Police now believe they have recovered all of the jewels stolen from the Ritz. EPA/IAN LANGSDON
Police now believe they have recovered all of the jewels stolen from the Ritz. EPA/IAN LANGSDON

Report: ‘All jewels from Paris Ritz heist recovered’



The jewels stolen from shops in the landmark Ritz hotel in Paris on Wednesday night worth millions of euros have all been recovered, a source close to the case told AFP on Thursday.

Some of the loot had been recovered on the day of the crime after the arrest of three of the thieves as they tried to flee the hotel and the rest was in a “bag seized [on Wednesday] by police,” the source said. The gems and watches stolen were thought to be worth more than four million euros ($4.8 million).

The gang had attacked the celebrated hotel, smashing display windows on the ground floor of the hotel in Paris’ luxurious Place Vendome at 6.30pm on Wednesday night.

Jean-Michel Huguet, a representative of the French police union said that the criminals had “entered by the service entrance, smashed the jewellery stands, [and] grabbed jewels that were clearly expensive with the help of axes.”

The three members of the gang who entered the hotel grabbed watches made by Rolex and Piaget from display cases before hitting a jewellery shop in the hotel.

The men in the hotel threw their haul out of windows to their two accomplices outside, according to police. As the men fled the scene, one of them hit and slightly injured a pedestrian.

French police said on Thursday the jewels stolen by the axe-wielding robbers were found in a bag dropped by one of the two robbers from the five-strong gang who managed to escape the scene of the crime.

The three arrested men, who were all in their early 30s, are from the Seine-Saint-Denis area north of Paris, and are “well known to the police for armed robbery, violence and receiving stolen goods”, a source close to the inquiry said.

The area has been repeatedly targeted by crime gangs. In 2014, armed raids on the Place Vendome saw jewels worth hundreds of thousands of euros were stolen. And thieves struck again in March 2016, when an estimated six million euros worth of jewels were stolen from luxury fashion brand Chopard by robbers who threatened employees with a gun and grenade.

“I would say that this was a very violent, armed attack by a large, well-organised and professional gang,” the mayor of Paris’ 1st district, Jean-Francois Legaret said.

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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Q&A with Dash Berlin

Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.

You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.

You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.

Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.

 

Origin
Dan Brown
Doubleday

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia