Britain's Prince Harry and his wife Meghan, the Duke and Duchess of Sussex, are expecting their second child, a representative for the couple said on Sunday.
Harry, 36, and Meghan, 39, stepped back from royal duties in January 2020 and moved with their first son Archie to southern California to live a more independent life and escape the British media.
"We can confirm that Archie is going to be a big brother. The Duke and Duchess of Sussex are overjoyed to be expecting their second child", the representative said.
A spokesperson for Buckingham Palace on Sunday said Queen Elizabeth, her husband Prince Phillip, Harry's father Prince Charles and the whole family were "delighted" at the news and "wished them well".
The announcement was accompanied by a black and white photograph of a visibly pregnant Meghan lying on grass with one hand on her stomach and her head resting on the smiling prince's leg.
The photo was taken by long-time friend and photographer, Misan Harriman.
Mr Harriman took the image remotely from London using an iPad.
He wrote on Twitter: “Meg, I was there at your wedding to witness this love story begin, and my friend, I am honoured to capture it grow.
“Congratulations to The Duke and Duchess of Sussex on this joyous news!”
Mr Harriman is the first black male photographer to shoot a British Vogue cover – and the first to shoot its September issue – in its 105-year history.
A year before, the Duchess of Sussex guest edited the September issue, which is traditionally the fashion bible’s most important of the year.
Speaking to British Vogue following the baby announcement, Mr Harriman said: “To be asked to help share this absolute joy after such an unimaginable loss and heartache is a marker of true friendship.
“Meg reminded me that had I not introduced her to a mutual friend then she wouldn’t have met Harry.
“I’m grateful for whatever small part I played.”
Since ending their royal duties, Harry and Meghan have continued charity work and signed TV and other media deals, launching their debut podcast in December.
Last year, Meghan revealed she had a miscarriage in July, in an extraordinarily personal disclosure coming from a high-profile British royal.
The couple married in a glittering ceremony in 2018 that captured the world's attention.
But they later gave up their official royal roles after disagreements with other family members and because of huge media attention.
Their relationship with the British press swiftly soured and the couple have launched legal cases against several newspapers.
Last week Meghan won a privacy claim against the Mail on Sunday for printing extracts of a letter she wrote to her father.
The Queen's great grandchildren
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Rosewood and Transparent — heart issues
24: Legacy — PTSD;
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Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
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Dragons — double amputee
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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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