France's National Front party leader Marine Le Pen looks on as former White House strategist Steve Bannon speaks to the press in Lille on March 10, 2018. AP Photo
France's National Front party leader Marine Le Pen looks on as former White House strategist Steve Bannon speaks to the press in Lille on March 10, 2018. AP Photo

Wear racist badge 'like a medal', Bannon tells France's Front National



Steve Bannon, the former White House chief strategist, has told France’s far-right Front National party that “history is on our side and will bring us victory”.

In an address at the party’s annual conference in Lille on Saturday, Mr Bannon, who played a pivotal role in Donald Trump’s campaign for the US presidency, told the crowd: “You are part of a movement that is bigger than that in Italy, bigger than in Poland, bigger than in Hungary.

“You recall the evening of the American election; the traditional media were shocked. They could never have believed that the Americans had finally voted in their own interests.

“You fight for your country and they call you racist. But the days when those kind of insults work is over. The establishment media are the dogs of the system. Every day, we become stronger and they become weaker. Let them call you racists, xenophobes or whatever else, wear these like a medal."

Mr Bannon’s surprise appearance in Nice came as Front National leader Marine Le Pen attempts to reinvent the party, following a poor showing in last year’s parliamentary election.

The conference also voted on an official renaming of the party to Rassemblement National – National Union. It also severed ties with founder Jean Marie Le Pen – Ms Le Pen's father, who led led the party until 2011. He was expelled by his own daughter in 2015 but remained linked to the party through the symbolic position of honorary chairman, a post that was officially abolished on Sunday.

Philippe Marliere, professor of French politics at University College London, suggested Mr Bannon’s appearance was at odds with Ms Le Pen’s efforts to rebrand the party. “It’s a bit of a surprise, it seems to be going against Marine Le Pen’s new strategy of being more inclusive. She has said she doesn’t want it to be seen as a far-right party, and she’s serious about getting into power. For that you need to be seen as more inclusive, you need to branch out.

"The strategy is inconsistent. If she really wants to go beyond the usual 15 per cent to 20 per cent – the glass ceiling – you need to be seen as a less extreme. Inviting Bannon is a contradiction. He's not a moderate conservative figure – on the contrary, he's associated with neo-Nazis and racists. Even on the right in France there was not much support for Trump," Mr Marliere told The National.

“There is a contradiction between the effort to rebrand and reach out to others and the reality on the ground; it is still a far-right, extremist party.”

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Read more: Far-right group should repay €427,000, as per EU Parliament

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Mr Bannon, the former head of Breitbart News, had an acrimonious departure from the White House last August, and a public spat with Mr Trump ensued.

A speaking tour last week saw him make appearances in Italy, where he hailed the victory of populist parties in the March 4 election as an “earthquake”. He also made appearances in Switzerland and Germany, where he met with members of the far-right Afd party.

In an interview with The New York Times last week, he said was focusing his efforts on spurring a populist uprising outside of the United States. "All I'm trying to be is the infrastructure, globally, for the global populist movement," he said.

He said he was considering buying a news outlet such as Newsweek to provide his populist message with a voice. "There are going to be these populist nationalist news sites that pop up in the next year online. That will only take these things to the next level."

Christophe Castaner, head of President Emmanuel Macron’s En Marche! party, was critical of Mr Bannon's appearance. "The king of fake news and of white supremacists at an FN summit … why am I not surprised? Change of name but not of the political line."

But Ms Le Pen defended Mr Bannon’s invitation, saying it was important the party heard from "the architect of Donald Trump's victory".

Benjamin Haddad, a fellow at the Hudson Institute, suggested Mr Bannon’s speech was largely an effort to capitalise on the publicity he could generate. “I don't think it fits with [Ms Le Pen’s] strategy of rebranding. I think this was mostly a publicity stunt linked to her attempt to ride on Trump's victory in the context of her own electoral defeat and embattled position. She's very contested, and has had a hard time emerging as the opposition to Macron.

“She has tried to change the front of the party, [to] focus on economics and the EU, [and to] be seen more as populist than far right. Interestingly, during the US campaign, she distanced herself from Trump, notably when he talked of the Muslim ban, but after his victory, she completely changed gear and tried to embrace his victory. So I see the Bannon invitation in this context,” Mr Haddad said.

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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.”