Britney Spears's father James Spears has claimed there are 'no grounds' to remove him from the conservatorship that controls her money and affairs. AP Photo
Britney Spears's father James Spears has claimed there are 'no grounds' to remove him from the conservatorship that controls her money and affairs. AP Photo
Britney Spears's father James Spears has claimed there are 'no grounds' to remove him from the conservatorship that controls her money and affairs. AP Photo
Britney Spears's father James Spears has claimed there are 'no grounds' to remove him from the conservatorship that controls her money and affairs. AP Photo

Britney Spears’s father says ‘no grounds whatsoever’ for his conservatorship removal


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Britney Spears’s father said in a court filing on Friday that there are “no grounds whatsoever” for removing him from the conservatorship that controls her money and affairs.

James Spears “has dutifully and faithfully served as the conservator of his daughter’s estate without any blemishes on his record,” the filing said.

Spears’s filing also says that court-appointed professional Jodi Montgomery, who oversees Britney's life decisions while her father handles her money, called him, distraught, in July and sought his help with his daughter’s mental health struggles. In response, Montgomery and her lawyer said that Spears “misrepresented and manipulated” the call to use it to his own advantage.

Spears’s filing came in response to court papers filed a day earlier by Britney's new lawyer Mathew Rosengart, which requested an emergency hearing as soon as possible to suspend him from the conservatorship.

Spears said Rosengart “does not (and cannot) specify what the wrongdoing is” to prompt such a suspension.

Mathew Rosengart, pop star Britney Spears's lawyer, delivers a statement to the media on the day of a conservatorship case hearing at Stanley Mosk Courthouse in Los Angeles, California on July 26, 2021. Reuters
Mathew Rosengart, pop star Britney Spears's lawyer, delivers a statement to the media on the day of a conservatorship case hearing at Stanley Mosk Courthouse in Los Angeles, California on July 26, 2021. Reuters

Spears stepped aside from the part of the conservatorship that controls his daughter’s life decisions in 2019, with Montgomery taking over, though her official status remains temporary.

The allegations made by Britney at hearings in June and July that seem to have spurred Rosengart’s call for her father’s removal, including “serious allegations regarding forced medical treatment and therapy, improper medical care, and limitations on personal rights,” are “untested” and involve issues that have long been Montgomery’s responsibility, not his, said Spears’s filing.

Spears says the call for his urgent removal is “ironic” considering the call he received from Montgomery on July 9.

“Ms Montgomery sounded very distraught and expressed how concerned she was about my daughters’ recent behaviour and overall mental health,” Spears said in a personal declaration included with his court filing.

“Ms Montgomery explained that my daughter was not timely or properly taking her medications, was not listening to the recommendations of her medical team, and refused to even see some of her doctors. Ms Montgomery said she was very worried about the direction my daughter was heading in and directly asked for my help to address these issues.”

Spears said they discussed the possibility of hospitalising Britney on an emergency psychiatric hold.

A demonstrator holds a poster reading 'Free Britney of her Conservatorship' during a #FreeBritney protest in front of the court house where a hearing is scheduled in the Britney Spears' conservatorship case in Los Angeles, California on July 14, 2021. EP
A demonstrator holds a poster reading 'Free Britney of her Conservatorship' during a #FreeBritney protest in front of the court house where a hearing is scheduled in the Britney Spears' conservatorship case in Los Angeles, California on July 14, 2021. EP

Montgomery acknowledged, in a statement through her attorney Lauriann Wright, of having concerns about Britney’s behaviour and mental health, but said James Spears stepping down would only help.

The statement read that “having her father Jamie Spears continuing to serve as her Conservator instead of a neutral professional fiduciary is having a serious impact on Ms Spears’ mental health.”

At no time during the phone call did Montgomery suggest Britney qualifies for a psychiatric hold, according to the statement.

Montgomery reached out to the senior Spears because she was concerned that an investigation of Britney’s allegations, which he was seeking, would be harmful to her.

“The concern that Ms Montgomery did raise to Mr Spears during their telephone call is that forcing Ms Spears to take the stand to testify or to have her evaluated would move the needle in the wrong direction for her mental health,” the statement read.

Montgomery was “saddened” that the call “is now being misrepresented and manipulated” by Spears “to gain some sort of tactical advantage in the pending proceedings to remove him.”

The fighting between those involved in the conservatorship has grown increasingly heated, and increasingly public, since Britney's dramatic testimony at a hearing on June 23, when she told a judge “ I just want my life back.”

A hearing to address Rosengart’s petition to remove James Spears is scheduled for September 29, unless the judge grants his request to hold one sooner.

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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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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)
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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. 

Updated: September 02, 2021, 5:47 AM