Oscar-winning actor Matthew McConaughey emotionally addressed media at the White House on Tuesday about the mass shooting at a primary school in his hometown of Uvalde, Texas.
"This moment is different," McConaughey said at the White House. "We are in a window of opportunity right now that we have not been in before, a window where it seems like real change."
Two teachers and 19 children were killed in a mass shooting at the Uvalde school in late May, which captured the attention of the nation and the world.
McConaughey at times choked up as he held photos of some of the young victims.
He talked about what their families shared with him and his wife Camila about their lives, and the ordeal of the shootings that day.
McConaughey spoke about Maite Yuleana Rodriguez, 10, a Robb Elementary pupil who wanted to be a marine biologist and cared about the environment.
He told those gathered that when someone announced they would be releasing balloons in Maite's honour, her mother said her daughter would see that as littering.
Camilla sat to the right of the lectern while holding a pair of green trainers with a heart drawn on the toe of one.
"These are the same green Converse on her feet, that turned out to be the only clear evidence that could identify her after the shooting," McConaughey said.
"We also met a cosmetologist ... well-versed in mortuary make-up."
He said the specialist told him that many of children's bodies needed "extensive restoration" before they could be presented to family members.
"Why? Due to the exceptionally large exit wounds of an AR-15 rifle, most of the body was so mutilated that only a DNA test or green Converse could identify many children [who] were left not only dead, but hollow."
McConaughey said the parents he met in Uvalde told him that they "want secure and safe schools" and "gun laws that won't make it so easy for the bad guys to get the damn guns".
"We need to invest in mental health care," he said, listing demands from bereaving families.
"We need responsible gun ownership ... we need background checks. We need to raise the minimum age to purchase an AR-16 rifle to 21.
"We need a waiting period for those rifles. We need red flag laws and consequences for those who abuse them. These are reasonable, practical, tactical regulations."
McConaughey urged legislators to take action, saying: "We are not as divided as we are being told we are.
“We can’t truly be leaders if we are only living for re-election."
Mr Biden gave a rare prime-time speech last week calling on Congress to pass gun reform, mentioning much of what McConaughey requested on Tuesday.
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
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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.”