Eva Rausing, 48, led a gilded life marred by drug addiction. Alan Davidson / WireImage
Eva Rausing, 48, led a gilded life marred by drug addiction. Alan Davidson / WireImage

Police probe death of Tetra Pak heir's wife



LONDON // Murder detectives are investigating the death of the American wife of an heir to the Tetra Pak drinks carton fortune and have arrested a man reported to be her husband.

Eva Rausing, 48, the daughter of US businessman Tom Kemeny, led a gilded life marred by drug addiction and had a host of connections with royal patrons of anti-drug charities to which she and her husband, Hans Kristian Rausing, 49, devoted millions from the fortune his Swedish grandfather made from packaging.

Police said on Tuesday they were holding a 49-year-old man in connection with the death of Eva Rausing, who was found dead on Monday in her home in the capital's wealthy Belgravia district. He was also being investigated for drug possession. But they declined to confirm British media reports that he was Hans Kristian Rausing.

Statements from both spouses' parents made no mention of him in expressing sadness, shock and admiration for the mother of his four children, and for her charity work to curb drub abuse.

The couple, who were reported to have met while undergoing rehab in the United States, hit headlines in 2008 when Eva Rausing was found carrying heroin and crack cocaine into the US Embassy in London. Charges against her and her husband were later dropped.

Her father-in-law, Hans Rausing, 86, is one of the world's wealthiest men, ranked 88th in the Forbes rich list with a fortune estimated at US$10 billion (Dh 36.73bn).

Police declined to comment on newspaper reports that the mystery of Eva Rausing's death began with her husband's arrest after he was driving erratically in London on Monday.

When police went to the couple's white-stuccoed town house in Cadogan Place they found his wife dead in an upstairs bedroom, several newspapers said, adding that a post mortem on Monday had been inconclusive but that a drug overdose was suspected.

Eva Rausing's parents, Tom and Nancy Kemeny of Hilton Head Island, South Carolina, said in a statement that they were "deeply saddened by the death of their beloved daughter".

"Eva was a devoted wife for 20 years and mother of four much loved and wonderful children," they said.

"During her short lifetime she made a huge philanthropic impact, supporting a large number of charitable causes, not only financially, but using her own personal experiences. She bravely fought her health issues for many years."

In 2008, after the embassy drugs incident, their daughter told reporters: "I have made a grave error and consider myself to have taken a wrong turn in the course of my life."

She was a patron of the British branch of the Mentor Foundation, a worldwide drug abuse prevention group whose president is Queen Silvia of Sweden, and was also a trustee of a community development charity founded by Britain's Prince Charles, The Prince's Foundation for Building Community.

At another organisation that benefited from the Rausings' generosity, Nick Barton, the chief executive of Action on Addiction, said: "Everyone involved with Action on Addiction is devastated to hear the news of Eva Rausing's untimely death.

"Without any desire for public recognition, Eva has, through her wonderfully generous support of this and other charities helped so many people for over 20 years."

Her husband, often referred to as simply Hans K, was born into billions in 1963, as his father, uncle and grandfather were turning their local packaging firm into a global empire with their innovative cardboard bricks. Media reports describe him as having lapsed into drug abuse while travelling in India in his 20s, a young man with vast means and little sense of purpose.

His father Hans Rausing, whose own father founded Tetra Laval in Lund, Sweden, in 1944, also has two daughters with his wife Marit. Praised by, among others, Prince Charles for his philanthropy, Hans Rausing has an honorary British knighthood.

"Hans and Marit Rausing and their family are deeply shocked and saddened to hear of the tragic death of their daughter-in-law Eva Louise Rausing," the family said in a statement. "They ask that their privacy be respected at this sad time."

Police said the man they had detained was receiving medical attention. Officers had sealed off the couple's house in an area, near Sloane Square, which is home to some of Britain's - and increasingly the world's - wealthiest people seeking the lifestyle, relatively low taxes, security and anonymity that London offers.

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

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He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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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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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

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MATCH INFO

What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5