Top Tibetan lama abandons monkhood to marry childhood friend



NEW DELHI // A senior Tibetan lama at the centre of a long-running debate over one of Buddhism’s most important titles has abandoned the monkhood altogether after marrying a childhood friend in India, his office announced on Thursday.

Thaye Dorje, 33, has claimed since childhood to be the reincarnation of the Karmapa Lama, the leader of one of the four major schools of Tibetan Buddhism.

But many adherents of the Karma Kagyu school of Buddhism follow another monk with a rival claim to the title, Urgyen Trinley, who is recognised by the Dalai Lama.

The disagreement has long split Tibetan Buddhists.

But on Thursday Thaye Dorje’s office made the surprise announcement that he had married in a private ceremony in New Delhi on March 25, and abandoned the monkhood.

“I have a strong feeling, deep within my heart, that my decision to marry will have a positive impact not only for me, but also for the lineage,” the statement quoted Thaye Dorje as saying.

“Something beautiful, something beneficial will emerge, for all of us.”

Thaye Dore will continue to fulfil the role of the Karmapa, including by offering teachings and blessings to students around the world, his office said.

His new wife, 36-year-old Rinchen Yangzom, was born in Bhutan and educated in India and Europe.

Under Tibetan tradition, monks identify a young boy who shows signs he is a reincarnation of a late leader.

Thaye Dorje was born in Tibet and his own father was a high lama, while his mother was descended from Tibetan nobility.

According to his official biography, he was just one-and-a-half years old when he started telling people that he was the Karmapa.

In a 2012 interview, he said the disagreement over the Karmapa title “tests one’s courage in terms of devotion”.

* Agence France-Presse

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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.”

Liverpool’s fixtures until end of 2019

Saturday, November 30, Brighton (h)

Wednesday, December 4, Everton (h)

Saturday, December 7, Bournemouth (a)

Tuesday, December 10, Salzburg (a) CL

Saturday, December 14, Watford (h)

Tuesday, December 17, Aston Villa (a) League Cup

Wednesday, December 18, Club World Cup in Qatar

Saturday, December 21, Club World Cup in Qatar

Thursday, December 26, Leicester (a)

Sunday, December 29, Wolves (h)