Female opposition leader named Ethiopia poll chief

Ethiopia's former opposition leader Birtukan Mideksa, who recently returned from exile, was on Thursday named as head of the country's election body ahead of the 2020 polls.

Birtukan's appointment makes her the latest woman to be appointed to a high-profile role and the most senior opposition figure to be picked by Prime Minister Abiy Ahmed who is pushing through rapid reforms.

As head of the National Electoral Board of Ethiopia, Ms Birtukan will preside over a ballot that Abiy has promised will be free, fair and democratic.

The ruling Ethiopian People's Revolutionary Democratic Front (EPRDF) coalition and its allies won every parliamentary seat in the 2015 poll.

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Ms Birtukan rose to prominence in the wake of the disputed elections of 2005 which sparked protests that were brutally suppressed by soldiers, leaving 193 dead.

She was jailed in the aftermath of the protests and spent time in and out of prison before fleeing into self-imposed exile in the United States in 2010.

Ms Birtukan returned to Ethiopia earlier this month as Mr Abiy's promise of reforms bore fruit with dissidents released from jail, a peace deal with long-time foe Eritrea, the return home of armed opposition groups and the gradual loosening of the military's grip on the country.

"My new job, in some sense, is similar to being a judge," Ms Birtukan said after her appointment, explaining that her role would involve solving disputes and applying the law.

"I have a big responsibility in front of me, I believe I can competently perform this responsibility and make changes that benefit all while helping build an accountable and democratic system," she added.

Under Mr Abiy, Ethiopia has in recent weeks got a 50 per cent female cabinet, with women also serving as president – a ceremonial post – and head of the Supreme Court.

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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Female opposition leader named Ethiopia poll chief

Birtukan Mideksa'sappointment makes her the latest woman to be appointed to a high-profile role

Essentials