Otto Hapsburg, eldest son of Austria's last emperor, dies at 98



VIENNA // Otto Habsburg, the eldest son of Austria's last emperor who became a champion of Europe's enlargement, has died in Germany at the age of 98.
The man who was once first in line to the throne of the former Austro-Hungarian empire, which had covered most of central Europe, died on Monday at his home in Poecking on Lake Starnberg in Bavaria, his spokeswoman said.
The son of Emperor Karl I, who reigned for only two years before the empire disintegrated, Otto Habsburg was born on November 20, 1912 in Reichenau an der Rax, now eastern Austria.
Known abroad as Otto von Habsburg, this elegant man with large glasses and a big smile was just Otto Habsburg in Austria, after the state abolished his family's titles and confiscated their property in 1919.
But he found a calling in the European project, heading the International Paneuropean Union for more than 30 years and serving as an elected member of the European parliament from 1979 to 1999 for Bavaria's CSU party.
He held Austrian, German and Hungarian citizenship.
An ardent anti-Communist, Habsburg organised in August 1989 the now-famous "Pan-European picnic" in Sopron, near Hungary's border with Austria, during which some 700 East Germans were able to escape to the West, a few months before the Berlin Wall fell on November 9.
He always campaigned for a unified Europe based on Christian values and for a greater integration of eastern countries into Europe.
Forced into exile with his family after the Habsburg empire fell in 1918, Habsburg spent time in Switzerland, on the Portuguese island of Madeira, Spain, Belgium, France and the United States, and studied political and social sciences at the Catholic University of Leuven in Belgium, graduating with a doctorate in 1935.
In the 1930s, he openly opposed the Nazi party, joining the Austrian resistance after the 1938 Anschluss and helping thousands of Jews flee the country at the beginning of the Second World War.
His actions prompted the Nazis to come after him but Otto Habsburg later said it was his duty to be politically involved.
He said he became "a European patriot in the very depths of his soul" after Nazi Germany invaded Austria in 1938.
In 1951, Habsburg married the German princess Regina von Saxe-Meiningen und Hildburghausen, with whom he had seven children.
He renounced all claims to the Austrian throne in 1961, five years before the state repealed so-called anti-Habsburg laws, adopted after the First World War, which effectively banned all members of the former imperial family from setting foot in Austria.

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Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.

KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.

 

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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