• AFP
    AFP
  • Clemens Bilan / Getty Images
    Clemens Bilan / Getty Images
  • Ian Langsdon / EPA
    Ian Langsdon / EPA

Singer Sinéad O’Connor found safe in Chicago


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Sinéad O'Connor has been found safe after going ­missing on Sunday in Chicago. Police said the Irish singer left her home for a bike ride at 6am on Sunday, and about two hours later, a rambling message was posted on her official Facebook page that cited an upcoming court hearing and a child-custody dispute. On Friday, a long message posted as an "open letter to my son Shane" encouraged the 12-year-old to bring his own case against Tusla, a child-welfare agency in Ireland. O'Connor was reported missing on Monday morning, but she was found later that day having apparently been staying with friends. O'Connor was diagnosed with bipolar disorder more than a decade ago and has spoken publicly of her mental-health problems. – AP

Actress injured on day one of veerappan shoot

Actress Usha Jadhav was injured on the first day of shooting for Veerappan, Ram Gopal Varma's film based on the life of the notorious Indian bandit of the same name. Jadhav, who plays Muthulaksmi, Veerappan's wife, said that she was hurt during an action sequence. "We were shooting in the jungle," she said. "I had to run here and there and to move from one stone to another and I felt: 'Do I have to actually do all this?' I had never done an action sequence before. That was challenging for me and I got hurt on the hands and legs – they were bleeding, so it was physically challenging." She added that she spent several months researching the role. The film is due for release in India on May 27. – IANS

Loving is ‘one of the most important films in history’

Ethiopian-Irish actress Ruth Negga has received so much critical acclaim at the Cannes Film Festival for her new film, Loving, that she is already tipped for an Oscar, People magazine reports. The film, which had its world premiere at Cannes, tells the story of real-life couple Mildred and Richard Loving, who were arrested in 1958 in the bedroom of their home in Virginia for the "crime" of interracial matrimony. Their prison sentences were ­suspended on the condition that they leave the state for 25 years, a ruling they defied. Ultimately, their case led to the landmark US Supreme Court ruling that declared that marriage is a basic human right. Negga, who appeared in The Samaritan in 2012 with Samuel L Jackson and was also in 12 Years a Slave – but her scenes didn't make the final cut – says that Loving is the most important film she's ever made and "one of the most important films in history." – The National

Indian producer calls for limit on English films

Bhushan Kumar, who co-produced the film ­Sarbjit, which stars ­Aishwarya Rai Bachchan and debuted at Cannes this week, has said that the ­number of English-language movies released in India should be limited. Sarabjit is releasing in India on the same day as the Hollywood superhero movie X-Men: Apocalypse, a clash that ­Kumar said proved to be "tough competition". During a conversation on #fame, a live video platform, ­Kumar said: "English movies releasing in India should be confined to a certain ­number." However, he then went on to add that "each of these two movies have their own niche audience, so there's not much to worry about". Sarbjit is based on the life of Indian farmer Sarabjit Singh, who strayed into Pakistan, was convicted of terrorism and spying and sentenced to death. He died following an attack by fellow prisoners in Lahore jail in 2013. It releases in the UAE on Thursday. – IANS

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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