This Aug. 12, 2016, file photo provided by the Tulsa County Sheriff's Office shows Stanley Vernon Majors, of Tulsa, Okla. A judge on Tuesday, Feb. 20, 2018, sentenced Majors to life in prison without the possibility of parole for fatally shooting his Lebanese neighbor in August 2016 in what the jury determined was a hate crime. AP/File
This Aug. 12, 2016, file photo provided by the Tulsa County Sheriff's Office shows Stanley Vernon Majors, of Tulsa, Okla. A judge on Tuesday, Feb. 20, 2018, sentenced Majors to life in prison without the possibility of parole for fatally shooting his Lebanese neighbor in August 2016 in what the jury determined was a hate crime. AP/File
This Aug. 12, 2016, file photo provided by the Tulsa County Sheriff's Office shows Stanley Vernon Majors, of Tulsa, Okla. A judge on Tuesday, Feb. 20, 2018, sentenced Majors to life in prison without the possibility of parole for fatally shooting his Lebanese neighbor in August 2016 in what the jury determined was a hate crime. AP/File
This Aug. 12, 2016, file photo provided by the Tulsa County Sheriff's Office shows Stanley Vernon Majors, of Tulsa, Okla. A judge on Tuesday, Feb. 20, 2018, sentenced Majors to life in prison without

Lebanese victim's family says US killer waged hate campaign


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The sister of a Lebanese-American man murdered by a racist neighbour says the killer never should have been free after running down their mother in his car and waging a years’ long hate campaign.

A court in Tulsa, Oklahoma on Tuesday sentenced Stanley Majors, 63, to life in prison.

Victoria Jabara Williams told The National he should have stayed in custody after being arrested for a hit and run case in 2015.

"We never should have been in this place," she said. "There were so many red flags raised with this defendant."

Instead, while out on bail in August 2016, he murdered Khalid Jabara, 37.

Mr Jabara was killed on his front porch minutes after calling police in Tulsa to report that his threatening neighbour had a gun.

It marked the culmination of years of abuse. Testimony in court revealed how Majors had bombarded Mr Jabara and his elderly parents with racist insults, calling them "dirty Arabs", "filthy Lebanese" and referring to them repeatedly as Muslims.

In fact, the Jabaras are Christian and had fled Lebanon's civil war decades ago to avoid religious persecution.

Majors was found guilty by a jury earlier this month.

The Jabara family did not attend Tuesday's hearing when Majors was sentence to life in prison without parole.

"We feel that if he hadn’t gotten out in the first place, we would not be in this situation," Mrs Jabara Williams said. "While we are are thankful he is in jail for life, we still feel that something could have been done, something could have prevented my brother being murdered."

Majors' hate campaign lasted years. It reached the point when Mr Jabara's mother, Haifa Jabara, obtained a protective order in 2013 that required Majors to stay 275 metres away and banned him from possessing firearms until 2018.

However, prosecutors said it made little difference. He struck Mrs Jabara with his car – breaking her shoulder and inflicting other injuries – before driving off. Officers who stopped him later reported that he was intoxicated but he was later freed from prison while awaiting trial on assault and battery charges, despite prosecutors' concerns that he posed a major risk.

Mr Jabara's sister said the family had tried to do everything properly, working within the legal system to protect themselves from a dangerous man.

"It really was a perfect storm of social issues in this case, whether it is gun violence, judicial reform, the hate crime aspect," said Mrs Jabara Williams. "If my brother was in jail and had run over someone's mom, as an Arab man would he have gotten out of jail or as a black man would the judge have let him out? I won't ever know the answer to that."

Now she is working with other family members to reform bail guidance, strengthen victims' rights in the judicial process and she has set up a memorial library filled with books on social justice at her daughter's school.

"He was the beautiful one of the family, not just handsome but with a beautiful heart, sensitive and giving," she said of her brother.

"He was a devoted son to my parents. He was helping my father who is elderly and has major health issues. He stayed with them, which is a common thing in the Middle East but not so much in the US."

The defence argued that Majors was a mentally ill gay man, who mistakenly believed his neighbours were Muslim and would harm him for his sexuality. His lawyers say they are planning an appeal.

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

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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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