Proud Boys leader Enrique Tarrio sentenced to 22 years for role in January 6 attack

A former chairman of the right-wing Proud Boys group was sentenced on Tuesday to 22 years in jail for his role in the US Capitol insurrection, carried out by supporters of Donald Trump who were trying to overturn the former president's election defeat on January 6, 2021.

Enrique Tarrio was convicted of charges including seditious conspiracy for his role in planning the storming of the Capitol, when thousands of supporters of the Republican then-US president violently tried to stop Congress from certifying the results of an election that Mr Trump falsely claimed had widespread fraud.

Federal prosecutors had asked US District Judge Timothy Kelly to impose a 33-year prison sentence on Tarrio, who was not present at the Capitol on the day of the violence because another judge had ordered him to stay out of Washington. Prosecutors said he helped direct the attack from Baltimore.

Tarrio's lawyers had asked for a substantially shorter sentence.

Mr Kelly last week sentenced another far-right Proud Boys leader, Ethan Nordean, to 18 years, less than the 27 years prosecutors had sought.

Oath Keepers militia founder Stewart Rhodes in May was also sentenced to 18 years.

Nordean and Rhodes had previously been tied for the longest sentence handed down in the case.

More than 1,100 people have been arrested on charges related to the Capitol assault, and of those, at least 630 have pleaded guilty and at least 110 have been convicted at trial.

Five people, including a police officer, died during or shortly after the riot and more than 140 police officers were injured. The Capitol suffered millions of dollars in damage.

Special counsel Jack Smith, who was tapped to investigate broader efforts to overturn the 2020 election, has charged Mr Trump, the front-runner for the 2024 Republican presidential nomination, for trying to keep himself in power.

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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.”