• Britain's Prime Minister Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. Here, 'The National' looks at her time in power so far. AFP
    Britain's Prime Minister Liz Truss during Prime Minister's Questions in the House of Commons in London, addressing Parliament for the first time since abandoning her disastrous tax-slashing economic policies. Here, 'The National' looks at her time in power so far. AFP
  • Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street
    Liz Truss speaks to Grant Shapps at Downing Street as he is appointed Home Secretary, after the resignation of Suella Braverman. Photo: Simon Dawson / No 10 Downing Street
  • A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA
    A mural by artist Ciaran Gallagher in Belfast is updated to reflect Liz Truss's current political troubles. PA
  • Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP
    Britain's new Chancellor of the Exchequer Jeremy Hunt announcing tax and spending measures at the House of Commons in London, with Liz Truss sitting on the bench behind him. AFP
  • Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters
    Liz Truss gives a speech after sacking Kwasi Kwarteng as chancellor of the exchequer. Reuters
  • A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP
    A protest by climate change group Extinction Rebellion in central London. Ms Truss has said the group is part of an 'anti-growth coalition' with trade unions and the main opposition Labour Party. AFP
  • Ms Truss has come under increasing pressure during her short time as prime minister. AFP
    Ms Truss has come under increasing pressure during her short time as prime minister. AFP
  • An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP
    An Extinction Rebellion protest outside Downing Street on the day Mr Kwarteng was removed from the government. AP
  • Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty
    Ms Truss with members of the England women's football team and the European Championship trophy in Teddington, south-west London. Getty
  • Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP
    Ms Truss arrives for a meeting of the European Political Community at Prague Castle in the Czech Republic. AP
  • Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP
    Ms Truss and her husband Hugh O'Leary wave after her keynote speech at the Conservative Party conference in Birmingham. AP
  • Liz Truss gives a speech at the Conservative Party Conference. EPA
    Liz Truss gives a speech at the Conservative Party Conference. EPA
  • Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ
    Ms Truss meets with Mr Kwarteng, chancellor of the exchequer at the time. Photo: Andrew Parsons / CCHQ
  • Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP
    Ms Truss and Mr Kwarteng visit a construction site for a medical innovation campus in Birmingham. AFP
  • Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA
    Ms Truss meets US President Joe Biden for talks at the UN headquarters in New York. PA
  • Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP
    Ms Truss delivers a speech at the 77th session of the General Assembly at the UN headquarters in New York. AP
  • The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters
    The British prime minister holds a bilateral meeting with Turkish President Recep Tayyip Erdogan in New York. Reuters
  • Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters
    Ms Truss meets French President Emmanuel Macron at the UN headquarters in New York. Reuters
  • Ms Truss speaks to the media during her visit to the Empire State building in New York. AP
    Ms Truss speaks to the media during her visit to the Empire State building in New York. AP
  • Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA
    Britain's new leader speaks during the state funeral of Queen Elizabeth at Westminster Abbey, London. PA
  • Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters
    Ms Truss and her husband Hugh O'Leary observe a minute's silence at Number 10 Downing Street following the death of the queen. Reuters
  • Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP
    Britain's Labour Party leader Sir Keir Starmer and Ms Truss leave after a service for the reception of Queen Elizabeth's coffin at Westminster Hall in the Palace of Westminster. AFP
  • Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA
    Ms Truss joins the Speaker Lindsay Hoyle and selected MPs to take the oath and swear allegiance to King Charles III in the House of Commons chamber. PA
  • King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images
    King Charles during his first audience with Ms Truss at Buckingham Palace, London, following the death of Queen Elizabeth. Getty Images
  • Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images
    Ms Truss gives a reading during a service of prayer and reflection, following the passing of Queen Elizabeth, at St Paul's Cathedral in London. Getty Images
  • The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg
    The British prime minister makes a statement outside 10 Downing Street in London following the queen's death. Bloomberg
  • Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP
    Ms Truss speaking during her first weekly Prime Minister's Questions session at the House of Commons in London. AFP
  • Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP
    Front pages of a selection of British national newspapers, each leading with a story about Ms Truss becoming Britain's new prime minister. AFP
  • People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters
    People walk past an image in central London of Ms Truss on the side of a protest bus calling for a citizens' assembly. Reuters
  • Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters
    Ms Truss holds her first Cabinet meeting at 10 Downing Street. Reuters
  • Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA
    Ms Truss speaks at Downing Street on the day she took over as prime minister from Boris Johnson. EPA
  • Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA
    Ms Truss poses with her husband Hugh O'Leary at Downing Street before entering as prime minister for the first time. EPA
  • Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street
    Ms Truss is welcomed by staff in Downing Street as she enters the famous prime ministerial offices for the first time. Andrew Parsons / No 10 Downing Street
  • New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA
    New Health Secretary Therese Coffey and Number 10 staff shelter from a downpour as they wait for Ms Truss to arrive in Downing Street. PA
  • Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA
    Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become prime minister and form a new government. PA
  • Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images
    Queen Elizabeth II greets the newly elected leader of the Conservative Party, Ms Truss, at Balmoral Castle in Scotland. The queen invited Ms Truss to become prime minister and form a new government. Getty Images

