Upgrade legal aid for migrants, Manila urged


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ABU DHABI // Migrant rights groups have asked Manila to supply legal attachés in the Middle East to ensure that Filipinos appearing in court are represented. "Many Filipinos are in jail here because they did not have proper representation," said Nhel Morona, the secretary general of the UAE branch of Migrante, an organisation set up to protect the welfare of Filipino migrants. He added that Filipinos had called him from court several times to complain that no one from the consulate or the Philippines overseas labour office was at the hearing.

Between 200 and 300 Filipinos are behind bars in Dubai and the northern Emirates, according to Ahmed Bajunaid, the head of the assistance to nationals section at the consulate in Dubai. They included people convicted of theft, as well as drugs and immigration offences. Others have been jailed for bad debts. John Leonard Monterona, the Middle East co-ordinator for Migrante, said about 500 Filipinos were in jail in the Middle East, with at least 16 on death row.

Filipino legal attachés could brief the accused before and after a hearing. "It makes a difference being accompanied by someone with legal knowledge and expertise on Sharia during court proceedings," he said. Ramon Bultron, the managing director of the Asia Pacific Mission for Migrants (APMM) in Hong Kong, said such an attaché would ideally be a Filipino Sharia lawyer who would co-ordinate with locally hired lawyers.

The estimated number of Filipino prisoners in Abu Dhabi was not made available by the embassy. However, Noel Servigon, the consul general, thought that instead of legal attachés, it was preferable for diplomatic missions to hire Emirati lawyers who were authorised to represent defendants during police investigations and court hearings. However, Migrante and the APMM, objected that local lawyers were too expensive, but said they should be provided free for those facing the death penalty.

rruiz@thenational.ae

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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