Enzo Ferrari helped develop the straight eight engine in the 8C. AFP
Enzo Ferrari helped develop the straight eight engine in the 8C. AFP

Motoring

Exquisite, rare and a race winner, Alfa Romeo's 8C was a pre-war supercar

Rearview Mirror The hugely successful Alfa Romeo 8C captured the imagination of its era with haute couture automobile design that dominated on the race track.

Tim Brooks

April 13, 2012

On the eve of the new millennium in Palm Beach, Florida, a hammer broke the awestruck silence as one of the most beautiful and iconic of all supercars was sold for US$4 million (Dh14.6m), making it one of the 10 most expensive cars ever bought.

Its sweeping, elegant lines were the haute couture of automobile design and beneath its sartorial elegance lay state-of-the-art engineering that made it the undisputed darling of Europe's most prestigious races. But the car that hogged the headlines was not a Bugatti, Lamborghini or Bentley, but a much more familiar marque, with a badge that adorns blue-collar bonnets across the world.

The Alfa Romeo 8C is perhaps the most coveted classic of all, exquisite in its beauty and expressive in its rarity. It was such a car of its time that Benito Mussolini, the Italian leader-cum-deity who bought the company for the furtherance of civilisation, presented the 8C as a symbol of the style, strength and superiority of the Italian nation. Throughout the 1920s, Alfa Romeo enjoyed an intense rivalry with Mercedes for dominance of the track. The Italian firm countered their German rival's power with precision engineering. But by 1930, Alfa was beginning to lose touch and, under the stewardship of a young Enzo Ferrari, who ran the racing arm of the firm, they developed a new straight-eight engine. Designed by the legendary Vittorio Jano, the 8C configuration became one of the classic powerplants of all time, producing almost 100hp per litre, a remarkable feat for the time.

With this engine and a chassis featuring independent suspension, Alfa reclaimed its racing crown, dominating grands prix and the alpine Mille Miglia. This included a famous one, two, three finish in the Mille Miglia in 1936 and victory at the Spa 24 hours. A Le Mans model was made and was on course for victory in 1938 before having to retire due to mechanical problems while leading its second-placed rival by 160km.

Shortly after the model had been launched, the company was rescued from financial trouble by Mussolini, who ensured funds were available for success on the track to reflect glory on his modern-day Roman Empire. He was rewarded with victory in the Italian Grand Prix in 1932. Alfa Romeo did not intend for the 8C to be made available on the road but, with strong demand, it relented and made a long and short wheelbase chassis available. These were then transformed into elegant roadsters and coupés by coachbuilders such as Carrozzeria Touring, Zagato and Pininfarina. The most famous of these road-going versions were produced between 1935 and 1938, with an enlarged 2.9L engine fitted with twin superchargers. The racing version of this engine produced 220hp but a decision was taken to de-tune it to 180hp for more civilised performance on the road. However, despite this, the 8C was a supercar of the age, producing more power than the huge V8 and V12 powerplants of its English and American counterparts. It was capable of reaching 170kph and possessed neck-bracing acceleration.

With only 32 road-going 8C 2900B models produced it ranks among the rarest supercars ever made. And exclusivity was increased further by the fact that no two cars were the same; all were built to different specifications by coachbuilders. Some were of a cabriolet style, with sweeping wheel-arches and tapering bonnets, while others were elegant coupés. All shared the trademark deep, scooped grille that hinted at the pedigree of its racing cousins. Like the Bugatti Royale, another dream car of the pre-war era, the Alfa Romeo 8C is not merely a car but a commodity. Always the main draw of any car show or collection, the prices they command at auction make headline news around the world as these are some of the most expensive objects money can buy.

Such is the prestige and awe associated with the 8C that Alfa recently revived it for a limited edition sports car in 2007 and 2008. Fittingly, and perhaps in homage to his time with the marque, the car was powered by a 4.7L Ferrari engine. Though this was modern Alfa's flagship model, you could buy 130 of them for today's price of the original.

Invoking nostalgia is usually a sign that a manufacturer has lost its lustre of yore, and modern-day Alfa Romeo, subsumed by Fiat, makes spirited saloons rather than salivate-on-sight supercars. Thankfully, the new 8C is such an exquisitely beautiful car, it makes for a fitting tribute to the company's legendary legacy.

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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