More migrants will die crossing the English Channel in small boats unless urgent action is taken, the UK government has been warned.
After six Afghan refugees died, MPs from across the political spectrum joined with campaigners in urging ministers to act to tackle boat crossings.
Some 59 migrants were rescued after the alarm was raised early on Saturday, according to the French police command responsible for the Channel.
Boulogne city deputy public prosecutor Philippe Sabatier said all six fatalities were Afghan men, all believed to be in their 30s.
Aid workers fear the migrants who have been arriving at the French coast are determined to make the crossing to the UK during the relatively calm conditions of the summer months.
The Refugee Council has warned “more people will die” unless more safe routes to the UK are created for them.
Its chief executive Enver Solomon said the incident “underscores the need for meaningful action” to reduce dangerous crossings and urged the Government to focus on creating an “orderly and humane asylum system”.
Steve Smith, chief executive of refugee charity Care4Calais called the deaths “an appalling and preventable tragedy”.
He said those “who died were not just statistics, but individual people: someone's children, someone's siblings, and possibly someone's parents”.
“This terrible loss of life demonstrates yet again the need for a system of safe passage to the UK for refugees.
“This would enable them to apply for asylum while in France and then to travel safely to the UK without risking their lives in small boats. It would put the people smugglers out of business overnight.”
Experts spoke to The National as part of an investigation into the criminal gangs who operate the trade in small boats and said their flimsy construction made more deaths “inevitable”.
Labour shadow cabinet minister Bridget Phillipson called for tough action from the government to deal with criminals to prevent further deaths.
“The events in the Channel are absolutely tragic and heartbreaking and it does demonstrate that we need tougher action to tackle the criminal gangs that are exploiting people and putting them in harm’s way,” she said.
“But under this Government, we’ve seen convictions fall for people smugglers and we’ve seen them running rings around the Government.
“It’s completely wrong that we’ve seen a big reduction in the number of convictions and prosecutions of these people smugglers.”
Conservative backbench MP and ex-party chairman Sir Jake Berry said: “only radical changes can truly turn the tide”.
“We have a moral duty, both to our own citizens and those asylum seekers, to act,” he wrote in the Sunday Express.
Regis Holy, captain of a lifeboat that brought five of the survivors back to Calais, said migrants who had given everything to get this far, would keep risking everything to make the crossing.
“There will be other tragedies. It will never stop,” he said.
Home Office figures show that 755 people crossed the Channel in small boats on Thursday – the highest daily number so far this year – confirming that the total since 2018 has passed 100,000.
Some 343 people in six boats were detected crossing on Friday, taking the provisional total for the year so far to more than 16,000.
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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.”