Debris from a Canadian military helicopter operating as part of a Nato surveillance force has been found in the sea between Greece and Italy, a Greek military source said. AFP, file
Debris from a Canadian military helicopter operating as part of a Nato surveillance force has been found in the sea between Greece and Italy, a Greek military source said. AFP, file
Debris from a Canadian military helicopter operating as part of a Nato surveillance force has been found in the sea between Greece and Italy, a Greek military source said. AFP, file
Debris from a Canadian military helicopter operating as part of a Nato surveillance force has been found in the sea between Greece and Italy, a Greek military source said. AFP, file

Canadian Navy helicopter on Nato mission crashes in sea between Italy and Greece


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Debris from a Canadian military helicopter operating as part of a Nato surveillance force has been found in the sea between Greece and Italy, a Greek military source said Thursday.

The helicopter was attached to the Canadian frigate Fredericton, from which it had taken off for a patrol.

"Debris has been found in Italy's zone of control and intervention" in the Ionian Sea, the military source told AFP, specifying the wreckage belonged to the Canadian helicopter.

"Greece has sent a marine helicopter to participate in the rescue operation," the source said.

Six crew were aboard the helicopter when it disappeared Wednesday, he said.

Greek public television reported that a body had been found amid the wreckage in international waters off the Greek island of Kefalonia.

But the military source did not immediately confirm the report.

The Canadian armed forces earlier issued a statement confirming a search was underway after contact was lost with the helicopter.

"There is a developing situation regarding one of our CH-148 Cyclone helicopters, deployed onboard HMCS FREDERICTON, which is currently contributing to Op REASSURANCE," the Canadian armed forces said in a statement.

"Contact was lost with the aircraft as it was participating in Allied exercises off the coast of Greece. Search and rescue efforts are currently underway," it added.

Canadian Prime Minister Justin Trudeau said that a search and rescue operation is underway and updates will be provided “as soon as possible.”

The statement did not give details on how many personnel were on board.

Initial reports said the helicopter had been over international waters 50 nautical miles off Kefalonia, the Greek air force said.

Italian, Greek and Turkish frigates also took part in the patrol that had moved from Greek to Italian waters on Wednesday, with the Greek frigate remaining in Greek waters.

Greek naval and air forces were ready to assist in a rescue operation "if Italy requests it", a military source told AFP earlier.

A spokesperson for Supreme Headquarters Allied Powers Europe (SHAPE), which plans and carries out all Nato operations, added: "I confirm there has been an incident involving a helicopter from a ship under Nato command.

"There is currently a search and rescue operation being conducted and national notifications taking place."

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- Abdullah Ishnaneh, Partner, BSA Law 

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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Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

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