Supporters carry the coffin of Ko Ni, a prominent member of Myanmar's Muslim minority and legal adviser to the ruling National League for Democracy party, on January 30, 2017, one day after he was shot dead in Yangon, Myanmar. Mg Nyi Nyi/Reuters
Supporters carry the coffin of Ko Ni, a prominent member of Myanmar's Muslim minority and legal adviser to the ruling National League for Democracy party, on January 30, 2017, one day after he was shot dead in Yangon, Myanmar. Mg Nyi Nyi/Reuters
Supporters carry the coffin of Ko Ni, a prominent member of Myanmar's Muslim minority and legal adviser to the ruling National League for Democracy party, on January 30, 2017, one day after he was shot dead in Yangon, Myanmar. Mg Nyi Nyi/Reuters
Supporters carry the coffin of Ko Ni, a prominent member of Myanmar's Muslim minority and legal adviser to the ruling National League for Democracy party, on January 30, 2017, one day after he was sho

Thousands in Myanmar mourn slain Muslim lawyer


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YANGON // Thousands of mourners gathered on Monday to bury a top Muslim lawyer and adviser to Aung San Suu Kyi who was gunned down outside Yangon airport in what the ruling party said was a political assassination.

Ko Ni, a legal adviser to the National League for Democracy, was shot in the head on Sunday afternoon as he waited outside the airport while holding his grandson.

His killing sent shockwaves through both Myanmar’s already hard-pressed Muslim community and the ruling party in a country where political killings are rare.

Police have not said what prompted the murder, but Ko Ni, 63, was a prominent Muslim figure who spoke out against the increasingly vocal anti-Islamic sentiments of Buddhist hardliners and criticised the powerful military’s grip on power.

Distraught relatives were joined by senior NLD figures, imams, Buddhist monks and members of the public who crammed into a Muslim cemetery on the outskirts of Yangon on Monday afternoon.

“This is a very cruel and ugly tragedy,” said Moe Zaw, 37, a Muslim mourner.

Both the NLD and Ko Ni’s family suspect he was targeted because of politics.

“We strongly denounce the assassination of Ko Ni like this as it is a terrorist act against the NLD’s policies,” the NLD said, describing him as an “irreplacable” aide to Ms Suu Kyi.

A taxi driver who tried to stop the gunman was also killed. The attacker, named by police as 53-year-old Kyi Lin, was arrested at the scene.

A harrowing photo circulating on social media showed what appeared to be the moment the gunman, standing behind Ko Ni as he held his grandson, took aim.

His daughter Yin Nwe Khaing said she brought her young son to greet his grandfather at the airport, adding her father had made enemies because he had been a prominent Muslim voice.

“As we are from a different religion there were many people who didn’t like and hated it. I think that also could be a reason [for his murder],” she told DVB TV.

Ko Ni had just returned from a government delegation visit to Indonesia where regional leaders were discussing sectarian tensions in Rakhine state.

Myanmar’s army has waged a crackdown on the mainly Muslim Rohingya community which has prompted tens of thousands of them to flee the area.

Ko Ni had previously criticised religious laws pushed by Buddhist nationalists.

Myanmar’s border regions have simmered for decades with ethnic minority insurgencies but it is rare for prominent political figures to be murdered in Yangon – the country’s booming and largely safe commercial hub.

However in recent years Myanmar has witnessed a surge of anti-Muslim sentiment, fanned by hardline Buddhist nationalists.

Around five per cent of Myanmar’s population is Muslim.

Ms Suu Kyi has herself faced criticism for not fielding a single Muslim candidate during the 2015 elections, a move which analysts said was to appease Buddhist hardliners.

She has also faced international censure for her failure to criticise the crackdown on the Rohingya in Rakhine state.

Since the launch of the crackdown in October at least 66,000 Rohingya have fled to neighbouring Bangladesh, alleging security forces are carrying out a campaign of rape, torture and mass killings.

Suu Kyi and the military have denied allegations of abuse.

Senior NLD leaders, including party patron Tin Oo, visited Ko Ni’s family before the funeral.

“Losing that kind of person is great loss for the country, for democratic forces and for us [the party],” Mr Tin Oo said, describing the killing as an assassination.

* Agence France-Presse

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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: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.