Syrian rebels free 48 Iranians in prisoner swap



TEHRAN, Iran // Syrian rebels freed 48 Iranians held captive since August, Iranian state TV reported today, part of what appeared to be the first major prisoner swap of the civil war.

The deal - reportedly coordinated by a Turkish Islamic aid group - will also involve the release of more than 2,000 held by Bashar Assad's regime, Turkey's state-run agency Anadolu Agency reported. Anadolu said a group of people held in the Syrian Interior Ministry building in Damascus had been released and were escorted onto buses. The group included women and children, it said, but gave no further details.

The exchange came just days after Assad vowed to press ahead with the fight against rebel fighters even as battles expand in the capital Damascus.

Iran, however, is one of Assad's main backers and the hostages were a major bargaining chip for opposition factions trying to bring down his regime. Rebels accused the Iranian captives of links to Iran's powerful Revolutionary Guard, but Iran has denied the claims and described the hostages as pilgrims visiting Shiite religious sites.

Turkey's state-run agency Anadolu Agency said the aid group was coordinating the prisoner exchange for 2,130 prisoners. The aid group says four Turks are among prisoners to be freed.

Iran's state-run Press TV also gave no other immediate details on the movements of the freed Iranians.

The Iranians were kidnapped outside the Syrian capital in August. The rebels had threatened to kill the captives unless the Syrian regime halted military operations against the opposition.

The reported deal would mark the first major prisoner swap since the uprising against Assad began in March 2011. More than 60,000 people have been killed, according to the UN.

In a speech Sunday, Assad struck a defiant tone, ignoring international demands to step down and saying he is ready to talk - but only with those "who have not betrayed Syria." He also vowed to continue the battle "as long as there is one terrorist left," a term the government uses for rebels.

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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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