Queen Elizabeth II is a supporter of the Black Lives Matter movement, a senior royal insider says. AFP
Queen Elizabeth II is a supporter of the Black Lives Matter movement, a senior royal insider says. AFP
Queen Elizabeth II is a supporter of the Black Lives Matter movement, a senior royal insider says. AFP
Queen Elizabeth II is a supporter of the Black Lives Matter movement, a senior royal insider says. AFP

Queen Elizabeth supports Black Lives Matter and 'cares passionately'


Laura O'Callaghan
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Queen Elizabeth II and the British royal family are supporters of the Black Lives Matter movement, according to one of the British monarch's representatives.

Sir Ken Olisa, the first black lord-lieutenant for London, said the royals “care passionately” about helping to shape modern Britain into an equal and fair society.

Speaking to Channel 4, he said he had discussed the topic of racism with members of the royal household in the wake of the murder of George Floyd in the United States in May 2020.

In the interview, he said: “I have discussed with the royal household this whole issue of race, particularly in the last 12 months since the George Floyd incident.

“It’s a hot conversation topic. The question is what more can we do to bind society to remove these barriers.

“They [the royals] care passionately about making this one nation bound by the same values.”

Asked if the palace support BLM, Sir Ken said: “The answer is easily yes.”

He also touched on the Grenfell tragedy, saying the monarch had sought his advice after the devastating tower block fire in west London in June 2017 that left 74 people dead.

He said the queen had asked him whether she should visit the charred remains of the 24-storey building.

The Duke and Duchess of Sussex accused an unnamed royal of making racist comments about their son Archie. AFP Photo
The Duke and Duchess of Sussex accused an unnamed royal of making racist comments about their son Archie. AFP Photo

He advised the palace to go, but said: “I remember thinking as it all happened, it was quite scary, we didn’t know whether she would be booed or have things thrown at her, etc, and when she got out of the car all these people applauded.”

The programme, titled Black To Front, is scheduled for broadcast on Friday at 7pm and was produced by an all-black presenting and reporting team.

His comments on the issue of racism come after the Duke and Duchess of Sussex in an interview with Oprah Winfrey, accused an unnamed member of the royal family of making racist remarks about their unborn son Archie.

The accusation caused a furore after the programme was broadcast and Harry followed up by saying the comments had not been made by the queen or the Duke of Edinburgh.

The couple claimed the royal had raised concerns about how dark Archie’s skin tone might be.

The couple also suggested racism could be a factor behind the decision to deny Archie, the first mixed-race great-grandchild of the queen, security protection or the title of prince.

The queen later issued a statement saying that the issues raised would be dealt with privately as a family, but that “some recollections may vary”, while the Duke of Cambridge defended the monarchy, saying “we’re very much not a racist family” soon after the interview aired.

Buckingham Palace also admitted that it “must do more” and is “not where it would like to be” in terms of diversity, after publishing figures that revealed its proportion of ethnic minority employees is 8.5 per cent, with a target of 10 per cent for 2022.

The queen’s household brought in a change to its diversity strategy in early 2020 – which pre-dates the Winfrey interview – to one that actively emphasises the importance of inclusion.

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Secret Nation: The Hidden Armenians of Turkey
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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.”

Updated: November 22, 2021, 8:35 AM