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A French far-right presidential candidate has suggested Ukrainian refugees should be allowed into the country, unlike Muslims fleeing other conflicts.
Eric Zemmour warned against an “emotional response” to the crisis and suggested France follow the UK policy, which is to accept refugees with family already there.
Mr Zemmour is a populist, anti-immigration candidate who has set himself up to outflank Marine Le Pen, the most well-known of the far-right candidates in the presidential election.
“If they have ties to France, if they have family in France … let's give them visas,” he said.
“It's a question of assimilation. There are people who are like us and people who are unlike us.
“Everybody now understands that Arab or Muslim immigrants are too unlike us and that it is harder and harder to integrate them. We are closer to Christian Europeans.”
Since the Ukraine war, Mr Zemmour has been criticised for previous comments in support of Russian President Vladimir Putin.
His support has fallen by 3 to 4 points to about 12 per cent in voter surveys since the Russian invasion of Ukraine.
On Tuesday, he was one of 12 candidates to have qualified to run in the election.
Incumbent Emmanuel Macron is at 30 per cent and Ms Le Pen is in second place with 18 per cent.
In September 2020, Mr Zemmour tweeted that he favoured a “Russian alliance” and that Moscow was “the most reliable ally, even more than the United States, Germany or Britain".
He has condemned Russia's invasion of Ukraine but has also said the West should take its share of the blame.
Ms Le Pen was also criticised last week after photos of her with Mr Putin from 2017 resurfaced.
“The Vladimir Putin of five years ago is not exactly that of today,” she responded, saying he had “crossed a red line” in attacking Ukraine.
Ms Le Pen said the war had “partly changed” her view.
“Yes, it’s an authoritarian regime, historically and in culture — even if we are judging by our western norms, which are not Russian norms,” she said.
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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