Rare photos offer a glimpse of guru's life



NEW DELHI // Photographs of an Indian guru nominated for the Nobel Peace Prize and his French-born spiritual companion have gone on display in New Delhi, offering a rare glimpse of life at the Aurobindo ashram in southern India more than 60 years ago.

The pictures were taken by the French photographer, Henri Cartier-Bresson, just months before Sri Aurobindo, the founder of the commune in the former French colonial town of Pondicherry, died in 1950.

Widely regarded as the father of photojournalism, Cartier-Bresson's fascination with India saw him capture remarkable images of Mahatma Gandhi's funeral in January 1948.

Two years later, he undertook a less well-known project, becoming the first person in 30 years to photograph Aurobindo and his partner, known as the Mother. More than 100 prints from an album bought at a London auction by an Indian art collector are on display.

The black-and-white photos show Aurobindo in his bedroom, and the Mother interacting with devotees.

In one series of images, the Mother, born Mirra Alfassa in Paris, is seen playing tennis.

"It's kind of an exploration of his more amateur side," said Rahaab Allana, the exhibition's curator. "He's sort of a photographer in training rather than the established photographer that we know Bresson to be."

The pictures had been out of the public eye for decades. Some of the images were published in the British magazine Illustrated in 1951.

However, the Mother objected to the way Aurobindo was described in the accompanying article, with her personal secretary describing it as "unspeakably vulgar" in a letter sent to Cartier-Bresson.

As a result, the Mother bought all the negatives for US$3,000 (Dh11,000) from Magnum Photos, the agency co-founded by Cartier-Bresson, and printed 50 albums that were sold to devotees.

"When you take those images and distribute them quite liberally, I guess the Mother felt that was not the original intention of taking the images," said Mr Allana. "She wanted them to be a testimony and a chronicle of activities happening at the ashram itself."

In 1990, Cartier-Bresson, who died in 2004 at the age of 95, said that he had been persuaded by Robert Capa, another photographer at Magnum, to sell the negatives because of financial difficulties at the agency.

It was "something I never did before in my life, and never did again", he said.

Allana believes the collection of photos, on display at the Alliance Francaise cultural centre, is a "collaborative endeavour" between the Mother, who selected the images, and Cartier-Bresson.

Notes by the photographer in his personal diary during the assignment are also on display, offering an insight into how he and the Mother, who died in 1973, were at odds on how to capture images of the ashram and Aurobindo in his room.

The exhibition runs in New Delhi until September 30 and will move to Pondicherry, now called Puducherry, later this year.

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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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