Nicola Sturgeon and husband Peter Murrell cast their votes in the 2019 general election. PA
Nicola Sturgeon and husband Peter Murrell cast their votes in the 2019 general election. PA
Nicola Sturgeon and husband Peter Murrell cast their votes in the 2019 general election. PA
Nicola Sturgeon and husband Peter Murrell cast their votes in the 2019 general election. PA

Seized camper van was to be used as SNP 'election battle bus', say party insiders


Gillian Duncan
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An SNP luxury camper van seized by police as part of an investigation into the Scottish National Party’s funding and finances was intended to be an election “battle bus”, according to reports.

Sources inside the party said the motorhome was bought during the pandemic to use during the 2021 Holyrood elections as a mobile campaign room.

But it was reportedly never used because Covid restrictions were lifted in April of that year.

Neighbours said it had never left the driveway before officers confiscated it.

A party source told the newspaper: “The camper van was about trying to have an ability to campaign while complying with the rules. It would have acted as a mobile campaign room.

“It would mean not having a need for hotels and minimise mixing.”

The source added: “It was not a great idea.”

The Niesmann+Bischoff motorhome, which was worth about £110,000 new, was taken from the driveway of a house in Fife around the same time as police searched the home of Nicola Sturgeon and husband Peter Murrell, according to the Mail on Sunday.

The vehicle was seized from outside the home of Mr Murrell's mother, Margaret Murrell.

Former party chief executive Mr Murrell was detained for more than 11 hours on Wednesday in connection with the police investigation into SNP funding before being released without charge pending further investigation.

The arrest has plunged the party, which is campaigning to break up the UK with an independent Scotland, into further turmoil after Mr Murrell’s wife, Nicola Sturgeon, stepped down as party leader and first minister in February.

Mr Murrell resigned as chief executive of the party weeks later following questions about the size of the SNP’s membership during the recent leadership election.

The police investigation into the party's finances, called Operation Branchform, was launched in May 2021 after officers received several formal complaints about how donations were used.

The party had pledged to ring-fence more than £660,000 ($818,790) raised for a second referendum on Scottish independence — but the money was allegedly spent instead, leaving only £97,000 in the bank in late 2019, with total assets of about £272,000.

The SNP has said: “It would not be appropriate to comment on any live police investigation.

“The SNP has been co-operating fully with this investigation and will continue to do so.”

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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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Updated: April 12, 2023, 1:07 PM