Pat Singer has been gripped by fear for days. The 82-year-old president and founder of the Brighton Beach Neighbourhood Association is the unofficial mayor of New York City's largest Russian-speaking neighbourhood, long known to many as “Little Odesa".
Located in New York's borough of Brooklyn, Brighton Beach takes its nickname from the Ukrainian port city of Odesa, which sits on the Black Sea. It is home to numerous Russian restaurants, markets and one of the best schools for Russian ballet in the US, where Russians, Ukrainians and Georgians dance together.
“I have such a traumatic sense of loss and fear for Ukraine,” said Ms Singer. “These are my roots and I don’t want to see it destroyed.”
While the missiles are being fired nearly 8,000 kilometres away, the impacts are reverberating throughout the bustling streets of Brighton Beach, where Ms Singer's grandparents arrived after leaving Odesa in the early 1900s.
“It's an awful thing, absolutely awful,” said Gennadiy Strebkov, who immigrated from Russia 20 years ago. “And I can't totally explain it, but we feel regret; we feel depressed because of it.”
Brighton Beach has become a melting pot of Russian speakers over the past 50 years, with some coming from what is today Russia and a large percentage coming from Ukraine and other former Soviet countries.
On Brighton Beach Avenue, Russian speakers can be heard chatting over the rumbling elevated train as they shop in stores sporting Cyrillic signs, with caviar and other products lining the shelves.
“Brighton Beach is the starting point of every Russian-speaking immigrant,” says Michael Levitis, who immigrated to the neighbourhood from Moscow when he was 12.
Mr Levitis hosts a popular local radio show, broadcast in Russian. He said Russian-speaking immigrants picked Brighton Beach because its proximity to the ocean reminded them of Odesa's sweeping views of the Black Sea.
“It was very easy for us to come here because we didn’t know English, we had no contacts in the US,” he told The National. “Here, everybody spoke Russian, still speaks Russian. You can buy Russian food, see Russian movies.”
New York City is home to about 600,000 Russian-speaking immigrants, a huge percentage of whom live in Brighton Beach as well as neighbouring Sheepshead Bay and Manhattan Beach.
The neighbourhood, which is made up of mostly low-slung working class homes and the occasional new condo building, is thought to be home to the largest concentration of Russian-speaking people in the Western Hemisphere.
Whatever the situation in Eastern Europe, over the decades, the community has become united, with residents defining themselves not by their countries of origin but by their use of the Russian language.
But Mr Levitis is concerned that will change after Russia's invasion of Ukraine.
“I have a feeling after this conflict [that] more and more people are going to say 'I’m Russian-Jewish, I am Russian-speaking Ukrainian' to try to differentiate themselves from Russians.”
More than one million people have fled Ukraine since Russian President Vladimir Putin started the invasion on February 24, the UN reported, and more than 2,000 civilians have died, Ukraine State Emergency Service said.
All that bloodshed and hardship does not sit well with most in the community.
Some now fear that the enclave may start to feel anti-Russian backlash similar to what Muslim Americans experienced following the terror attacks of September 11, 2001.
“There's a lot of anti-Russian sentiment,” said Mr Levitis. “People are afraid we're going to be conflated with the Russians overseas.”
But Mr Levitis believes the community will rally together and remain united, despite the events in Europe.
“Nobody is getting divorced over this, we’re all intertwined,” he said. “We still live here together in one community, we all go to the same stores, same restaurants, patronise the same businesses and everybody is intermarried with each other.”
Ms Singer, however, is slightly less optimistic. Most of her family in Ukraine were killed by the Nazis in the Second World War, and fears are high both here and in Europe that the current situation will escalate into a third global conflict.
“We’ve had enough,” she said.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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.”
More coverage from the Future Forum
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.