The president of the National Union of Students (NUS) has been sacked after an investigation into allegations of anti-Semitism.
Officials in May opened an inquiry into the conduct of Shaima Dallali, with Rebecca Tuck KC leading the independent investigation into the president-elect under the NUS code of conduct.
On Tuesday, the NUS revealed it had taken the decision to terminate Ms Dallali's contract after an independent panel found "significant breaches of NUS policies” had occurred.
The union said the panel's decision could be subject to an appeal.
The Campaign Against Anti-Semitism organisation described Ms Dallali's removal as an "encouraging first step", while the Union of Jewish Students said the case "is a symptom of a wider problem".
The NUS said it wanted to keep working closely with the UJS on the wider investigation into the allegations about the NUS and is "exploring actions that NUS can take in the near future to build trust and confidence with Jewish students".
The NUS apologised "for the harm that has been caused", saying that it hopes "to rebuild the NUS in an inclusive way ― fighting for all students as we have done for the past 100 years".
NUS vice-president of higher education Chloe Field has been made acting chair of the NUS UK board.
She said: "I am proud to fight on behalf of all of our students and therefore I am determined to work together with the Union of Jewish Students to re-establish trust in our organisation and tackle some of the biggest issues facing students right now."
Education minister Robert Halfon said: "We welcome the verdict to this initial investigation and look forward to seeing the outcome of the next stage, which will provide more detail on National Union of Students' plans to address antisemitism within the organisation."
Home Office minister Robert Jenrick also welcomed the action. He tweeted: "Anti-Semitism is abhorrent. There can be no place for it on our university campuses. I welcome this step and look forward to further action, so Jewish students can enjoy their student years free from racism."
In a statement, the UJS said: "UJS respects the decision of the National Union of Students to dismiss their president. Anti-Semitism in the student movement goes beyond the actions of any one individual and this case is a symptom of a wider problem.
"Jewish students across the country will be asking how an individual deemed unfit for office by the NUS was elected in the first place. We await the findings of the substantive inquiry into NUS treatment of Jewish students."
Binyomin Gilbert, programme manager at Campaign Against Anti-Semitism, said: "The removal of Shaima Dallali as NUS president is an encouraging first step, and may represent the first acknowledgment by NUS of how dreadful its relations with Jewish students have become.
"Nobody with a history of expressing anti-Semitic sentiments has a place in student leadership, and while her removal is certainly the right decision, the culture in NUS and student politics that allowed somebody like Ms Dallali to rise so high must still be addressed.
"This is hardly the first time that we have had to raise concerns about anti-Semitism at the top of NUS. That is why Rebecca Tuck KC's investigation into anti-Semitism in NUS more widely, to which we have contributed, is so important."
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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.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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