Suicide bomber kills 30 at Pakistan policeman's funeral



QUETTA, Pakistan // A suicide bomber attacked a police officer's funeral in southwestern Pakistan on Thursday, killing 30 people gathered to mourn a man shot dead earlier that day in front of his children, authorities said.

The bombing is one of the more audacious assaults in a series of attacks targeting security forces in Pakistan, where insurgent Pakistani Taliban fighters routinely kill woefully under-equipped police officers.

The funeral was being held in an open field outside a mosque in Quetta, the capital of Baluchistan province. Some 250 people gathered for the service.

Fayaz Sumbal, the head of police operations in Baluchistan, noticed the bomber near the gate of the mosque before he detonated his explosives, police official Mohammed Aslam said. Sumbal called on officers to question the bomber, who then blew himself up, Aslam said. Sumbal died in the blast.

Most of the 30 dead and 55 wounded in the suicide bombing were police officers, Aslam said. They had gathered for the funeral of an officer gunned down earlier in the day as he traveled through the city in a vehicle with his children, city police chief Mir Zubair Mehmood said. Two of his children were wounded in the attack.

Provincial police chief Mushtaq Sukhaira said the attack could not deter the resolve of the police in the fight against terrorism. He said 21 police officers and nine civilians were killed in the attack.

A police constable, Hassan Jan, said he saw bodies of his fellow officers and colleagues after the blast.

"I am very sad for those who lost their lives in today's suicide attack," he said.

No one has claimed responsibility for the attack, but suspicion will likely fall on Islamic militants based in the province. Baluchistan is also home to separatists who have been waging a low-level insurgency against the governments for decades, but they rarely carry out suicide bombings.

The bombing comes after a massive jailbreak in July orchestrated by Taliban fighters that authorities had prior warning about, but still couldn't stop.

The attack also came a day before Muslims in Pakistan were to start celebrating the Eid al-Fitr holiday that marks the end of fasting month of Ramadan. Millions of Muslims elsewhere in the world began celebrating Eid on Thursday but Pakistan and some other nations start on Friday.

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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