Country music singer Don Williams, one of the biggest stars of the 1970s and 1980s, died on Friday at the age of 78, his publicist said.
Williams, known as "the Gentle Giant" because of his 6-foot, 1-inch frame, mellow voice and low-key profile, had hits with "Tulsa Time," "I Believe in You" and "It Must Be Love," over the course of a 50-year career.
He died on the same day as Troy Gentry, one half of the country music duo Montgomery Gentry, who was killed in a helicopter crash in New Jersey.
"2 legends lost at once. Troy Gentry and Don Williams will be missed so much. Praying for their families and may they rest in peace," country-pop band Big & Rich wrote on Twitter.
The statement announcing his passing said Williams died of an undisclosed illness but gave no further details.
Williams was inducted into the Country Music Hall of Fame in 2010 and released his last studio album, "Reflections," in 2014.
Two years later, he announced his retirement from touring, saying it was "time to hang up my hat and enjoy some quiet time at home."
Williams was a big influence on other musicians, spanning country to rock. Eric Clapton and Pete Townshend were among those who have recorded his music.
In 2016, a tribute album, "Gentle Giants: The Songs of Don Williams," was released featuring performances by Alison Krauss, Trisha Yearwood, Garth Brooks and many others.
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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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