What happens next for Liz Truss as Tory MPs demand 'change today'?


Paul Carey
  • English
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Liz Truss's grasp on Downing Street was loosening by the minute on Thursday with her authority shot to pieces and commentators counting her remaining time as prime minister in days, possibly hours.

A string of backbenchers called for her to step down, with one saying there must be "change today". Officials of the influential 1922 Committee, which is crucial to a prime minister's authority, will meet today to discuss her fate. Fourteen Tory MPs have now publicly called for her to step aside.

Sir Graham Brady, the chairman of the committee, entered Downing Street via a back door shortly before midday and remains in talks with the prime minister. Downing Street sources said that Ms Truss had asked Sir Graham to see her, apparently to gauge the feeling amongst the party.

The pound, which faced a battering over the disastrous mini-budget, slid again as traders digested the growing turmoil in Westminster.

It follows a day of chaos in Westminster on Wednesday in which:

· Her Home Secretary, Suella Braverman, departed in acrimonious circumstances, becoming the second senior Cabinet member to be ditched in less than a week

· She faced humiliation at Prime Ministers' Questions as she was laughed at by MPs as she came under fire from opposition leader Sir Keir Starmer, responding that she would not step down because she was "a fighter, not a quitter"

· There was mayhem in the Commons over a fracking vote, which Tory MPs had been told was a confidence vote

· Accusations of bullying and manhandling by senior MPs to force colleagues to vote with the government

· Confusion over whether the chief whip and deputy chief whip had quit

· A visibly upset Tory MP summed up the mood of the party by saying the events were "an absolute disgrace"

Death by 1,000 cuts

All of this came days after the new chancellor ripped up Ms Truss's economic plan moments after she refused to turn up to answer an urgent question in the Commons.

She had already been forced to sack her original chancellor, Kwasi Kwarteng, after his PM-approved mini-budget aiming for growth instead caused the markets to tank.

The sheer number of dramas dogging Ms Truss's premiership may come to a head ― one way or another ― as she faces open revolt among MPs while she tries to contain the fall-out from a calamitous 24 hours for her premiership.

The chaotic scenes in the House of Commons were condemned as “inexcusable” by a senior Tory backbencher who said he was fed up of "talentless ministers who tick a box to further their personal careers".

Sir Charles Walker, a former vice-chairman of the 1922 Committee of backbench MPs, said he was “livid” about recent turmoil and warned that unless the party starts to “behave like grown-ups” then “perhaps 200” MPs could find themselves out of jobs.

Those who helped put Ms Truss into power as prime minister also have a lot to answer for, he said in the Commons on Wednesday.

Speaking after the government defeated Labour’s attempt to ban fracking amid farcical scenes and accusations of pushing and shoving as MPs voted, Sir Charles told BBC News: “To be perfectly honest, this whole affair is inexcusable.

“It is a pitiful reflection on the Conservative parliamentary party at every level and it reflects really badly, obviously, on the government of the day.”

Sir Charles said he is leaving parliament voluntarily at the next general election.

“Unless we get our act together and behave like grown-ups, I’m afraid many hundreds of my colleagues, perhaps 200, will be leaving at the behest of their electorate,” he said.

Asked if there is any coming back from this, Sir Charles, visibly angry, said: “I don’t think so. And I have to say I’ve been of that view, really, since two weeks ago.

