Fans and supporters of Britney Spears wave 'Free Britney' flags as they gather outside the Los Angeles County Courthouse. AFP
Fans and supporters of Britney Spears wave 'Free Britney' flags as they gather outside the Los Angeles County Courthouse. AFP
Fans and supporters of Britney Spears wave 'Free Britney' flags as they gather outside the Los Angeles County Courthouse. AFP
Fans and supporters of Britney Spears wave 'Free Britney' flags as they gather outside the Los Angeles County Courthouse. AFP

Britney Spears files to replace her father as guardian


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Britney Spears has launched a legal bid to remove her father from a guardianship in which he controls her finances and replace him with an independent accountant, court documents filed on Monday showed.

Mathew Rosengart, who was appointed as the pop star's lawyer this month, had pledged to move swiftly to remove Jamie Spears from his role after the singer delivered two emotional testimonies to a Los Angeles court, calling the conservatorship “cruelty".

“If the court doesn't see this as abuse … I don't know what is,” said Spears, 39, telling the court via telephone she wanted her father removed and to “press charges” against him.

The Los Angeles Superior Court website on Monday listed a new petition to “Appoint Conservator of Estate (Successor)", and accountant Jason Rubin is listed as “Nominee".

US media said that a separate petition to remove Jamie Spears from an estate estimated to be worth $60 million was filed but not made public.

Mr Rosengart argued in the petition that as a recent judge's ruling found “Ms Spears has sufficient capacity to choose her own legal counsel, she likewise has sufficient capacity to make this nomination,” The New York Times reported.

Jamie Spears's removal has been a long-standing demand of devoted global fans campaigning under the #FreeBritney slogan.

Spears was placed under a unique legal guardianship largely governed by her father after she suffered a highly public 2007 breakdown.

But the Toxic singer has become increasingly vocal and public in opposing the conservatorship in her emotional court testimonies and social media posts, in which she slammed the system as “cruelty” and accused her father and others of profiting from the system.

Spears alleged in court that she had been prevented from having a contraceptive IUD removed, despite wanting more children, and forcefully put on medication that made her feel “drunk".

Britney Spears's new lawyer, Mathew Rosengart, leaves the Los Angeles County Courthouse after a scheduled hearing in the Britney Spears guardianship case in Los Angeles. AFP
Britney Spears's new lawyer, Mathew Rosengart, leaves the Los Angeles County Courthouse after a scheduled hearing in the Britney Spears guardianship case in Los Angeles. AFP

She recently wrote on Instagram that she was “not going to be performing on any stages anytime soon with my dad handling what I wear, say, do, or think".

Following a July 14 hearing, Mr Rosengart told AFP his team would be “filing a petition as soon as possible to move Mr Spears”, while also calling on the singer's father to step down voluntarily.

But Jamie Spears's lawyer told the court he would not be standing down and disputed Britney Spears's account of the conservatorship.

A previous petition to remove Jamie Spears from his role last year was rejected by Judge Brenda Penny.

A court hearing has been set for December 13 to address the new petitions.

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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Gifts exchanged
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  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
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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.”

A Dog's Journey 

Directed by: Gail Mancuso

Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott

3 out of 5 stars

The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

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Updated: July 26, 2021, 10:30 PM