The FBI is investigating the sale of hundreds of objects that are believed to have been stolen from the British Museum.
The museum announced last year that more than 1,500 items were missing, stolen or damaged – many of which were thought to have been listed for sale on eBay, using PayPal to enable payment.
The US domestic intelligence service reportedly assisted with the return of 268 items after they were bought by a collector in Washington.
According to a BBC report, the FBI contacted one buyer to ask about two pieces he had bought on eBay, telling him the bureau was assisting the Metropolitan Police investigate missing or stolen items from the museum.
The buyer said he no longer held the items and did not believe they had been traced down by authorities.
The British Museum said 626 of the missing items were recovered while more than 100 were identified but had yet to be returned.
The British Museum through the years - in pictures
Most of the missing items were reportedly uncatalogued and the museum is seeking ways to prove its ownership.
The museum believes senior curator Dr Peter Higgs, who was dismissed for gross misconduct in July last year, took them.
Lawyers for the institution, which has brought a civil case against Dr Higgs, told London's High Court in March there was “compelling evidence” the former curator “abused his position of trust” between at least July 2009 and January 2018, which he denies.
He was ordered to list or return any stolen items within four weeks.
Barrister Daniel Burgess claimed that Dr Higgs, who has been investigated by the Metropolitan Police but not charged with an offence, stole items such as gems, jewellery, gold, silver and “intentionally” damaged artefacts by removing gold and silver from them.
The museum claims Dr Higgs, who worked in the Department of Greece and Rome for more than 30 years before he was sacked, made an estimated £100,000 from the sale of the items.
Dr Higgs did not attend the hearing due to poor health. The police investigation is continuing.
What is missing?
The museum is not sharing full details of the lost and damaged items on the advice of recovery specialists.
“What we can share is the type of material that we believe has been stolen,” said the museum on its website.
“The vast majority of the items are from the Department of Greece and Rome and mainly fall into two categories: Gems and jewellery.”
Types of missing objects include gems, cameos or intaglios, which are often set in rings or other settings, or left unmounted and unfinished.
They date across antiquity, especially from the Late Bronze Age, from about 15th to 11th century BCE, and the Hellenistic and Roman periods.
“While the majority of the items are gems and jewellery, our investigations suggest that there are also a number of other types of materials amongst the missing objects – such as small sculptural fragments and Greek pottery,” the museum said.
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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UAE currency: the story behind the money in your pockets
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.”
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
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Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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