Cambridge University said alt-right favourite Jordan Peterson held views that went against its values. Newspix via Getty Images
Cambridge University said alt-right favourite Jordan Peterson held views that went against its values. Newspix via Getty Images

Words and actions matter. Jordan Peterson found that out this week



As Christchurch grieved last week over the 50 Muslims gunned down during Friday prayers, one of New Zealand’s leading bookshop chains took the decision to ban the works of Jordan Peterson, a right-wing Canadian psychology professor with a growing global following.

Slick and polished, Peterson has made his name by presenting himself as the antithesis to political correctness. His writings and YouTube videos are filled with over-simplistic tropes that appeal to the right. Among his theories, for example, he has decried the existence of the patriarchy and described Islamophobia as "a word created by fascists and used by cowards to manipulate morons".

As a nation came together in mourning, the bookseller Whitcoulls pulled Peterson's bestseller 12 Rules for Life from its shelves, a decision made, according to one worker, because of "some extremely disturbing material being circulated prior, during and after the Christchurch attacks". That material is thought to be a photograph taken on the Canadian's tour of New Zealand in February. While meeting fans, the author posed alongside one, wearing a tee shirt printed with the slogan "I am a proud Islamaphobe". Peterson, his arm draped around the man, is pictured staring at the camera with a look of solemn sincerity.

Ever since I first saw that image, it has disturbed me. Public figures have a responsibility not to condone such hatred – although too often, they don't.

Ordinarily, I would not give much credence to the wider controversies surrounding Peterson. By and large, I take the stance that views should not be censored, regardless of whether I agree with them or not.

But it seems Peterson's objectionable views have finally caught up with him. He was incensed after Cambridge University this week withdrew an invitation to him to undertake a visiting fellowship. A clearly rattled Peterson railed that the institution had "made a serious error of judgment", blamed "social justice warrior, left-wing, radical political activists" for the decision and described its announcement as conducted "in a manner that could hardly have been more narcissistic, self-congratulatory and devious". He has been backed by sympathisers such as Toby Young, who ranted in a blog post in the Spectator about the apparent intolerance of the "snowflake generation". "There was I thinking the purpose of university is to introduce students to work[s] and views they might not be familiar with and don't already hold," he wrote. Instead, he contended, students were idealising an echo chamber that would have excluded Charles Darwin if he were alive today and the genome duo James Watson and Francis Crick.

Peterson’s ideas are populist and have a large following, certainly, but that does not make them worthy of the legitimacy of a university platform, particularly not one as rarefied and respected as Cambridge.

Words have consequences. The alleged Christchurch attacker Brenton Tarrant absorbed reams of European extremist ideology during his radicalisation.

At a British prayer meeting, the UK’s Home Secretary Sajid Javid spoke of the need for words of love, not hate, to become the default setting in the aftermath of the Christchurch attacks.

Islamophobia has not been given the recognition it desperately needs in western society. It is not that this is a new phenomenon. It is the fact that the scale of the problem has grown enormously and has reached a point of mass that cannot be ignored.

If that is not realised in the aftermath of Christchurch, the dangers will increase exponentially.

Key politicians like Mr Javid and his colleagues in the Conservative Party must acknowledge this wake-up call.

The party is accused of doing too little, too late to battle the problem within its own ranks. If it led the way, there would be a knock-on effect in other western countries dealing with their own problems with Islamophobia.

Peterson and his ilk are entitled to their views but must recognise those who use intellectual works as vehicles of hate bear responsibility for any damage. It is time to be clear-eyed about the threat.

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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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