Iraq releases top Iran-backed militia commander Qassem Musleh

Senior Iraqi militia commander Qassem Musleh was released from government detention on Wednesday, his son confirmed to The National.

Mr Musleh, leader of the Iran-backed Popular Mobilisation Forces operations in Anbar, was arrested on May 26 on suspicion of terrorism and in connection with the targeted killing of civil society activists and protesters.

"He is on his way to his house in Karbala," his son Mohammed told the National.

Mr Musleh's arrest sparked a vigorous dispute between the government and powerful Iraqi militia members demanding his release.

Prime Minister Mustafa Al Kadhimi promised to investigate the unlawful actions by armed groups accused of killing protesters and dissidents with impunity.

The day after the arrest of Mr Musleh, armed militia members took to Baghdad's streets, gathering near the office of the prime minister and at an entrance to the Green Zone, risking a dangerous escalation of force.

Security forces and the elite Counter-Terrorism Service were deployed to protect the government and diplomatic missions in Baghdad.

Mr Musleh was accused of ordering the killing of Ihab Al Wazni, a prominent activist in the months-long pro-reform, anti-regime protests in Karbala South of Baghdad last month.

That charge has been dropped due to insufficient evidence, an official with the Judiciary Council told The National.

Later on Wednesday, the Judiciary Council said Al Wazni's family failed to submit any evidence.

At the time of the assassination, Mr Musleh was abroad and has denied any role.

"The investigative court didn't find any direct or indirect evidence that he was involved in that crime so he was released," the statement added.

Mr Musleh made a triumphant return to his hometown, with PMF fighters and supporters waving the paramilitary troops flags and holding posters of support as cattle were slaughtered on his arrival.

"We expected this, the Hashed leaders would be accused based on Article 4 [which deals with] terrorism while terrorists will be treated as martyrs, and this is what happened," Mr Musleh told a local TV station in his first interview since his release.

He accused "the enemies" inside and outside of Iraq and some politicians of falsely accusing PMF leaders with such charges.

"PMF has had a role in supporting the state and protect Iraq...and will continue to do so," he added, flanked by supporters in military uniforms.

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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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Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."