Temporary security fencing is put up around the US Capitol before a protest on Capitol Hill in Washington. EPA
Temporary security fencing is put up around the US Capitol before a protest on Capitol Hill in Washington. EPA
Temporary security fencing is put up around the US Capitol before a protest on Capitol Hill in Washington. EPA
Temporary security fencing is put up around the US Capitol before a protest on Capitol Hill in Washington. EPA

US boosts security and warns of potential violence at pro-Trump Capitol rally


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Travellers arriving at the airport nearest Washington will face increased security in the run-up to a planned Saturday rally in support of those charged with taking part in the deadly January 6 riot, the Transportation Security Administration said.

“Travellers will notice increased law enforcement and canine presence along with a generally higher level of awareness in TSA’s intelligence-driven, risk-based approach to transportation security,” a TSA representative told Reuters, referring to Reagan National Airport in Virginia across the Potomac River from the capital.

Hundreds of far-right demonstrators are expected in Washington for the “Justice For J6" rally, a reference to the January 6 storming of the US Capitol by supporters of Donald Trump in an attempt to stop certification of President Joe Biden's electoral victory.

On Thursday, the Department of Homeland Security gave warning about the potential for violence at the rally planned for Saturday, a memo shared with state and local authorities and obtained by CNN showed.

One US official who read the warning told Reuters it said department officials lacked “specific credible information” regarding any individual or groups' plans for violence.

The official said the warning appeared to be based on social media postings rather than intelligence gathered from sources inside organisations involved in organising the September 18 events.

Mr Trump has maintained his claims that his defeat was due to widespread election fraud, even after his assertion was rejected by multiple courts, state election authorities and members of his own administration.

The pro-Trump group organising the September 18 rally, Look Ahead America, has alleged that the more than 600 people facing criminal charges over the January 6 riots have been mistreated and singled out because of their political views.

Police have ramped up security around the Capitol in response, mindful of the rioters on January 6 who attacked police, smashed windows and sent members of Congress and former vice president Mike Pence running for safety.

Four people died on January 6, one fatally shot by police and three from medical emergencies. A Capitol Police officer who had been attacked by protesters died the following day. Four officers who took part in defence of the Capitol later died by suicide.

Workers were reassembling a fence that was put up around the white-domed Capitol following that day but it had been taken down in July.

A worker secures security fencing on a truck before a planned 'Justice for J6' rally outside the US Capitol in Washington. Bloomberg
A worker secures security fencing on a truck before a planned 'Justice for J6' rally outside the US Capitol in Washington. Bloomberg

There were few other signs of beefed-up security, though plexiglass police shields could be seen stacked at police checkpoints inside doorways to the Capitol building.

On Wednesday, the US Capitol Police said the Pentagon has been asked to provide National Guard troops if needed.

Mr Trump referred to the coming protest in a statement on Thursday, saying, “Our hearts and minds are with the people being persecuted so unfairly relating to the January 6th protest concerning the rigged presidential election".

Police and congressional leaders said they are prepared for Saturday's protest.

Most members of Congress will be out of town.

House of Representatives Speaker Nancy Pelosi, participating at a forum in Britain on Thursday, said, “They have their plans. Everybody will be more ready for them.”

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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