue Capital Group, a hedge fund run by a prominent donor to the Democrats and a staunch supporter of her parents. By now, her mother was political head of the family, having won a Senate seat for New York in 2000. Although Chelsea has repeatedly turned down interview requests, including the offer of a photo-shoot from Vanity Fair, she joined the campaign trail as Hillary sought re-election four years ago. Her mother, though, was first told to apologise by her daughter after saying that young people thought "work was a four letter word" in an earlier speech.

The following year, she supported her mother's bid to win the Democratic nomination for the presidency, a gruelling series of meetings and speeches at more than 100 university campuses. At times she faced questions from students about the Lewinsky affair, telling one: "I do not think that is any of your business." Tellingly, she also let slip that she thought her mother would have "made a better president".

The appearance of Chelsea at campaign events, along with the staged appearances during the Lewinsky period, has led to accusations of hypocrisy being levelled at her parents. One TV commentator even accused the Clintons of "pimping" their daughter (and was suspended after they complained). The truth is, though, that Chelsea is now 30 and very much her own woman. Bill Clinton recently described her as having "her mother's character and her father's energy" (She, in turn has told him to lose seven kilos for the wedding). Given America's fondness for political dynasties, it is perhaps remarkable that there has been so little speculation about the potential of the former First Daughter who, so far, appears to combine the best of her parents.

Still, Chelsea Clinton seems too canny to be caught in that trap. She will have only one thing to say to the world this afternoon. "I do." @Email:jlangton@thenational.ae

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix

GP3 qualifying, 10:15am

Formula 2, practice 11:30am

Formula 1, first practice, 1pm

GP3 qualifying session, 3.10pm

Formula 1 second practice, 5pm

Formula 2 qualifying, 7pm

Young women have more “financial grit”, but fall behind on investing

In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.

While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.

In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all). 

“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”

Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.

"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."

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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  • Use unique usernames and passwords while enabling multi-factor authentication.
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The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
UAE squad

Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

Women’s draw: Maitha Al Neyadi (57kg)