LONDON // Archbishop of Canterbury Rowan Williams, the spiritual leader of the world’s Anglicans, said Friday he will resign at the end of the year after a decade of turmoil over female and gay bishops.
The bushy-bearded 61-year-old announced in a statement that he would take up a position as master of Magdalene College at Britain’s prestigious Cambridge University in January 2013.
“It has been an immense privilege to serve as Archbishop of Canterbury over the past decade, and moving on has not been an easy decision,” he said in the statement, released by his office, Lambeth Palace.
“During the time remaining there is much to do, and I ask (for) your prayers and support in this period and beyond.”
The Church of England could now see its first black Archbishop of Canterbury, with John Sentamu, the Archbishop of York, widely viewed as front-runner to replace Williams.
Williams’ successor will be formally appointed by Queen Elizabeth II, who is the Supreme Governor of the Church of England. Lambeth Palace said Williams’s intention to resign had been formally conveyed to the queen.
The actual decision will rest in the hands of a commission grouping senior churchmen and lay people, who will then forward their nomination to British Prime Minister David Cameron.
Welsh-born Williams was appointed the 104th Archbishop of Canterbury in 2002, replacing George Carey.
But his tenure was marked by his difficulties in maintaining unity amid disagreements over the consecration of female bishops in Britain, and of openly gay bishops in the United States.
The rows have threatened to cause a permanent rift with conservative Anglican bishops in Africa in particular.
Williams told the Press Association, Britain’s domestic news agency, that his resignation comes ahead of a number of key events including a vote by the Church of England this year on whether to give final approval to women bishops.
“A number of what I call watersheds seemed to make this a reasonable moment, at least, to think about moving on,” he said.
He admitted that the disagreements within the Church had been a “major nuisance” but insisted they had not clouded his tenure as Archbishop of Canterbury.
“Crisis management is never a favourite activity, I have to admit, but it is not as if that has overshadowed everything,” he said.
“It has certainly been a major nuisance. But in every job that you are in there are controversies and conflicts, and this one isn’t going to go away in a hurry.
“I can’t say that it is a great sense of ‘free at last’.”
Sentamu said he had heard the news of Williams’s resignation with “great sadness,” saying he had been “much maligned.”
“The last decade has been a challenging time for the Church of England and the Anglican Communion. Thankfully, Archbishop Rowan is a remarkable and gifted leader who has strengthened the bonds of affection,” he said.
A decision to appoint Sentamu would have a whiff of controversy, however, as he last month agreed to write a weekly column for Rupert Murdoch’s new Sunday edition of The Sun, Britain’s top-selling tabloid.
Murdoch launched the paper to replace the News of the World, which he closed in July last year after a scandal over the illegal hacking of voicemails belonging to celebrities, crime victims and politicians.
Cameron described Williams as “a man of great learning and humility” who had “guided the Church through times of challenge and change.
“He sought to unite different communities and offer a profoundly humane sense of moral leadership that was respected by people of all faiths and none,” Cameron 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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