Generation Identity has orchestrated a series of headline-grabbing protests. AFP
Generation Identity has orchestrated a series of headline-grabbing protests. AFP
Generation Identity has orchestrated a series of headline-grabbing protests. AFP
Generation Identity has orchestrated a series of headline-grabbing protests. AFP

France plans to ban far-right group Generation Identity


Simon Rushton
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France is planning to ban the far-right Generation Identity group as part of a wider attempt to tackle radicalism.

President Emmanuel Macron is worried about the influence of the far-right, as well as the high-profile attacks carried out by Islamic extremists.

Interior Minister Gerald Darmanin raised the possibility of proscribing GI after it carried out a series of anti-immigration protests.

The rallies included one in January at the border with Spain where banners reading "Defend Europe" were waved from cars.

Mr Darmanin said that GI appeared to have broken a French law against “incitement to discriminate against a person or group because of their origin”.

Earlier this week, politicians in France's lower house backed the government's controversial bill that Mr Macron said was designed to rid the country of extremism and protect French values.

For the past 10 years GI has orchestrated a series of headline-grabbing protests, including the occupation of a mosque and the setting up of fake border control points on the French-Italian frontier.

French political expert Jean-Yves Camus said that the group has only about 800 members, while Stephane Francois, an expert on the far-right in France, said that GI believes that being French is down to European ethnic and cultural identity.

The state's approach is that all its citizens are French regardless of their origin.
Mr Macron's anti-separatism bill was fast-tracked after the beheading of schoolteacher Samuel Paty on the outskirts of Paris last year.

Mr Paty provoked anger in the local Muslim community for showing cartoons of the Prophet Mohammed to pupils in his classroom.

The 51-article act bans virginity certificates and provides measures against polygamy and forced marriage.

Other elements include ensuring that children attend regular school from the age of 3 in a move to deter home schooling where ideology is taught, while all public employees will be trained in secularism under the new legislation.

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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.”