The US on Wednesday continued to see extreme weather patterns, including tornadoes, snow and torrential rains.
Ferocious winds and soaking rain from the Pacific is sweeping towards California, ushering in another day of floods, mudslides and potential blackouts across the state.
Heavy rain will start falling across Northern California on Wednesday and strong winds will begin raking the region by midday, said Hannah Chandler-Cooley, a National Weather Service meteorologist in Sacramento. The Sierra Nevada mountains could receive about a metre of snow through Thursday.
“It is a pretty strong system for most of Northern California,” Ms Chandler-Cooley said.
California is set for more destructive weather in the coming days after enduring a battering last week when a similar system — called an atmospheric river — came ashore, causing widespread flooding and killing at least one person. While destructive in some parts of the state, the deluge helped California pull itself out of a years-long drought.
“These little breaks will be few and far between, there is not going to be much recovery time between these atmospheric rivers,” Andrew Orrison, a forecaster at the US Weather Prediction Centre, said on Wednesday.
“These additional events are going to pile up and exacerbate the situation out there.”
The latest storm will spread southward across the state, adding to heavy rain across Los Angeles. As much as 10cm of rain could fall, with up to double that amount in some isolated mountainous areas, according to the weather service.
Elsewhere, a wintry blast that hit the Northern Plains and the Upper Great Lakes is expected to spread into New England by Wednesday.
It was part of a larger weather front bringing heavy showers, severe thunderstorms, hail and tornadoes to the lower Mississippi Valley, Gulf Coast, Tennessee Valley and southern Appalachians.
US winter weather in December — in pictures
Tornado watches and severe thunderstorm warnings were in effect across much of Louisiana, Mississippi, Alabama and Georgia, along with flood watches posted along the southern fringe of that zone.
The National Weather Service tallied eight tornado reports as of Tuesday night, plus dozens of instances of high winds causing damage to trees, power lines and homes.
“It's all part of the same system. The heavy snowfall is occurring on the west to northern side of the storm … and then the rainfall and severe weather is across the south,” meteorologist Allison Santorelli said.
News 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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Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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8.
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Australia
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Saudi Arabia
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South Korea
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