FILE PHOTO: Former U.S. President Donald Trump pauses while speaking at the North Carolina GOP convention dinner in Greenville, North Carolina, U.S. June 5, 2021. REUTERS/Jonathan Drake/File Photo
FILE PHOTO: Former U.S. President Donald Trump pauses while speaking at the North Carolina GOP convention dinner in Greenville, North Carolina, U.S. June 5, 2021. REUTERS/Jonathan Drake/File Photo
FILE PHOTO: Former U.S. President Donald Trump pauses while speaking at the North Carolina GOP convention dinner in Greenville, North Carolina, U.S. June 5, 2021. REUTERS/Jonathan Drake/File Photo
FILE PHOTO: Former U.S. President Donald Trump pauses while speaking at the North Carolina GOP convention dinner in Greenville, North Carolina, U.S. June 5, 2021. REUTERS/Jonathan Drake/File Photo

'Landslide': 'Fire and Fury' author Michael Wolff to release third book on Trump, covering his final days in office


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The author of Fire and Fury, the million-seller from 2018 that helped launched the wave of inside accounts of the Trump White House, will have a last take coming out next month.

Michael Wolff's Landslide: The Final Days of the Trump Presidency is scheduled for Tuesday, July 27, publisher Henry Holt told The Associated Press on Thursday. Trump, who condemned Fire and Fury and attempted to have its publication halted, is among those who spoke to Wolff for his new book, according to Holt.

'Landslide: The Final Days of the Trump Presidency' by Michael Wolff. Holt via AP
'Landslide: The Final Days of the Trump Presidency' by Michael Wolff. Holt via AP

"In Landslide, Wolff closes the story of Trump's four years in office and his tumultuous last months at the helm of the country," the publisher announced, "based on Wolff's extraordinary access to White House aides and to the former president himself, yielding a wealth of new information and insights about what really happened inside the highest office in the land, and the world."

Wolff's first book on Trump, published in January 2018, was an immediate sensation and went on to sell more than two million copies. Critics questioned details of Wolff's reporting, but his underlying narrative of a chaotic White House and a volatile, easily distracted chief executive has held through numerous bestsellers which followed, from Bob Woodward's Fear to John Bolton's The Room Where It Happened.

Trump would deny Wolff's claims that he permitted him access to the White House and tweeted in 2018 that Fire and Fury was "full of lies, misrepresentations and sources that don't exist". A Trump lawyer sent the publisher a cease and desist letter and threatened to sue for libel, a response which helped raise interest in Fire and Fury. (Wolff had far fewer sales, and less access, with the 2019 book Siege: Trump Under Fire).

Copies of the book 'Fire and Fury: Inside the Trump White House' by author Michael Wolff are seen at the Book Culture book store in New York. Reuters
Copies of the book 'Fire and Fury: Inside the Trump White House' by author Michael Wolff are seen at the Book Culture book store in New York. Reuters

Other books on the Trump administration's final days are in the works, including one by Woodward and Washington Post colleague Robert Costa. Politico and Vanity Fair have been among those reporting that Trump agreed to meet with Wolff and others writing about him, including Maggie Haberman of The New York Times and Jon Karl of ABC News.

A memoir by Trump remains uncertain. He issued a statement last week saying he was “writing like crazy” and claimed, to much skepticism among publishers, that he had turned down two offers.

Publishing executives had expressed hesitancy about Trump even before the January 6 siege of the US Capitol by Trump supporters and became even warier after. Simon & Schuster chief executive Jonathan Karp told employees at a company town hall last month that he wasn't interested in a Trump book because he doubted the former president, who has continued to falsely claim he won, would offer an honest account.

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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.”

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