A few weeks ago, the sensationalist politician Michele Bachmann did her best imitation of the late Senator Joseph McCarthy. She and four of her colleagues in Congress released letters they had sent to the departments of State, Justice, Defence and Homeland Security, calling on them to investigate whether "operations conducted by individuals and organisations associated with the Muslim Brotherhood ... had an impact on the federal government's national security policies".
Warning of "determined efforts by the Muslim Brotherhood to penetrate and subvert the American government as part of its 'civilisational jihad'", the representatives wanted the government to identify Muslims who were influencing US policy.
In making these charges, Ms Bachmann and her colleagues were relying on the work of a Washington-based group, the Center for Security Policy, a notorious player that has been working for several years to smear Muslim American groups. The only source cited in the letters was the Center's "training programme": The Muslim Brotherhood in America: The Enemy Within.
The "evidence" is, at best, slight. For example, Representative Louie Gohmert says "this [Obama] administration continues to bow down before groups associated with the goal of destroying western civilisation from within" - by which he meant Washington's apology to Muslims after the Quran-burning incident in Afghanistan.
Ms Bachmann also points accusingly to some Muslims who serve in the administration, including Huma Abedin, Secretary of State Hillary Clinton's deputy chief of staff.
In Ms Abedin's case, the game goes from the absurd to the downright bizarre. Her parents are Muslims and her father taught at a university in Saudi Arabia, and so they must be ... fill in the blank.
In a Washington Times article inspired by the Center's work, questions were asked as to whether Ms Abedin "had been groomed to access movers and shakers to advance the cause of Islam in America". The article goes on to question whether Ms Abedin's marriage to a Jewish former member of Congress was a clever ruse designed to further this "Islamist agenda".
The evidence? Since Ms Abedin is a Muslim, why else would her family have approved of her marrying a non-Muslim? And, after all, she works for Ms Clinton, who shares the "socialist agenda, which includes domination of the US by a Muslim-ruled world".
What is so intriguing about these conspiracy-minded loonies is how the gravity of the threat grows each time they speak. In a recent interview, Ms Bachmann explained: "It appears that there has been deep penetration in the halls of our United States government by the Muslim Brotherhood."
As outrageous as this behaviour is, the charges have generated very little media attention, but that doesn't mean that they can be dismissed for two reasons: although all a bit looney, these politicians hold positions of influence on key Congressional committees; and witch hunts, if left unchecked, can ruin lives and damage reputations.
As was the case during the McCarthy era, equally troubling is the distress that campaigns of this sort can bring to those not named, but who live in fear that their religion or their ethnicity will be the reason that they will be held in suspicion. As I know from bitter personal experience, entire communities can be shunned by officials who fear being attacked for associating with a "dangerous" group. Because there is a scarcity of courageous leaders in Washington, all too often such witch hunts will persist.
It is for this reason that I am so thankful that the voters of Minnesota have sent Keith Ellison to Congress. He is smart, picking his fights carefully. Mr Ellison demonstrated his leadership this week when he directly challenged Ms Bachmann.
In a stern letter to Ms Bachmann and company, Mr Ellison asks that she provide "a full accounting of the sources you used to make the serious allegations ... If there is not credible, substantial evidence for your allegations, I sincerely hope you will publicly clear their names".
James Zogby is the president of the Arab American Institute
On Twitter: @aaiusa
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.”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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