Yitzhak Aharonovitch became a ship owner after his adventure with the Exodus
Yitzhak Aharonovitch became a ship owner after his adventure with the Exodus

Ship's captain whose exploits were turned into the film Exodus



At the tender age of 23, Yitzhak Aharonovitch entered history as the captain of the passenger ship Exodus, which carried thousands of Jewish refugees from the horrors of the Holocaust to the British Mandate of Palestine in 1947, only to be turned back by British forces as it neared the port of Haifa. A pivotal incident in the founding mythology of Israel, the ship's thwarted journey was later immortalised both in fiction and in Otto Preminger's 1960 film of the same name, starring Paul Newman.

Born in Lodz in 1923, Aharonovitch grew up in what was at the time Danzig in Germany - now Gdansk in Poland - before moving with his family to Tel Aviv at the age of 10. Seven years later, as a stowaway on a ship destined for Russia, he left home hoping to fight the Germans as a member of the Soviet Army. Discovered in hiding, he was returned to Palestine, and immediately sought a means of leaving once again. By way of Libya, he reached London, where, ultimately, he qualified as a first officer. He spent the Second World War sailing on British and Norwegian merchant vessels.

Returning to Palestine he threw in his lot with the Palmach, the elite fighting force of the Haganah, the Jewish paramilitary organisation, which later became the core of the Israel Defence Forces. When the Palmach decided to create a naval force, the Palyam, to organise illegal Jewish immigration to Palestine, Aharonovitch enlisted. In 1946, as the President Warfield, a former pleasure boat, was being refitted in Baltimore to ferry more than 4,500 refugees to Palestine as the SS Exodus, he was despatched to serve as its captain.

On July 11, 1947, the ship left France and took seven days to cross to Palestine. But, as the ship approached Haifa, a British cruiser and several destroyers surrounded it. The crew of the Exodus were surprised by a midnight raid on July 18, and after a brief fight, the passengers were loaded onto British ships and taken, via Cyprus, back to Germany where they were re-incarcerated in refugee camps.

The Exodus remained in Haifa harbour until a fire in 1952 destroyed it. Aharonovitch settled in the newly formed state of Israel and became a ship owner, running lines to China, Singapore and Iran. To the last, he was "a dreamer and a fighter", his brother recalled, "part of a generation that lived history". He was predeceased by his wife in 2001 and is survived by two daughters. Born August 27, 1923; died December 23.

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
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The Comeback: Elvis And The Story Of The 68 Special
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia

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.”