“This is an absolute disgrace. As a Tory MP of 17 years who’s never been a minister, who’s got on with it loyally most of the time, I think it’s a shambles and a disgrace. I think it is utterly appalling. I’m livid.”

With inflation at a 40-year high and mortgage rates jumping, the scenes of MPs warring and scheming in parliament risk deepening anger among voters who are preparing for a tough winter of rising food and energy costs.

Will Liz Truss resign?

The prime minister made it clear in the Commons on Wednesday that she had no intention of handing back the keys to 10 Downing Street, less than seven weeks into her tenure.

But the clamour for her to fall on her sword is becoming louder with each new disaster.

Conservative MP Crispin Blunt said on Thursday Ms Truss should step aside immediately, claiming she did not have the qualities to be prime minister and should never have put herself up for the leadership race.

Asked how he would describe her position, he told BBC Radio 4’s Today programme: “Wholly untenable. And if she doesn’t understand that then I would be astonished.

The five candidates vying to replace Liz Truss - in pictures

  • British Prime Minister Liz Truss has resigned from her position. Here, 'The National' takes a look at the candidates vying to replace her, including former Chancellor of the Exchequer Rishi Sunak, above. PA
    British Prime Minister Liz Truss has resigned from her position. Here, 'The National' takes a look at the candidates vying to replace her, including former Chancellor of the Exchequer Rishi Sunak, above. PA
  • Britain's Leader of the House of Commons Penny Mordaunt. AFP
    Britain's Leader of the House of Commons Penny Mordaunt. AFP
  • Former Prime Minister Boris Johnson. Reuters
    Former Prime Minister Boris Johnson. Reuters
  • Former Home Secretary Suella Braverman. EPA
    Former Home Secretary Suella Braverman. EPA
  • Britain's Defence Secretary Ben Wallace. AFP
    Britain's Defence Secretary Ben Wallace. AFP
  • Current Chancellor of the Exchequer Jeremy Hunt. PA
    Current Chancellor of the Exchequer Jeremy Hunt. PA

"It’s plain what is required. We need to effect a change, frankly, today, in order to stop this shambles and give our country the governance it needs under our constitution.”

Tory MP Gary Streeter said the party must ditch Ms Truss.

“Sadly, it seems we must change leader. But even if the Angel Gabriel now takes over, the parliamentary party has to urgently rediscover discipline, mutual respect and teamwork if we are to (i) govern the UK well and (ii) avoid slaughter at the next election,” he said on Twitter, adding the hashtag #lastchance.

Conservative MP Simon Hoare said Thursday and Friday are “crunch days” for the government.

He said: "Can the ship be turned around? Yes. But I think there’s about 12 hours to do it.

“I think today and tomorrow are crunch days. I have never known ― OK, I’ve only been an MP for seven years ― but a growing sense of pessimism in all wings of the Tory party.

“Usually it’s one or the other, but to have it across the party should be ringing alarm bells in Number 10 and Number 11.”

Will her Cabinet resign?

It was the resignations of his Cabinet that effectively sealed Boris Johnson's fate this summer. With almost 60 senior colleagues walking out on him after a series of scandals, he was left with no choice but to hand in his notice.

As yet, Ms Truss's Cabinet has not jumped ship.

Her home secretary, Suella Braverman, resigned after a security breach involving the use of a personal mobile phone to discuss sensitive government business. In her resignation letter, she made her unhappiness with Ms Truss's government clear, saying she had concerns about its direction and the promises that had been broken. With a swipe at her boss, who has said she made "mistakes" regarding the economy, Ms Braverman said: "I have made a mistake; I accept responsibility; I resign."

However, it is understood Ms Braverman was effectively sacked by Ms Truss over the incident, which came hours after what was described as a 90-minute "shouting match" between the pair and new chancellor Jeremy Hunt over the need to loosen migration policy to help the economy grow.

No other senior member of Ms Truss's team has resigned, although she did sack Mr Kwarteng last week.

But support for her is far from convincing.

