At least three men died attempting to cross the Channel in small boats on Sunday morning, the French Prefet Maritime for the Channel and the North Sea said.
The UK government blamed their deaths on “ruthless criminals” trying to overload “unseaworthy” boats.
Border security and asylum minister Dame Angela Eagle said: “This morning lives have been lost at sea because ruthless criminals running the small boat trade are overloading people into unseaworthy vessels.
“We continue to support the French authorities who are leading on the response to the incident, which took place in French waters.”
French authorities confirmed the three deaths on Sunday morning following an incident off the coast at Sangatte, near Calais, in which 45 people were rescued after trying to board a small boat bound for the UK.
Local activists said they found at 6am on the beach dozens of people who appeared wet and suffering from hypothermia.
According to reports, tensions rose after around 50 extra migrants of Syrian origin tried to board a small boat that already had 60 people on it and was departing from a beach near Sangatte.
“A group of Sudanese citizens were supposed to leave and Syrians who were not expected wanted to get on board. There was a fight,” Sangatte's mayor Guy Allemand told local daily La Voix du Nord.
The small boat continued its route towards the UK with some migrants returning to the shore. The state has deployed a national navy helicopter, the maritime prefecture said, as it continues to look for survivors.
Light winds have led to more migrants attempting the crossing since Christmas. Between Wednesday and Saturday, nearly 1,500 people arrived in English waters aboard small boats that are often overloaded, according to figures released by the British authorities.
“It doesn’t stop, it’s crossing after crossing, there’s no drop, quite the contrary,” Mr Allemand said. In addition to the three migrants who died, seven people are in a state of “relative emergency” and have been brought to local hospitals, he said.
The deaths, which occurred in French waters, are the first in the Channel since October and bring the total number of people who have died attempting the crossing this year to at least 76.
Since January, more than 36,000 people have successfully made the crossing – up almost 24 per cent on 2023's figure of 29,437, although more than 20 per cent fewer than the record year of 2022, when 45,755 made the journey.
“Many departures” took place again on Sunday morning, according to the maritime prefecture.
UK Prime Minister Keir Starmer has vowed to cut small boat crossings by “smashing the gangs” responsible for them, including through greater co-operation with international law enforcement and establishing a beefed-up border security command in the UK.
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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