An increasingly common mutation of the coronavirus found in Europe, North America and parts of Asia may be more infectious but appears to be less deadly, a prominent infectious diseases doctor said.
Paul Tambyah, a senior consultant at the National University of Singapore and president-elect of the International Society of Infectious Diseases, said evidence suggested the proliferation of the D614G mutation in some parts of the world has coincided with a drop in death rates, suggesting it is less lethal.
"Maybe that's a good thing to have a virus that is more infectious, but less deadly," Dr Tambyah said.
He said most viruses tended to become less virulent as they mutated.
"It is in the virus' interest to infect more people but not to kill them because a virus depends on the host for food and for shelter," he said.
Scientists discovered the mutation as early as February and it circulated in Europe and the Americas, the World Health Organisation said. It said there was no evidence the mutation led to more severe disease.
On Sunday, Malaysia's Director General of Health Dr Noor Hisham Abdullah urged the public to show greater vigilance after authorities detected what they believe was the D614G mutation in two recent virus clusters.
Sebastian Maurer-Stroh of Singapore's Agency for Science, Technology and Research said the variant was also found in the city-state but that containment measures prevented a large-scale spread.
Dr Noor Hisham said the D614G strain detected there was 10 times more infectious.
Vaccines currently in development may not be effective against the mutation, he said.
But Dr Tambyah and Mr Maurer-Stroh said such mutations would not likely change the virus enough to make potential vaccines less effective.
"The variants are almost identical and did not change areas that our immune system typically recognise, so there shouldn't be any difference for vaccines being developed," Mr Maurer-Stroh said.
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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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