Jeffrey Epstein and Donald Trump pictured in 1997 at Mr Trump's Mar-a-Lago estate in Florida. Getty images
Jeffrey Epstein and Donald Trump pictured in 1997 at Mr Trump's Mar-a-Lago estate in Florida. Getty images
Jeffrey Epstein and Donald Trump pictured in 1997 at Mr Trump's Mar-a-Lago estate in Florida. Getty images
Jeffrey Epstein and Donald Trump pictured in 1997 at Mr Trump's Mar-a-Lago estate in Florida. Getty images


Donald Trump has a Jeffrey Epstein problem and it's just getting started


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July 14, 2025

US President Donald Trump, who likes to promote his peacemaker credentials, is facing a civil war within his own ranks.

Fuelling the rebellion among his Make America Great Again loyalists is Mr Trump's response to developments in the case of Jeffrey Epstein, the disgraced former financier who authorities say took his own life in a New York jail while awaiting trial on sex-trafficking charges.

Epstein in 2008 had pleaded guilty to solicitation of prostitution and solicitation of a child for prostitution, and his death in 2019 quickly became a cause celebre for Maga loyalists and the right-wing media world. They claimed, without evidence, that Epstein was murdered to keep him quiet about any wealthy and powerful clients he may have had.

The theory was so widespread that it became received wisdom in the Maga universe. Last year, Vice President JD Vance said: “We need to release the Epstein list, that is an important thing."

But when the FBI and the Justice Department published a much-anticipated memo last week, it stated that no evidence supported the claim that Epstein had kept a “client list”, or that he had blackmailed prominent people. Investigators also reasserted 2019 findings that he had died by suicide.

For many Maga supporters, the memo amounted to a betrayal, especially considering the source. For years before joining the Trump administration, FBI Director Kash Patel and his deputy, Dan Bongino, had pushed Epstein conspiracies in one form or another. Now that they are in office, they are saying there is nothing to see here and it's time to move on.

In February, Attorney General Pam Bondi said she had an Epstein client list “sitting on my desk right now to review". But when asked about it last week, she sought to withdraw the comment, saying she was referring to the overall Epstein file.

For conservative influencers including Elon Musk and Laura Loomer, it all stinks. Ms Loomer, a staunch Trump loyalist, on Sunday told Politico that a special counsel should be appointed for an independent investigation of the handling of the Epstein files.

Mr Musk, who fell out with Mr Trump last month, lobbed a “really big bomb” at the President as he left the White House, claiming the reason the full Epstein investigation has not been made public is because Mr Trump is “in the Epstein files”. He later deleted that post on X.

We already knew that Mr Trump, Bill Clinton, Britain's Prince Andrew and other rich and powerful men had moved in Epstein's orbit, before he was known to be a sexual predator. But Mr Musk appeared to be hinting at something else. On Saturday, the tech billionaire posted on X that Mr Trump should “just release the files as promised".

Mr Trump's own reaction to the release of the memo has been disastrous. When asked about it at a Cabinet meeting last week, instead of addressing the terrible crimes Epstein was accused of, or telling supporters that he was committed to making sure justice is done, he snapped at a reporter who had the temerity to ask him about the case.

“Are you still talking about Jeffrey Epstein?” Mr Trump said testily. “This guy's been talked about for years … are people still talking about this? … That is unbelievable."

It was a massively disingenuous answer as he knows only too well how important the Epstein case is to his supporters. He made things worse still on Saturday when he claimed that the Epstein file had been created by Barack Obama, Hillary Clinton and other “losers and criminals of the Biden administration".

Let's “not waste time and energy on Jeffrey Epstein, somebody that nobody cares about", he posted in a lengthy message on Truth Social.

A look at comments underneath that post are instructive. Normally, Mr Trump's posts are greeted with a tsunami of seemingly bot-generated memes that adulate him. Now, angry supporters are alleging he is part of some sort of cover-up.

“This is going to cost you so many supporters. I being one of them. I have been to multiple rallies and even was there on [January 6, 2021, at the US Capitol],” one user wrote.

Another said Mr Trump is “losing too many in your base”.

This comment was posted underneath a statement by US President Donald Trump related to the Epstein case on July 12, 2025.
This comment was posted underneath a statement by US President Donald Trump related to the Epstein case on July 12, 2025.

It all amounts to a huge headache for Mr Trump and a credibility crisis for his administration. Just last month, he was coming off perhaps the most successful period of his time as President.

In less than two weeks, he announced an Israel-Iran ceasefire, sealed a peace accord between Rwanda and the Democratic Republic of the Congo, and persuaded European allies to increase defence spending for Nato.

But his handling of the Epstein case means cracks are forming in his foundational support. If he's not careful, the saga could start to undermine his broader agenda.

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.”

Updated: July 15, 2025, 4:49 AM