An initial investigation into the killing of an American citizen in a bustling commercial area of Baghdad suggests that the gunmen sought to kidnap him, two Interior Ministry officials said on Tuesday.
Meanwhile, the US embassy in Baghdad confirmed the death of the man, identifying him as Stephen Edward Troell. The statement did not elaborate further on his death.
The American was driving through the capital’s Karrada district late on Monday when at least two gunmen shot him. He was taken to hospital where he was pronounced dead.
Immediately after the incident, Iraqi Prime Minister Mohammed Shia Al Sudani, who is also the commander-in-chief of the armed forces, ordered an investigation into the killing.
“The investigation is still going on, we are talking to eyewitnesses and checking the videos of security cameras in the area,” one officer said.
“The initial impression is that it was a failed attempt to kidnap him, but that’s not final yet.”
Another officer confirmed the initial results of the investigation. Both requested anonymity.
After the shooting, police leaked the slain American's identification cards. One of the IDs issued by an aid organisation said he was an English teacher.
“We are closely monitoring local authorities’ investigation into the cause of death,” the US embassy said in the brief statement, saying it has no further comments on the incident, citing respect for his mourning family.
“We offer our sincerest condolences to the family on their loss and stand ready to provide all appropriate consular assistance.”
The Texas-based aid group Millennium Relief and Development Services said that one of its American workers had been killed in Baghdad late on Monday. It did not give his name.
“We are greatly saddened by the tragedy that took the life of our colleague, near his home in Baghdad, Iraq. He was shot and killed by armed attackers as he returned to his home on Monday evening,” said the group.
“Our colleague had been working for a local English learning institute, Global English Institute, for the past few years, managing the promotions and advertising while his wife was manager of the school.”
The institute said it has operated under the umbrella of the aid group for more than 20 years.
“He loved the people of Iraq and it motivated him to strive for excellence in his work at Global,” the institute said.
“He will be remembered as a source of great encouragement and will be missed by all who knew him and were touched by his life.”
The US State Department was aware of reports of an American killed in Iraq and was looking into them, department spokesman Ned Price said.
“We would of course notify the next of kin before making any public comments,” Mr Price said at a regular press briefing.
After the 2003 US-led invasion, Baghdad and many Iraqi cities were off limits for foreigners due to the deteriorating security situation and widespread kidnapping.
But in recent years with the improvement of the security situation, foreigners, whether visiting Iraq for work or as tourists, are often seen in Baghdad and other cities roaming the streets and visiting ancient sites without security guards.
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.”
