Sebastian Vettel has said that he came close to quitting Formula One before the re-branded Aston Martin team offered him a chance to continue racing next season.
The 33-year-old German was told by Ferrari in May, after the Covid-19 pandemic had delayed the start of the new season, that they would not be extending his contract beyond this year.
Ferrari elected to replace him with McLaren's Carlos Sainz following Charles Leclerc's emergence as the Italian team's main man.
Vettel heads into the ninth round of 17 this weekend a lowly 13th in the championship following the worst campaign of his career.
Asked on Thursday, ahead of the Tuscan Grand Prix at Italy's Mugello circuit, how close he was to walking away, the four-times world champion replied: "Close".
"I don't know if there is a measure of how close you can get, but it was close in terms of having a lot of thoughts and deciding that ultimately I have to put myself first and what's best for me," Vettel told reporters in a video conference.
"And what I have decided, I believe, is what is best for me and I'm looking forward to proving that."
Vettel, who won four consecutive titles with Red Bull between 2010 and 2013, and in terms of victories is the third most successful in the sport's history behind only Michael Schumacher and Lewis Hamilton, was signed by Ferrari to end a drivers' championship drought which stretches back to 2007.
But the Ferrari hierarchy grew tired of a number of error-strewn seasons from Vettel which allowed Hamilton to march to the last three world championships.
Leclerc's arrival last year hastened his exit, with Ferrari not even entertaining the concept of offering Vettel an extension to his deal which expires at the end of the year.
"I joined Ferrari not just to join Ferrari but to win championships and obviously in that regard we have failed," said Vettel.
_____________________________________________________________________
Gallery from last week's Italian GP
_____________________________________________________________________
"From the very beginning Ferrari had a special place in my heart because of the way I looked up to Michael.
"I wanted to do better than I did but I tried everything. I had good times and bad times but now, for both sides, it is the right time to move on."
Vettel, who will team up with Lance Stroll, 21 – the son of Canadian fashion billionaire Lawrence Stroll, a co-owner of Racing Point, who will be called Aston Martin F1 next season – hopes the switch will breathe fresh life into his career.
Vettel's announcement came after Sergio Perez revealed he had been dropped after seven years with the Silverstone-based team.
Six time-world champion Hamilton said: "I just saw Seb and I am pleased to hear the news. That team has taken a huge step forward in its performance this year and they will continue to grow.
"I am biased but I believe that experience counts. Seb has had a difficult time of it at Ferrari but he is a four-time world champion and he can help steer that team. That should never be taken for for granted."
UAE currency: the story behind the money in your pockets
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
More from Neighbourhood Watch:
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
