A study has suggested Covid-19 may have a small but lasting impact on people’s thinking ability and memory skills more than a year after infection.
Online tests taken by more than 140,000 people in the UK tracked changes in various aspects of their brain function including concentration, reasoning, memory and spatial planning, between August and December 2022.
The report, published in the New England Journal of Medicine, found “small deficits” in the cognitive performance of people who had recovered from Covid-19 compared with those who had not had the disease.
This included people who had Covid-19 symptoms for more than 12 weeks after infection – or long Covid – that had eventually been resolved, researchers said.
Deficits in brain function were found to be greater for people admitted to hospital with Covid-19 or infected with earlier coronavirus variants, such as the original “wild type” virus or alpha.
These deficits were still detectable a year or more after infection, even in people who had recovered quickly, the researchers said.
Reassuringly, they added, people who had longer-lasting Covid-19 symptoms that had resolved by the time they did the tests had deficits similar in size to those with shorter recovery times.
“It is reassuring that people with persistent symptoms after Covid-19, that had resolved, may expect to experience some improvement in their cognitive functions to similar levels as those who experienced short illness," said Prof Paul Elliott, senior study author and director of the React programme, of Imperial College London.
“Furthermore, the cognitive impact of Covid-19 appears to have reduced since the early stages of the pandemic, with fewer people having persistent illness, and cognition being less affected among those that were infected during the time when Omicron was the dominant strain.
“However, given the large numbers of people who were infected, it will be important to continue to monitor the long-term clinical and cognitive consequences of the Covid-19 pandemic.”
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Although not a medical term, “brain fog” is used to describe a range of symptoms including poor concentration, thinking more slowly than usual, feeling confused, forgetfulness and mental fatigue following Covid-19 infection.
To understand more about this widely reported Covid-19 symptom, people taking part in the React Long Covid study were given eight online tasks to detect subtle changes in memory, reasoning, executive function (mental processes involved in planning and juggling tasks), attention and impulsivity.
They found Covid-19 infection was associated with deficits in a majority of areas of brain function.
The researchers said this was most noticeable in memory, such as the ability to recall pictures of objects that were viewed moments earlier.
The team speculates this may be due to problems forming new memories rather than accelerated forgetting.
People also showed small deficits in some tasks that required spatial planning or verbal reasoning, researchers said.
“The potential long-term effects of Covid-19 on cognitive function have been a concern for the public, healthcare professionals and policymakers, but until now it has been difficult to objectively measure them in a large population sample," said first author Prof Adam Hampshire, from the Department of Brain Sciences at Imperial College London.
“By using our online platform to measure multiple aspects of cognition and memory at large scale, we were able to detect small but measurable deficits in cognitive task performance.”
Commenting on the study, Dr Michael Zandi, neurologist and researcher at UCL’s Queen Square Institute of Neurology, said: “This is a large-scale online study of over 100,000 individuals, with some caveats, e.g. ascertainment bias and the nature of dealing with computer testing.
“This study aligns findings in hospitalised and non-hospitalised individuals and points to concussion-like mechanisms of attention as the main deficit, with some reassuring data against damage to memory storage parts of the brain.
“The biological mechanisms underlying these findings are likely multiple, remain unclear and deserve detailed longitudinal study and therapeutic trials.”
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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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