Fans around the world have paid tribute to K-pop star Moonbin, who has died aged 25.
The singer, a member of the boy band Astro, was found unresponsive on Wednesday evening in his apartment in the Gangnam neighbourhood of Seoul, local media reported.
In the UAE, K-pop fans and Aroha specifically, the name given to Astro fans, have been among those paying tribute to the singer.
“Moon was the reason why we were happy. We cannot express our love for him. His smile was more than enough for us to make sure he was OK,” Minme, 23, a teacher in Dubai, told The National.
“The news shocked us and we are speechless. Thank you, Moonbin, for being our happiness and big part of our lives. Rest in peace, our Moonbin.”
Born Moon Bin, the singer was also a member subgroup called Moonbin and Sanha.
Sumi, 24, a student and K-pop fan in Dubai described it as a “very sad day for K-pop”.
“His death was unexpected and he was a very happy human being, always smiling,” Sumi told The National.
That sentiment was echoed by Hana, 16, a student in Abu Dhabi. “I can’t explain this feeling, I can’t call myself a full Aroha, but I still enjoyed their songs and the group in general, I hope his family and members feel better," she said.
“I really couldn’t stop crying, it was so sudden. I feel bad for his sister. They are both such adorable siblings.”
The singer's sister Moon Sua, is a member of the girl group Billlie.
The Arab Aroha Twitter account posted a tribute to Moonbin, saying they had seen a star ascend to the sky.
Other fan groups also paid tribute, including duo TVXQ' fans, who called Moonbin a "beautiful angel" and urged fans to remember the "happy moments".
The news of his death was announced by Astro’s label Fantagio.
“On April 19, Astro member Moon Bin unexpectedly left our world and became a star in the sky,” the label said in a Twitter message posted in Korean early on Thursday.
It did not provide any suspected cause of death.
The statement asked that everyone “refrain from speculative and malicious reports” so his family can pay their respects and honour him in peace.
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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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Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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- £250m to train new AI models
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
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- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
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