Derek Chauvin waives right to give evidence in George Floyd murder trial


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Former Minneapolis policeman Derek Chauvin waived his right to give evidence about his part in the deadly arrest of George Floyd in May, as both sides rested their cases at his murder trial, the most high-profile police misconduct case in decades.

"I will invoke my Fifth Amendment privilege today," Mr Chauvin, 45, said in a hearing before the jury was brought in on Thursday morning, referring to the constitutional right against self-incrimination.

They were his most extensive remarks since his trial began with jury selection on March 8.

The defence told Hennepin County District Judge Peter Cahill it would call no more witnesses after two days of evidence and rested its case, which has focused on raising doubts about what caused Floyd's death.

It is rare for defendants to take the stand in criminal cases because they face intense cross-examination by prosecutors and risk undermining their case and credibility.

After a short appearance by a rebuttal witness, prosecutors from the Minnesota attorney general's office also rested their case.

Judge Cahill said jurors would hear closing arguments on Monday before receiving the case for deliberations. They will be sequestered at a hotel in a city; National Guard troops will patrol the centre and shop windows will be boarded up.

"If I were you, I would plan for long and hope for short," Judge Cahill told jurors on the question of how much to pack.

Mr Chauvin, who is white, was seen in a bystander's video kneeling on the neck of Floyd, 46, a black man in handcuffs, for more than nine minutes. Floyd was accused of using a counterfeit $20 bill to buy cigarettes.

The footage of his death sparked global protests against the disproportionate use of force by police against black people.

His lawyers called an expert on the use of force to tell the jury that Mr Chauvin's use of force was appropriate, contradicting the Minneapolis police chief, who testified that it far exceeded an appropriate response.

They also called a forensic pathologist, former Maryland chief medical examiner Dr David Fowler, who said Floyd, whose death was ruled a homicide at the hands of the police, really died of heart disease, and that the exhaust fumes of the adjacent police car may have also poisoned him.

Dr Martin Tobin, a pulmonologist who testified as an expert witness for prosecutors, returned to the stand Thursday as a rebuttal witness in an effort to undermine Dr Fowler's evidence about carbon monoxide poisoning.

Prosecutors also said they had been contacted by Dr Andrew Baker, the Hennepin County chief medical examiner who performed the autopsy on Floyd, to disclose previously unpublished test results that showed normal carbon monoxide levels in Floyd's blood.

The judge said prosecutors had been notified by the defence earlier this year that Mr Chauvin would advance a theory of carbon monoxide poisoning. And so he denied the request to admit the new evidence, saying it was too last-minute in a way that was prejudicial to Mr Chauvin. Judge Cahill warned prosecutors that if Dr Tobin even mentioned the existence of the results, he would declare a mistrial.

Dr Tobin was questioned by prosecutors for only a few minutes, telling jurors that previously shared data showed that the level of carbon monoxide was "within the normal range".

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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.”