Police carry a victim’s body to Pathein General Hospital after a boat with 60 passengers returning from a wedding struck a barge and capsized in Pathein river, Myanmar, yesterday. Soe Tun / Reuters
Police carry a victim’s body to Pathein General Hospital after a boat with 60 passengers returning from a wedding struck a barge and capsized in Pathein river, Myanmar, yesterday. Soe Tun / Reuters

20 killed in Myanmar wedding boat crash



Yangon // At least 20 people were killed when a boat carrying wedding guests collided with a river barge in western Myanmar, with more feared drowned.

The boat sank on Friday evening in a river near Pathein, a port city west of the commercial capital Yangon.

It was believed to be carrying about 60 passengers on their way home from a wedding ceremony, according to a local police officer.

Of the dead, officials said 16 were women and four were men.

“They were crossing to the other side of the river after attending a wedding in Pathein. Most of them were relatives from the same village,” the officer said.

He said both ships were unlit when they collided in the middle of the river.

“We estimate nine people are still missing,” said Aung Thu Htwe, an MP from the region, adding that about 30 people had been rescued after the collision.

Photos carried by local media showed frenzied scenes rescuers working in the dark as they wheeled stretchers away from the river and lay bodies on the shore.

Authorities resumed the search operation on Saturday morning, the police officer said, but no bodies had been found by midday.

“We will do search and rescue for the whole day,” he said.

Fatal boat accidents are common in Myanmar, a poor country with rudimentary transport and weakly-enforced safety regulations.

Vessels ferrying people along the country’s coastline and rivers are often dangerously overcrowded, and accidents can have staggering death tolls. It can also take several days for all bodies to be retrieved.

Last October 73 people, including many teachers and students, drowned when their overloaded vessel capsized in central Myanmar on the Chindwin river.

About 60 people died in March 2015 when their ferry sank in rough waters off of Myanmar’s western Rakhine state.

* Agence France-Presse

Emergency

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Key Points
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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.”

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

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Richard Flanagan
Chatto & Windus