  • UK Home Secretary Suella Braverman during a visit to Alexandroupolis on the Greek border with Turkey to see surveillance facilities and learn how Greek security forces monitor the land border. PA
    UK Home Secretary Suella Braverman during a visit to Alexandroupolis on the Greek border with Turkey to see surveillance facilities and learn how Greek security forces monitor the land border. PA
  • Ms Braverman at the Shoah Wall in November in Ostarrichi Park in Vienna that carries the names of 65,000 Jews from Austria who died in the Holocaust. PA
    Ms Braverman at the Shoah Wall in November in Ostarrichi Park in Vienna that carries the names of 65,000 Jews from Austria who died in the Holocaust. PA
  • Ms Braverman attends a county lines raid with officers from West Midlands Police in Coventry in October. PA
    Ms Braverman attends a county lines raid with officers from West Midlands Police in Coventry in October. PA
  • Britain's Prime Minister Rishi Sunak and Ms Braverman at a policing roundtable summit at 10 Downing Street in October. AFP
    Britain's Prime Minister Rishi Sunak and Ms Braverman at a policing roundtable summit at 10 Downing Street in October. AFP
  • Ms Braverman during the Conservative Party Conference in October in Manchester. Getty Images
    Ms Braverman during the Conservative Party Conference in October in Manchester. Getty Images
  • Mr Sunak and Ms Braverman join police for a walkabout in Chelmsford High Street in March. Getty Images
    Mr Sunak and Ms Braverman join police for a walkabout in Chelmsford High Street in March. Getty Images
  • Ms Braverman at a building site on the outskirts of Kigali during her visit to Rwanda in March to see houses being constructed that could eventually house deported migrants from the UK. PA
    Ms Braverman at a building site on the outskirts of Kigali during her visit to Rwanda in March to see houses being constructed that could eventually house deported migrants from the UK. PA
  • Ms Braverman outside No 10 Downing Street in October 2022 after being appointed Britain's home secretary by Mr Sunak. Reuters
    Ms Braverman outside No 10 Downing Street in October 2022 after being appointed Britain's home secretary by Mr Sunak. Reuters
  • Ms Braverman, second right, watches Mr Sunak during his first Prime Minister's Questions in the House of Commons in 2022. AFP
    Ms Braverman, second right, watches Mr Sunak during his first Prime Minister's Questions in the House of Commons in 2022. AFP
  • Ms Braverman at the scene in Oxfordshire in 2022 where an Albanian woman believed to be responsible for helping transport migrants to the UK in small boats was arrested. PA
    Ms Braverman at the scene in Oxfordshire in 2022 where an Albanian woman believed to be responsible for helping transport migrants to the UK in small boats was arrested. PA
  • Ms Braverman applauds as Prime Minister Liz Truss delivers her keynote address on the final day of the Conservative Party Conference in Birmingham in 2022. AFP
    Ms Braverman applauds as Prime Minister Liz Truss delivers her keynote address on the final day of the Conservative Party Conference in Birmingham in 2022. AFP
  • Ms Braverman during the Conservative Party Conference in Birmingham in 2022. Getty Images
    Ms Braverman during the Conservative Party Conference in Birmingham in 2022. Getty Images
  • Ms Braverman at the Conservative Party Conference in Birmingham in 2022. Getty Images
    Ms Braverman at the Conservative Party Conference in Birmingham in 2022. Getty Images
  • King Charles III greets Mayor of London Sadiq Khan, Suella Braverman and interim Deputy Commissioner of the Metropolitan Police Dame Lynne Owens when meeting emergency service workers in London in 2022. Getty Images
    King Charles III greets Mayor of London Sadiq Khan, Suella Braverman and interim Deputy Commissioner of the Metropolitan Police Dame Lynne Owens when meeting emergency service workers in London in 2022. Getty Images
  • Ms Braverman arriving in Downing Street for the first Cabinet meeting with new Prime Minister Liz Truss in September 2022. PA
    Ms Braverman arriving in Downing Street for the first Cabinet meeting with new Prime Minister Liz Truss in September 2022. PA
  • Attorney General for England and Wales and then Conservative Party leadership candidate Ms Braverman at the Conservative Way Forward relaunch event in London in July 2022. Getty Images
    Attorney General for England and Wales and then Conservative Party leadership candidate Ms Braverman at the Conservative Way Forward relaunch event in London in July 2022. Getty Images
  • Ms Braverman, in pink, listens as former prime minister Boris Johnson addresses his Cabinet in Downing Street in June 2022. Reuters
    Ms Braverman, in pink, listens as former prime minister Boris Johnson addresses his Cabinet in Downing Street in June 2022. Reuters
  • Ms Braverman arrives at the Foreign and Commonwealth Office in London for the first time since the Covid-19 lockdown in 2020. Getty Images
    Ms Braverman arrives at the Foreign and Commonwealth Office in London for the first time since the Covid-19 lockdown in 2020. Getty Images

