BAKU // Ivan Trevejo sacrificed plenty to forge a new life in Europe when he defected from Cuba in 2002.
But the pain of the family he left behind and has not seen since was eased when he took gold in the individual epee at the European Games for France.
Trevejo, 43, who fenced against the man who is the French coach, Hugues Obry, in the 2000 Olympic semi-finals in Sydney, jumped for joy when he claimed the gold.
Obry embraced him and threw him up in the air three times as he claimed the title that came a remarkable 19 years after he won Olympic silver for Cuba in Atlanta, in the land of their bitter enemies the United States.
After Sydney Trevejo had begun to despair at the rigours of daily life in Cuba and saw an opportunity that would allow him to leave it all behind him with the 2002 world championships being hosted in Lisbon.
“Everything was difficult in Cuba,” he said. “Living, working, it was a critical situation on all levels, it was essential that I left.
“None of my teammates knew what I was about to do when we went to Portugal. I wanted to keep it a secret so nobody would try to stop me.
“I had it all planned before I went. I organised it with some Spanish guys I knew through the sport. They were to take me in a car from Lisbon, Portugal, to Valladolid, Spain.
“It was almost at the end of the competition when I escaped. It all happened like in a movie,” said Trevejo, who had to travel without his passport as the coach kept those of the entire team as insurance against anyone trying to defect.
Trevejo spent two years in Spain before he decamped to France where he had to wait 10 years to obtain his papers and was able to compete for his adopted country.
He said his decision had come at a heavy cost.
“When I made the decision, I knew that I would leave my family behind,” he said.
“But I had the hope that I could come back and see them again shortly, maybe in five years’ time. It turned out to be impossible. I haven’t seen them ever since.
“However, I hope soon I will be able to return.”
Trevejo, who has since married a Frenchwoman with whom he has a son and lives near Montpellier, said that he has not been able to shake off his roots entirely.
“There will always be a little Cuban in me. It is where I come from and I will retain them always,” he said.
“Winning this title brought back memories. When I was with the Cuban team we succeeded in winning medals. This is my second life. I am very happy for this chance.”
Obry says he did not hesitate to select him and hopes he will make the Olympics next year.
“I love men like him, those who battle to get to the top, they are a great example for the young,” said Obry.
However, Trevejo conceded his 11 years in France had broken down his immunity to some of the country’s least admirable characteristics.
“I am beginning to moan,” he said, “lots of people have noticed.”
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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.”
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
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