Tributes and brickbats for the Iron Lady, Margaret Thatcher


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LONDON // The Queen and Tony Blair led tributes to Margaret Thatcher, who died yesterday aged 87, but even in death she provoked fierce emotion as critics condemned her political career.

Flags hung at half mast over parliament and No10 Downing Street, where a crowd had gathered to pay their respects for Britain's first female prime minister and one of the most influential and divisive political figures in the country's history.

She was derided and venerated in equal measure for a political career in which she faced down labour unions, undermined much of Britain's traditional industry, reinvented the country's economy from a manufacturing into a service-based one, privatised much of Britain's state industries and fought and won a war against Argentina over the distant Falkland Islands.

But Britain – and the world – remains deeply divided over the legacy of the longest continuously serving prime minister, a woman who revelled in her image as the "Iron Lady", a moniker that was wielded by both supporters and opponents.

Queen Elizabeth II headed the list of those paying tribute. The British monarch was sad to hear the news of Thatcher's passing, and was sending a private message of condolences to the Thatcher family, said a Buckingham Palace spokesman.

David Cameron, the prime minister, called her a "great leader, a great prime minister and a great Briton".

"As our first woman prime minister, Margaret Thatcher succeeded against all the odds … she didn't just lead our country, she saved our country, and I believe she will go down as the greatest British peacetime prime minister."

From across the political aisle, Labour leader Ed Miliband also offered his tribute, calling Thatcher a "unique figure" who "reshaped the politics of a whole generation".

Tony Blair, whose 10-year Labour premiership lasted just one year less than Thatcher's, was effusive, and acknowledged his own debt to her.

"Her global effect was great. And some of the changes she made in Britain were, in certain respects at least, retained by the 1997 Labour government, and came to be implemented by governments around the world."

But news of her death also prompted negative reaction from those opposed to her policies.

Ken Livingstone said every Thatcher policy had been "fundamentally wrong". The former Labour mayor of London said he held her responsible for "every real problem" Britain faced today.

She "called Nelson Mandela a terrorist", tweeted George Galloway, a one-time Labour firebrand and now a member of parliament for his own Respect Party.

"I was there. I saw her lips move. May she burn in hell fires."

Gerry Adams, another man branded a terrorist by Thatcher, also did not hold back.

"Margaret Thatcher did great hurt to the Irish and British people during her time as prime minister," said Mr Adams, who heads Sinn Fein, now Northern Ireland's second largest party but once the political wing of the Irish Republican Army.

He recalled Thatcher's support for Chile's dictator, Augusto Pinochet, and the Khmer Rouge of Cambodia, as well as her opposition to sanctions against apartheid South Africa. Her policy on Ireland was a "failure" and her effect on international affairs "belligerent", he said.

And on the streets of London, opinions were equally divided.

"It's a sad day for the country," said Emily Whitehurst, 67, a retired retail office manager from Brighton in the south. "She was our last great living politician. She made it possible for people to be ambitious in this country and blazed a trail, especially for ambitious women."

But Jerry Cooper, 51, an educationalist and Labour Party member, said Thatcher "destroyed lives". Mr Cooper, of Newcastle in England's north-east, said many would be celebrating the news of her passing.

"She destroyed so much that was good in this country, so much of our industrial base, and she had no coherent strategy for getting people back into work. She just let them rot."

Thatcher passed away yesterday morning after a stroke. She had been suffering poor health for years, including dementia, and stopped giving public speeches in 2002.

She will not have a state funeral, but will be honoured at a ceremony with full military honours at London's St Paul's Cathedral, in the manner of Princess Diana and the Queen Mother. A date has not yet been set.

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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