Cabinet minister Anne-Marie Trevelyan, the minister sent out on the morning media round to put the government case, called for “mutual support” in the Conservative Party.

She stopped short of saying Ms Truss will definitely fight the next election as leader of the Conservative Party.

Asked if she wants Ms Truss to lead the Tories into the next election, she said: “Yes, I want her to continue delivering the really important work that we’re doing ― a lot of legislation to come.”

Pressed on whether she believes this will happen for certain, she told BBC Radio 4’s Today programme: “So, we all stand firmly with her to get on with delivering the business of government.”

Ms Truss's newest Cabinet member is Grant Shapps, who replaced Ms Braverman. It may be a calculated move by the embattled prime minister to get a Tory big beast on her side ― and one who is seen as a sharp-elbowed plotter who could otherwise help bring about her removal from No 10.

Liz Truss's newest Cabinet member is Grant Shapps, who replaced Suella Braverman as home secretary. Simon Dawson / No 10 Downing Street
Liz Truss's newest Cabinet member is Grant Shapps, who replaced Suella Braverman as home secretary. Simon Dawson / No 10 Downing Street

But after a short-lived Tory leadership bid of his own, Mr Shapps became a major backer of Ms Truss’s rival Rishi Sunak in the contest over the summer.

The former transport secretary is said to have recorded Tory colleagues’ doubts about Ms Truss in a running spreadsheet, wielded on a pricey foldable smartphone.

He also caused a headache for Ms Truss when he joined a revolt against her tax cuts, saying he was profoundly concerned about the plans and branding her decision to scrap the 45p top rate ― which she has since reversed ― as “politically tin-eared”.

He spent the Conservative Party conference this month warning that Tory MPs would not “sit on their hands” in ousting Ms Truss if there was no improvement.

Only two nights before his appointment, Mr Shapps told a theatre audience that Ms Truss had a “Mount Everest to climb” to remain in power and that her decision to surround herself largely with those who supported her campaign meant her base was too narrow to successfully lead the party.

Will backbenchers force her out?

The real power in the Tory party lies with Sir Graham Brady, chairman of the 1922 Committee of backbenchers. They have the power to force out a prime minister by withdrawing their confidence.

Mr Brady has already had two meetings with the prime minister this week in which he is understood to have made it clear she is on borrowed time.

He could still make it clear she no longer commands support.

Technically, Ms Truss has 12 months' grace from the time she takes office until the backbenchers can make their move.

But rules are there to be broken and Mr Brady has the power to change the rules.

It is being speculated that anywhere between 50 and 100 no-confidence letters have been handed in, although the threshold at which Mr Brady would feel forced to act is not known. Usually, it stands at 15 per cent of Tory MPs.

Can she survive?

Even Ms Truss's most ardent supporters ― the members who voted her into office less than two months ago ― will recognise that the chances of her clinging on are slim. However, her premiership could be prolonged because of circumstance.

To remove Ms Truss, the Tories need a replacement. To leave office with no guaranteed successor would risk causing further instability and disrupt markets once more.

However, as one commentator put it, there is no unity over who should be the unity candidate. Various iterations of Rishi Sunak, Penny Mordaunt and Jeremy Hunt have been suggested but the party is so split between left and right wings that it could take some time to resolve.

One more matter in her favour is the medium-term fiscal plan which is due to be announced on October 31. Bringing it forward to that date, and allowing the Office for Budget responsibility to cast its eyes over the books, is what helped to stabilise the markets after Mr Kwarteng's original tax giveaway mini-budget caused them to plunge.

Senior members of the Tory party who would have to pick up the pieces if the economy were to tank again may rather wait until it is out of the way before plunging the knife.

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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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