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The Sheikh Zayed Mosque in Indonesia celebrates Ramadan with 10,000 Iftar meals every day
Mercer, the placement branch of the American service company Marsh & McLennan, expects its wealth division to be at least double its assets under management (AUM) in the Middle East while the wealth of the region continues to grow despite the economic winds, said a company manager.
Mercer Wealth, who has $ 160 billion in AUM worldwide, plans to strengthen AUM in the region at $ 2 to 3 billion in the next 2-3 years from the current $ 1 billion, said Yasir Abushaban, a director based in Dubai with Mercer Wealth.
“”Over the next two to three years, we plan to reach $ 2 to 3 billion as a conservative estimate and we see an opportunity to do so, “said Abushaban.
Mercer does not directly investments, but allocates customers' money to which they have discretion, professional asset managers. They also provide advice to customers.
“We have a purchasing power. We can negotiate the name of their (customer) with asset managers to provide them lower than what they would have otherwise to obtain alone,” he added.
Mercer Wealth customers include sovereign funds, family offices and insurance companies, among others.
From his office in Dubai, Mercer also takes care of Africa, India and Turkey, where they also see growth opportunities.
The creation of wealth in the Middle East and Africa (MEA) increased by 8.5% to 8.1 dollars of dollars last year, compared to 7.5 TN in 2015, greater than the world average of 6% of last year and the highest growth in a region after Asia-Pacific which increased by 9.9%, according to the Boston consulting council council (BCG). In the region, where wealth only increased by 1.9% in 2015 compared to 2014, oil prices collection contributed to the production of wealth.
The BCG provides that Mea wealth will increase to 12 TM by 2021, increasing an annual average of 8%.
The engines of the wealth generation in the region will also be distributed between the new wealth creation and the growth in the performance of existing assets, according to BCG.
According to Mr. Abushaban, another general trend in the region is the search for a global approach to investment.
“Institutional investors or certain families see a slowdown in the available capital they must invest and in this sense, they plan to optimize the way they manage their portfolios and ensure that they do not invest at random and that different parts of their investment work together,” said Abushaban.
Some customers also have a higher appetite for the risk, given the low interest rate environment which does not provide enough return for certain institutional investors. These customers wish to invest in illiquid assets, such as investment capital and infrastructure.
“What we have seen is a desire for higher yields in what was a low-yield environment specifically in various income holders or fixed income bonds,” he said.
“In this environment, we have noticed a de facto increase in the risk that customers take things such as non-liquid investments, investment in investment, infrastructure and private debt, this type of investment was higher unlimited leads to gradually higher yields.”
ABU Dhabi Investment Authority, one of the greatest sovereign wealth funds, said in its 2016 report which has gradually increased its exposure in direct capital investment and private credit transactions, mainly on Asian markets and especially in China and India. The authority’s investment capital service focused on structured actions due to “their defensive characteristics”.
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