Harry and Meghan accept Ripple of Hope award in New York


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Prince Harry and his wife Meghan were presented with the Ripple of Hope Award on Tuesday for their racial justice and mental health work from the Robert F Kennedy Human Rights organisation.

According to the body, honourees are those who have demonstrated “an unwavering commitment to social change and worked to protect and advance equity, justice, and human rights”.

Harry and Meghan were recognised alongside other honourees including Ukrainian President Volodymyr Zelenskyy at the star-studded New York gala hosted by actor Alec Baldwin.

Crowds stood in the rain outside the New York Hilton in midtown Manhattan to catch a glimpse of the couple and other celebrities as they arrived.

Meghan, Duchess of Sussex, wore an off-the-shoulder white gown with long sleeves, and the pair smiled as they walked the blue carpet for the event.

Kerry Kennedy, daughter of Robert F Kennedy, and president of the Robert F Kennedy Human Rights organisation, said she was "proud" to be honouring them at the gala.

"They've stood up, they've talked about racial justice and they've talked about mental illness in a way that was incredibly brave," she told US outlet Extra.

"For Meghan to get out there on national television and normalise discussion of mental health, at this point, is incredibly important and very brave."

Other attendees included West Wing actor Bradley Whitford, Bafta winner Forest Whitaker, actress Alfre Woodard, actor Keegan-Michael Key and Van Jones, CNN host and one-time adviser of former president Barack Obama.

"I think given the world that we're living in these days, the time now is almost as important as it has ever been in history for us to be able to make an effort to have justice spread all over the place and that's what RFK Human Rights does," said Key.

Others recognised at the event include Frank Baker, co-founder and managing partner of Siris; Brian Moynihan, chair of the board and chief executive of Bank of America; and Michael Polsky, founder and chief executive of Invenergy.

The ceremony will also recognise NBA legend and US civil rights figure Bill Russell with a posthumous award.

The event was held only days before the launch of the couple’s tell-all Netflix show, which is due to begin streaming on Thursday.

The royal family is bracing itself for bombshell revelations, with Harry speaking of a “hierarchy in the family”, a “dirty game”, and warning “we know the full truth”.

Notable members of the Kennedy clan -- in pictures

Agencies contributed to this report.

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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: June 20, 2023, 12:36 PM