An asteroid that was discovered riding along in Earth's orbit is about 1.2 kilometres wide and might trail along for at least 4,000 more years while posing no danger, scientists said on Tuesday.
Using observations from telescopes in Chile, Arizona and the Canary Islands, researchers provided the most comprehensive description yet of the asteroid, named 2020 XL5, first detected two years ago.
They said it was one of only two Trojan asteroids travelling as a companion with Earth.
Trojan asteroids can be wanderers in the solar system, as appears to be the case with this one, or material left over from their home planet's formation.
They become ensnared by the planetary gravitational grip and orbit the Sun along the same path as the planet.
This one looks to be a "C-type" asteroid, one of the most common kinds in the solar system, said planetary scientist Toni Santana-Ros of the University of Alicante and the University of Barcelona's Institute of Cosmos Sciences in Spain.
Mr Santana-Ros was lead author of the study published in the journal Nature Communications.
C-type asteroids are dark in colour and contain a lot of carbon along with rocks and minerals.
"2020 XL5 poses no threat to Earth," said telescope scientist and study co-author Cesar Briceno, of the US National Science Foundation's NoirLab.
"We expect it will remain in its current stable orbit for at least the next 4,000 years."
Its location varies between about 90 million and 270 million kilometres from Earth.
The asteroid occupies one of five "Lagrange points", or positions in space where objects tend to stay put.
These five locales allow for stable orbits due to the competing gravitational forces of Earth and the Sun. This one is at what is called the L4 point.
The only other Trojan asteroid seen around Earth was discovered 12 years ago, also at the L4 point.
It is called 2010 TK7 and is smaller, with a diameter of about 400 metres.
It is also thought to have been captured by Earth's pull while meandering through the solar system.
2020 XL5, first detected in December 2020 using a telescope in Hawaii, may have been captured by Earth's gravitational pull somewhere between 500 to 1,000 years ago, Mr Santana-Ros said.
Many Trojan asteroids populate our solar system, with the largest planet Jupiter known to have almost 10,000 of them, Mr Santana-Ros said.
Nasa launched a spacecraft called Lucy last October to explore them.
Trojan asteroids also have been found around Neptune (28), Mars (four), Uranus (two) and Venus (one).
"Jupiter is a giant in all senses, also in terms of mass," Mr Santana-Ros said. "It cleaned its neighbouring region of other objects, and gathered thousands of objects on its L4 and L5 points.
"However, the Earth has a more delicate environment, with close gravitational competitors like Venus, Mars or even the Moon.
"Therefore, gravitational perturbations on 2020 XL5 will eventually allow this object to escape from the L4 stability point."
Mr Santana-Ros said there could be more Trojan asteroids around Earth awaiting detection.
The two Lagrange points where they might exist are difficult to observe from Earth.
"Any asteroid orbiting around these points will only be visible during a short time window close to twilight, at very low elevations above the horizon," Mr Santana-Ros said.
"But if we point our largest telescopes low above horizon and close to twilight I am certain we will find more surprises."
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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.”