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Families separated by travel restrictions for nearly two years have reunited at Heathrow Airport after a change in UK rules allowed those fully vaccinated in the US and EU to avoid self-isolation.
The airport resembled the famous scene from the movie Love Actually as families embraced each other in the arrivals hall, some of whom have been separated since the start of the pandemic in March last year.
A series of lockdowns in England and the traffic light system have meant most arrivals have had to quarantine at home for 10 days after they touch down.
The system was loosened from 4am on Monday to allow fully vaccinated EU and US passengers to avoid quarantine.
Since July 19, people who were double vaccinated in the UK have not had to isolate when arriving from amber list countries, but all other travellers vaccinated elsewhere were still required to quarantine for 10 days.
The government said the move would allow some business travel to resume and help families and friends reunite with their loved ones.
Tougher rules remain in place for France, which is on the “amber plus” list owing to concerns over the Beta variant of coronavirus, meaning all passengers from there need to isolate in the UK regardless of vaccination status.
At Heathrow on Monday, grandparents were seen meeting their grandchildren for the first time, while parents reunited with their children.
There were similar reunions at Gatwick Airport, south of London.
One man who was among the first arrivals from the US told the BBC it was “marvelous” to be back in the UK.
“It gives us an opportunity to spend time with family — people we haven't seen for quite some time,” he said.
“As soon as we got off the plane we got so excited, even the little ones were shouting 'London, London'."
The removal of restrictions came as the travel industry ramped up its criticism of the government after reports emerged ministers were planning to introduce an “amber watch list".
The new category would give passengers advance notice that their destination country is at risk of turning red, forcing them to stay in hotel quarantine when they arrive back in the UK.
Heathrow Airport boss John Holland-Kaye said the government should be simplifying the rules instead of making them more complicated.
“We need to simplify as much as we can to enable more people to travel,” he told BBC Radio 4’s Today programme.
He urged ministers to use the “dividend” from the vaccine drive to reopen travel.
“We should be able to at least catch up with the Europeans,” he said.
“The UK should be showing that if you get vaccinated you can get your life back to normal.”
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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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