The Air Force One, carrying US president Donald Trump, arrives at Helsinki International Airport. Getty Images
The Air Force One, carrying US president Donald Trump, arrives at Helsinki International Airport. Getty Images
The Air Force One, carrying US president Donald Trump, arrives at Helsinki International Airport. Getty Images
The Air Force One, carrying US president Donald Trump, arrives at Helsinki International Airport. Getty Images

Trump says he ‘might’ ask Putin to extradite accused Russian hackers


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US President Donald Trump says he may ask his Russian counterpart Vladimir Putin during their Monday summit meeting to extradite to the US the 12 intelligence officers accused of attempting to interfere with the 2016 presidential election.

Speaking in an interview with CBS Evening News aired on Sunday, Mr Trump also sought to temper expectations about how much could be achieved.

Asked whether he would press his Russian counterpart to send US members of the Russian military intelligence agency accused of hacking Hillary Clinton's failed presidential campaign, he said: "Well, I might.

“I hadn’t thought of that. But I certainly, I’ll be asking about it, but again, this was during the Obama administration. They were doing whatever it was during the Obama administration.”

Speaking before the summit in Helsinki, Mr Trump added that his Republican Party had also been the target of Russian hacking efforts but had superior cyber security measures in place.

“I think the DNC (Democratic National Committee) should be ashamed of themselves for allowing themselves to be hacked,” he said. “They had bad defences and they were able to be hacked. But I heard they were trying to hack the Republicans too. But – and this may be wrong – but they had much stronger defences.”

CNN reported in January last year that then-FBI Director James Comey told a Senate panel that “old emails” of the Republican National Committee had been the target of hacking – but the material was not publicly released – and there was no sign the current RNC or the Trump campaign had been successfully hacked.

The indictments issued on Friday by Special Counsel Robert Mueller allege that the Russian hackers publicly released tens of thousands of stolen Democratic emails and documents using “fictitious online personas”.

Mr Mueller is investigating a possible collusion between Trump’s campaign and Russia.

"If the Russians wanted to exfiltrate data from the RNC and use it against Donald Trump, they would have done so," Democratic Congressman Adam Schiff said to CNN on Sunday.

While Mr Trump blamed the administration of former president Barack Obama, not Russia, after the indictments, US Ambassador to Moscow Jon Huntsman said that "Russia is guilty of involvement and mischief in our election this last go-around."

He said the summit is important as the start of a dialogue, not only about election meddling but a range of issues.

Mr Huntsman told Fox News that the president "is genuinely looking forward to sitting across the table and trying to reduce the tension in a relationship where our collective blood pressure is off-the-charts high."

The two presidents have shared personal bonhomie in the past, but beyond the alleged hacking of the US election, their countries are deeply divided on a host of other issues including Syria and Ukraine.

Before coming to Europe, Mr Trump predicted his meeting with Mr Putin could be the “easiest” stage of a tour that included stops in Brussels and Britain.

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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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