Real estate heir Robert Durst, in this December 10, 2014, file photo, appears in a New York criminal courtroom. Mr Durst appeared to make an unwitting confession to a catalogue of killings during filming of the final episode of the acclaimed six-part HBO documentary The Jinx: The Life and Deaths of Robert Durst. Mike Segar / Reuters
Real estate heir Robert Durst, in this December 10, 2014, file photo, appears in a New York criminal courtroom. Mr Durst appeared to make an unwitting confession to a catalogue of killings during filmShow more

US tycoon charged with murder after TV ‘confession’



LOS ANGELES // An eccentric US tycoon was charged on Monday over the execution-style killing of a mobster's daughter and could face death if found guilty, in the latest instalment of a TV murder mystery which has captivated America.
Robert Durst, 71, the scion of a New York real estate dynasty worth US$4.4 billion (Dh16.1bn), was charged in Los Angeles with murder over the death of his close friend Susan Berman in 2000, after he was arrested in New Orleans on Saturday. He is awaiting extradition to California.
Mr Durst appeared to make an unwitting confession to a catalogue of killings during filming of the final episode of the acclaimed six-part HBO documentary The Jinx: The Life and Deaths of Robert Durst.
In the finale, broadcast on Sunday, Mr Durst is heard muttering to himself, "What the hell did I do? Killed them all, of course", apparently unaware that a wireless microphone remained switched on while he was in the bathroom.
It was not clear if Mr Durst was sincerely confessing, but authorities in Los Angeles reportedly said the television documentary had played a role in their decision to seek the multimillionaire's arrest for Berman's murder.
Mr Durst's attorney, Dick DeGuerin, said earlier Monday his client was innocent and ready to face trial in California.
"Bob Durst didn't kill Susan Berman. He's ready to end all of the rumour and speculation," Mr DeGuerin said outside a courthouse in New Orleans after his client had waived his right to challenge extradition to California.
"We're ready to go to California and have a trial," he said.
Mr Durst's extradition may be delayed however by the possibility of authorities in New Orleans filing weapons charges against him.
In Los Angeles, Mr Durst was charged with the murder of Berman, the district attorney's office said, citing special circumstances which make him eligible for the death penalty, although prosecutors will only decide on that later.
Berman was shot in the back of her head at her home in Beverly Hills, a day before she was due to be questioned by police who had reopened an investigation into the 1982 disappearance of the tycoon's wife, Kathie Durst, in New York.
The HBO documentary uncovered evidence suggesting Berman, whose father was an associate of notorious Las Vegas gangster Bugsy Siegel, had provided a false alibi for Mr Durst following his wife's mysterious disappearance, which occurred shortly after she signalled her intention to seek divorce.
However any attempts to link Mr Durst to the disappearance had foundered until the investigation was reopened in 2000, shortly before Berman was killed.
A year later, Mr Durst was arrested in Texas after the dismembered body of an elderly neighbour was found floating in sacks in Galveston Bay.
Mr Durst was released on bail but failed to attend subsequent court appearances and became a fugitive.
He was eventually arrested in November 2001 after stealing a chicken sandwich from a supermarket, despite having $500 in cash in his pocket and more than $37,000 stuffed into bags in the boot of his car.
Despite the mountain of evidence against him, Mr Durst was acquitted of murdering his neighbour after his lawyers successfully argued he had acted in self-defence.
Jinx director Andrew Jarecki told ABC television that he and his film crew were unaware of the apparent confession on tape until discovering it while reviewing hours of recordings.
"I sat there in the edit room with my partners and we just sort of shook our heads and it took a while to really understand the effect of it. It was so chilling to hear it," Mr Jarecki said.
He told ABC that the incriminating statement, which came during their second and final interview of Mr Durst, led them to notify authorities.
FBI agents believe the tycoon may have been planning to flee the United States because he registered under an alias at the New Orleans hotel where he was arrested, paid with cash and was found with fake documents, a source told ABC News.
Douglas Durst, who runs the family real estate empire, said his brother should pay for his alleged crimes.
"We are relieved and also grateful to everyone who assisted in the arrest of Robert Durst," he said.
"We hope he will finally be held accountable for all he has done."
* Agence France-Presse

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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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Founder: Namrata Raina
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Investment stage: Pre-seed
Initial investment: Undisclosed