Supporters of Thaksin Shinawatra display placards against Thai prime minister Abhisit Vejjajiva as riot policemen keep watch outside the venue of the 14th ASEAN Summit in Pattaya.
Supporters of Thaksin Shinawatra display placards against Thai prime minister Abhisit Vejjajiva as riot policemen keep watch outside the venue of the 14th ASEAN Summit in Pattaya.
Supporters of Thaksin Shinawatra display placards against Thai prime minister Abhisit Vejjajiva as riot policemen keep watch outside the venue of the 14th ASEAN Summit in Pattaya.
Supporters of Thaksin Shinawatra display placards against Thai prime minister Abhisit Vejjajiva as riot policemen keep watch outside the venue of the 14th ASEAN Summit in Pattaya.

Protesters storm ASEAN venue


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PATTAYA, THAILAND // More than 1,000 anti-government protesters smashed through the glass doors of a convention centre where leaders of 16 Asian countries were scheduled to meet today, soon after their demonstration forced organisers to postpone morning meetings. It was not immediately clear if the redshirted protesters, who want to unseat the Thai prime minister Abhisit Vejjajiva, were near any of the delegates or leaders.

The chaos dealt a major blow to Mr Vejjajiva, who has been trying to project an image of calm and normality since taking power in a parliamentary vote four months ago after a court dissolved the previous government. Some protesters overturned coffee tables while others blew horns, waved Thai flags and screamed, "Abhisit get out". "We want to tell Abhisit himself that this meeting cannot go on," said protest leader Arisman Pongreungrong. Earlier, Thai officials said all morning meetings had been postponed for "reasons of safety". Leaders would decide together over lunch whether meetings would take place in the afternoon.

This morning, demonstrators kept some delegates from leaving their nearby hotels, causing the cancellation of a breakfast meeting of the foreign ministers from Japan, China and South Korea. Then the 2,000 protesters moved to the hilltop venue where the summit was to be held - the second day they have massed there. The protesters clashed with a group of rival demonstrators, many of whom were dressed in navy blue or black, some wearing masks, about a half-mile from the summit venue. The two sides threw rocks and smoke bombs at each other about two miles from the venue.

Thai government spokesman Panitan Wattanayagorn said two or three people were injured in the clashes and that authorities were investigating reports of shots fired and an explosion. "The safety of the leaders is the most important to us, this is why we made a decision to slightly delay the meeting until we get a confirmation from all parties concerned that safety and order is in place," Mr Wattanayagorn said. Mr Wattanayagorn said protesters have been warned that "very tough standards will be applied to them very soon".

* AP

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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.

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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.

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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.”