Dr Anthony Fauci has faced sharp criticism from some conservatives and threats from people who object to measures such as vaccination. Reuters
Dr Anthony Fauci has faced sharp criticism from some conservatives and threats from people who object to measures such as vaccination. Reuters
Dr Anthony Fauci has faced sharp criticism from some conservatives and threats from people who object to measures such as vaccination. Reuters
Dr Anthony Fauci has faced sharp criticism from some conservatives and threats from people who object to measures such as vaccination. Reuters

US Senator Rand Paul's rhetoric has led to death threats, Dr Fauci says


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Top US infectious disease official Dr Anthony Fauci has accused Republican Senator Rand Paul of spreading misinformation that has led to threats of violence and death against him and his family.

The pair had a heated back-and-forth at a Senate health committee hearing, with Dr Fauci accusing Mr Paul, the long-time Republican politician from Kentucky and supporter of former President Donald Trump, of distracting the public from the fight against the Covid-19 pandemic.

He said Mr Paul was focused on misinformed attacks rather than oversight aimed at addressing the healthcare crisis that has so far killed more than 800,000 people in the US.

Mr Paul's website accuses Dr Fauci of “ignoring good advice, and lying about everything from masks to the contagiousness of the virus” and on Tuesday the senator accused the government medical official of smearing other scientists who disagreed with him.

Dr Fauci said Mr Paul was distorting the truth.

“There you go again, you just do the same thing every hearing,” Dr Fauci told the senator, accusing him of making personal attacks that bore no relation to reality.

“He's doing this for political reasons,” Dr Fauci said, pointing to fund-raising appeals on Mr Paul's website next to a call to have Dr Fauci fired.

“It distracts from what we're all trying to do here today, (which) is get our arms around the epidemic and the pandemic that we're dealing with, not something imaginary,” Dr Fauci said.

Dr Fauci has faced sharp criticism from some conservatives and death threats from people who object to measures such as vaccination and mask-wearing that he has advocated to halt the pandemic.

He said misinformation had fuelled such threats.

Accusations 'kindle the crazies'

“What happens when he (Mr Paul) gets out and accuses me of things that are completely untrue is that all of a sudden, that kindles the crazies out there and I have … threats upon my life, harassment of my family and my children,” Dr Fauci said.

Dr Fauci said on December 21 a person was arrested in Iowa who was travelling from California to Washington DC, allegedly to kill Mr Fauci.

Mr Paul accused Dr Fauci of making personal attacks against him and said no one wished violence on Dr Fauci.

Last month, Dr Fauci called for Fox News host Jesse Watters to be fired after Mr Watters made remarks about a “kill shot” while criticising the doctor.

Reuters contributed to this report

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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Updated: June 20, 2023, 11:30 AM