British Home Secretary Sajid Javid was not invited to attend the state banquet for Donald Trump. Getty
British Home Secretary Sajid Javid was not invited to attend the state banquet for Donald Trump. Getty
British Home Secretary Sajid Javid was not invited to attend the state banquet for Donald Trump. Getty
British Home Secretary Sajid Javid was not invited to attend the state banquet for Donald Trump. Getty

Sajid Javid says he was shut out of Donald Trump state banquet


Taylor Heyman
  • English
  • Arabic

British home secretary and Conservative Party leadership contender Sajid Javid has expressed confusion about why he was not invited to last week's state banquet for US President Donald Trump.

Mr Javid was the only top-level Cabinet minister not to be invited to the dinner at Buckingham Palace, sparking speculation that his previous comments about Mr Trump’s Twitter activity may have been behind the snub.

“I don’t know,” he told the BBC. “I’ve asked… but I was just told normally home secretaries aren’t invited.”

Mr Javid responded angrily to the US president retweeting a post from far-right group Britain First in 2017.

His tweet, written during his tenure as minister for communities, said Mr Trump had “endorsed the views of a vile, hate-filled racist organisation that hates me and people like me”.

“I refuse to let it go and say nothing,” he wrote.

Asked if his Muslim background may be behind the lack of invite, Mr Javid replied: “No, I’m not saying that at all, but I really don’t know.”

Former Labour Secretary of State Jacqui Smith weighed in on the idea that home secretaries are not ordinarily invited, writing on Twitter : “I went to every state banquet for visiting leaders as Home Secretary”.

Mr Javid's predecessor as home secretary, Amber Rudd, also attended state banquets for foreign leaders during her term in office.

However, participation isn’t guaranteed. In 2011 Mrs May herself, then in charge of the Home Office, did not attend a State Banquet for Barack Obama.

A spokesman for the Prime Minister said the banquet was hosted by the Queen and “it would not be appropriate to discuss in public who did or did not ask to attend.”

The home secretary made the comments shortly before the first round of voting in the Conservative leadership contest.

Mr Javid came out fifth in the vote, with 23 votes. Former Foreign Secretary Boris Johnson streaked ahead with 114.

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West Indies v England ODI series:

West Indies squad: Jason Holder (c), Fabian Allen, Devendra Bishoo, Darren Bravo, Chris Gayle, Shimron Hetmyer, Shai Hope, Evin Lewis, Ashley Nurse, Keemo Paul, Nicholas Pooran, Rovman Powell, Kemar Roach, Oshane Thomas.

Fixtures:

1st ODI - February 20, Bridgetown

2nd ODI - February 22, Bridgetown

3rd ODI - February 25, St George's

4th ODI - February 27, St George's

5th ODI - March 2, Gros Islet

SPEC%20SHEET
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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.”