When Maserati announced, with a straight face, that it intends to soon be selling 50,000 cars annually, the world really did think that the Italian outfit had lost the plot. How on earth could it ever achieve such numbers, especially when sales of its luxury cars are currently a fraction of that? The car that you see before you here is pivotal to that aim and the Ghibli could well be said to be the most important Maserati road car in the company’s illustrious, century-long history.
To become a volume seller, a car manufacturer must appeal to those who might ordinarily head for the showrooms of BMW, Mercedes-Benz, Lexus or the likes of Cadillac. Can you really see Maserati, with all its exotic connotations, competing with that established hierarchy? No, neither could I. Notice the past tense, there, however, because after a few days of hooning around in the new Ghibli S, I know where my money would be going if I was in the market for a luxury saloon.
Ever the first to admit to shallow tendencies, my appreciation of good looks is made manifest in this car’s design – inside and out. When I saw the latest Quattroporte for the first time, my heart sank. The company had, to my mind, made a formerly striking and generally gorgeous machine into something dreary and bland. It just looks ordinary these days, but you could never say that about its new, smaller (but still quite enormous) sibling.
A riot of curves, creases and folds that harmoniously yet aggressively comes together to form a far more resolved shape; the short rear overhang; the angry snout – if you want to stand out as being different in the company car park, here’s your ticket. And it’s a beautiful thing to sit inside, too. Perhaps not as aromatic as I expected, the leather bound interior is nevertheless a special environment. The seats are armchair comfy, the feel of every surface smacks of quality (at last) and the ergonomics are vastly improved over Maseratis of old.
On the move, it feels well screwed together, too, but only time will tell if the manufacturer’s claims to be building cars that are at least as good as its rivals is based on fact or simple wishful thinking. For now, though, I can only go on what I’m presented with here and the Ghibli S, resplendent in “Blu Emozione” metallic paint and 20-inch Urano allow wheels, is at least more desirable than any other car in its class.
The remote-start key fob is a weighty item, possibly the most substantial that I have ever held, which is a perfect first impression. Close the frameless door and that impression of quality continues with a pleasing “thunk”. Press the start button and revel in the sonorous pleasure of a throbbing six-cylinder lump up front that brings a smile to your face, knowing as you do that it was built by the hands of Ferrari. There’s no mistaking the Ghibli S for anything other than a sports car – an athlete in a razor-sharp designer suit, if you will. And at its heart is that magnificent engine.
At low speeds, it sounds like a Porsche flat-six and that’s no bad thing. But open it up and the exhaust note becomes a full-on roar that actively encourages you to drive it like you stole it. The suspension is stiff enough to give Merc drivers palpitations, but that’s the trade off, because this is no cosseting barge – rather it’s a focused driving machine that delivers plenty of thrills for occupants and pedestrians alike.
That’s not to say the Ghibli is a boneshaker. It isn’t. You could use it as a comfortable cruiser if you wanted to or simply as a stylish mode of transport to get to the office on the commuter crawl, and I’m sure that it would deal with these tasks ably. But get it on a mountain road and it will set your pants on fire, particularly if you’ve punched the button marked “Sport”.
Before you think that I’ve lost all common sense and have been blinded by good looks and aural pleasures, let me admit that it isn’t perfect. The gearshift paddles behind the wheel, while pleasing to touch, are way too big and too close to the rim, meaning that I end up tugging on them when instead I want to operate the indicators or wipers, and the rear quarters are not as capacious as some in its class. But that’s about it; everything else is pretty much spot on.
More than its impressive turn of speed and its gorgeousness, though, the Ghibli’s trump card is that it makes its occupants feel incredibly special, and that’s something that precious few of its rivals can claim. But is it enough to save Maserati and to send sales figures through the roof? On its own, no it isn’t. But when the company’s SUV comes along in the next year or so, it could possibly make the difference between success and failure. Indeed, it’s the most important Maserati ever launched – and it’s a belter.
khackett@thenational.ae
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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.”