A health worker collects a nasal swab sample from a passenger to be tested for Covid-19 before he is allowed to board a ferry to Buenos Aires. AFP
A health worker collects a nasal swab sample from a passenger to be tested for Covid-19 before he is allowed to board a ferry to Buenos Aires. AFP
A health worker collects a nasal swab sample from a passenger to be tested for Covid-19 before he is allowed to board a ferry to Buenos Aires. AFP
A health worker collects a nasal swab sample from a passenger to be tested for Covid-19 before he is allowed to board a ferry to Buenos Aires. AFP

The Americas

Coronavirus: Argentina stumped as sailors catch Covid-19 after 35 days at sea

Fifty-seven sailors were infected with coronavirus, despite the entire crew testing negative before leaving port

AFP

July 14, 2020

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Argentina is trying to solve a medical mystery after 57 sailors were infected with the coronavirus after 35 days at sea, despite the entire crew testing negative before leaving port.

The Echizen Maru fishing trawler returned to port after some of its crew began exhibiting symptoms typical of Covid-19, the health ministry for the southern Tierra del Fuego province said Monday.

According to the ministry, 57 of the 61 crew members were diagnosed with the virus after taking a new test.

However, all of the crew members had undergone 14 days of mandatory quarantine at a hotel in the city of Ushuaia. Prior to that, they had received negative results, the ministry said in a statement.

Two have tested negative and two others are awaiting test results, the province's emergency operations committee said.

Two sailors were hospitalised.

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"It's hard to establish how this crew was infected, considering that for 35 days, they had no contact with dry land and that supplies were only brought in from the port of Ushuaia," said Alejandra Alfaro, the director of primary health care in Tierra del Fuego.

A team was examining "the chronology of symptoms in the crew to establish the chronology of contagion," she said.

The head of the infectious diseases department at Ushuaia Regional Hospital, Leandro Ballatore, said he believed this is a "case that escapes all description in publications, because an incubation period this long has not been described anywhere.

"We cannot yet explain how the symptoms appeared," said Mr Ballatore.

The crew was placed in isolation on board the ship and returned to the port of Ushuaia.

Argentina exceeded 100,000 total cases on Sunday, and the death toll rose to 1,859. The majority of infections are in the Buenos Aires area.

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.”