Malik Ishaq, leader of the banned organisation Lashkar-e-Jhangvi, pictured in Lahore in 2011. Ishaq and at least 13 other militants including two of his sons were killed in an encounter in Muzzaffargarh district, police say. Rahat Dar / EPA
Malik Ishaq, leader of the banned organisation Lashkar-e-Jhangvi, pictured in Lahore in 2011. Ishaq and at least 13 other militants including two of his sons were killed in an encounter in Muzzaffargarh district, police say. Rahat Dar / EPA
Malik Ishaq, leader of the banned organisation Lashkar-e-Jhangvi, pictured in Lahore in 2011. Ishaq and at least 13 other militants including two of his sons were killed in an encounter in Muzzaffargarh district, police say. Rahat Dar / EPA
Malik Ishaq, leader of the banned organisation Lashkar-e-Jhangvi, pictured in Lahore in 2011. Ishaq and at least 13 other militants including two of his sons were killed in an encounter in Muzzaffarga

Pakistan militant leader Malik Ishaq shot dead


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LAHORE // The leader of an anti-Shiite group behind some of Pakistan’s worst sectarian atrocities was killed in a shoot-out with police early yesterday along with 13 other militants.

Malik Ishaq was shot dead along with fellow Laskhar-e-Jhangvi (LeJ) militants, including senior commanders, in the eastern province of Punjab.

LeJ, long seen as being close to Al Qaeda and more recently accused of developing links with ISIL, has a reputation as being one of Pakistan’s most ruthless militant groups.

The shoot-out appeared to have wiped out much of the top leadership of LeJ. The group has been a driving force in a rising tide of violence targeting Shiites, who make up about 20 per cent of Pakistan’s 200 million majority Sunni population.

As well as numerous sectarian atrocities, LeJ was also blamed for the 2009 attack on the Sri Lankan cricket team in Lahore.

Ishaq, who had been in and out of police custody in recent years, was arrested on Saturday and was being moved when militants attacked the convoy in Muzaffargarh, a senior police official

said.

“The police retaliated and in the encounter Ishaq, his two sons and 11 others were killed, while six policemen were injured,” he said.

Punjab home minister Shuja Khanzada confirmed that Ishaq and “13 other sectarian militants including two of his sons” had been killed in the early hours of yesterday.

According to police, the shoot-out came when LeJ militants tried to free Ishaq after police had taken him to recover a cache of explosives.

A police official said all six militants in police custody were killed along with eight of the attackers, while some of the would-be rescuers fled.

Those killed reportedly included Ghulam Rasool Shah, a hardline LeJ chief who acted as the group’s leader when Ishaq – who was designated a global terrorist by the US last year – was behind bars.

Yesterday’s killings are the latest blow to militancy in Pakistan, where in the past year authorities have cracked down hard on the insurgent groups that have plagued their country for a

decade.

The offensive intensified after the Taliban slaughtered more than 130 children at a school in the north-west in December.

So-called “encounter” killings like yesterday’s incident have long aroused suspicion among rights activists in Pakistan, who accuse authorities of using them as a means of disposing of troublesome militants and criminals without going through the courts.

Pakistan’s legal system is notoriously slow and relies heavily on witness testimony rather than crime-scene evidence.

Cases against militants affiliated with groups like LeJ often collapse because there is little protection from intimidation for judges or witnesses.

Security analyst Amir Rana said that yesterday’s killings would have a “major impact” on LeJ, effectively finishing the group as a force in Punjab.

An intelligence official said that Ishaq and his cohorts had fallen foul of the powerful security

establishment by refusing to curtail their terror activities.

“The security establishment under a policy shift wanted to eliminate all terrorists and curtail extremists but Ishaq and his group did not pay any attention to this advice,” the source said.

“The authorities believed he had changed loyalties and was no more merely an anti-Shiite militant, instead that he was a tool of the forces creating unrest in Pakistan.”

There have long been accusations that the authorities have quietly tolerated LeJ, which was created from the same pool of fighters that were trained and nurtured by Pakistan, Saudi Arabia and the US in the 1980s war against the Soviets in Afghanistan.

Ishaq, born in southern Punjab in 1959, joined the sectarian Sipah-i-Sahaba Pakistan in the 1980s but left to form LeJ in 1996 and gained notoriety for his anti-Shiite rhetoric. He was accused of masterminding dozens of attacks against Shiites.

Imprisoned in 1997 after being arrested on charges of murder, death threats and intimidation, he was freed in July 2011.

Under his leadership LeJ claimed responsibility for some of the bloodiest attacks on Shiites in Pakistan’s recent history, including two suicide bombings in the south-west city of Quetta in early 2013 in which more than 180 people were killed.

* Agence France-Presse

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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