Rudy Giuliani speaks in Washington, DC, at the "Save America Rally" in support of President Donald Trump, January 6, 2021. AP Photo
Rudy Giuliani speaks in Washington, DC, at the "Save America Rally" in support of President Donald Trump, January 6, 2021. AP Photo
Rudy Giuliani speaks in Washington, DC, at the "Save America Rally" in support of President Donald Trump, January 6, 2021. AP Photo
Rudy Giuliani speaks in Washington, DC, at the "Save America Rally" in support of President Donald Trump, January 6, 2021. AP Photo

New York State Bar Association launches inquiry into removing Trump ally Rudy Giuliani


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The New York State Bar Association has launched an investigation into possibly removing US President Donald Trump's personal lawyer, Rudy Giuliani, from the organisation.

The non-profit association announced Monday that it was launching the inquiry in response to Mr Giuliani's role last week in allegedly inciting a mob to storm Capitol Hill in a failed bid to stop Congress from certifying the election results cementing president-elect Joe Biden's victory over Mr Trump.

The New York State Bar Association cited Mr Giuliani's remarks during a rally he held with Mr Trump shortly before thousands who attended ransacked the Capitol.

“If we’re wrong, we will be made fools of, but if we’re right, a lot of them will go to jail,” said Mr Giuliani. “Let’s have trial by combat.”

In a press release, the New York State Bar Association said “the president did not act alone”.

"Hours before the angry mob stormed the Capitol walls, [Mr] Trump's personal attorney, Rudolph Giuliani, addressed a crowd of thousands at the White House, reiterating baseless claims of widespread election fraud in the presidential election and the Georgia US Senate run-offs," the statement said.

The organisation said it had received "hundreds of complaints in recent months" regarding dozens of failed lawsuits that Mr Giuliani organised on behalf of Mr Trump to challenge the election results in multiple states with unsubstantiated allegations of election fraud.

US courts have dismissed 63 lawsuits introduced by Mr Trump since the election.

“These efforts included the commencement and prosecution of court actions in multiple states without any evidentiary basis whatsoever,” the New York State Bar Association wrote. “In each and every instance, these actions were appropriately dismissed by the courts in which they were brought.”

The organisation said it would provide Mr Giuliani with “due process” in the inquiry, noting that he would “have an opportunity – should he so choose – to explain and defend his words and actions.”

Mr Giuliani first rose to national prominence while serving as mayor of New York City after the September 11 attacks. He won his mayoral election with a tough-on-crime platform, touting his record as a federal prosecutor targeting mafia bosses.

He launched a failed attempt to become the Republican presidential nominee in 2008 and went on to join Mr Trump’s personal legal team in 2018.

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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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