Samira Nasr will be the first black editor-in-chief of 'Harper's Bazaar' in the magazine's 153-year history. Harper's Bazaar / Instagram
Samira Nasr will be the first black editor-in-chief of 'Harper's Bazaar' in the magazine's 153-year history. Harper's Bazaar / Instagram
Samira Nasr will be the first black editor-in-chief of 'Harper's Bazaar' in the magazine's 153-year history. Harper's Bazaar / Instagram
Samira Nasr will be the first black editor-in-chief of 'Harper's Bazaar' in the magazine's 153-year history. Harper's Bazaar / Instagram

'I'm the proud daughter of a Lebanese father': 'Harper's Bazaar' appoints first black editor-in-chief


Emma Day
  • English
  • Arabic

Amid the backdrop of ongoing anti-racism riots across the globe, one American magazine has announced the hiring of its first black editor-in-chief.

Harper's Bazaar US, the monthly fashion magazine first published in 1867, has appointed Samira Nasr in its premier role.

Nasr, who comes from an executive fashion director role at Vanity Fair, is a half-Trinidadian, half-Lebanese stylist and editor who has also worked at InStyle and Elle magazines.

She nodded towards her heritage in a video announcing her appointment, as she also heralded the rise of the Black Lives Matter movement.

"As the proud daughter of a Lebanese father and a Trinidadian mother, my world view is expansive, and anchored in the belief that representation matters," said Nasr.

"My lens by nature is colourful, and so it is important to me to begin a new chapter in Bazaar's history by shining a light on all individuals who I believe are the inspiring voices of our time. I will work to give all voices a platform to tell stories that would never have been told."

Nasr also used the video to offer a message of support to activists who have taken to the streets following the death of George Floyd while in police custody.

"I see you, I thank you and I hope we can join forces to amplify the message of equality because black lives matter," she said.

Canadian-born Nasr will begin her role at the Hearst Magazine-owned title on Monday, July 6.

She takes the reins from long-standing editor Glenda Bailey, who announced in January that she was stepping down after almost 19 years at the magazine's helm.

In a statement announcing Nasr's hiring, Hearst Magazines president Troy Young said her “important voice will continue to evolve the brand’s distinct position as a style touchstone for fashion’s most discerning".

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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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