OSLO, Norway // A Norwegian court sentenced Anders Behring Breivik to prison on Friday, denying prosecutors the insanity ruling they hoped would show that his massacre of 77 people was the work of a madman, not part of an anti-Muslim crusade.
Breivik smiled with apparent satisfaction when Judge Wenche Elisabeth Arntzen read the ruling, declaring him sane enough to be held criminally responsible and sentencing him to "preventive detention," which means it is unlikely he will ever be released.
The sentence brings a form of closure to Norway, which was shaken to its core by the bomb and gun attacks on July 22, 2011, because Breivik's lawyers said before the ruling that he would not appeal any ruling that did not declare him insane.
But it also means Breivik got what he wanted: a ruling that paints him as a political terrorist instead of a psychotic mass murderer. Since his arrest, Breivik has said the attacks were meant to draw attention to his extreme right-wing ideology and to inspire a multi-decade uprising by "militant nationalists" across Europe.
Prosecutors had argued Breivik was insane as he plotted his attacks to draw attention to a rambling "manifesto" that blamed Muslim immigration for the disintegration of European society.
Breivik argued that authorities were trying to cast him as sick to cast doubt on his political views, and said during the trial that being sent to an insane asylum would be the worst thing that could happen to him.
"He has always seen himself as sane so he isn't surprised by the ruling," Breivik's defense lawyer Geir Lippestad said.
The five-judge panel in the Oslo district court unanimously convicted Breivik, 33, of terrorism and premeditated murder and ordered him imprisoned for a period between 10 and 21 years, the maximum allowed under Norwegian law. Such sentences can be extended as long as an inmate is considered too dangerous to be released, and legal experts say Breivik will almost certainly spend the rest of his life in prison.
It was not clear whether prosecutors would appeal the ruling. If not, and if Breivik sticks to his word not to appeal a prison term, the legal process for one of the darkest chapters in Norwegian history will have come to a close.
Survivors of the attacks and relatives of victims welcomed the ruling.
"I am very relieved and happy about the outcome," said Tore Sinding Bekkedal, who survived the Utoya shooting.
"I believe he is mad, but it is political madness and not psychiatric madness," Bekkedal said. "He is a pathetic and sad little person."
Wearing a dark suit and sporting a thin beard, Breivik smirked as he walked into the courtroom to hear his sentence, and raised a clenched-fist salute.
Breivik confessed to the attacks during the trial, describing in gruesome detail how he detonated a car bomb at the government headquarters in Oslo and then opened fire at the annual summer camp of the governing Labor Party's youth wing. Eight people were killed and more than 200 injured by the explosion. Sixty-nine people, most of them teenagers, were killed in the shooting spree on Utoya island. The youngest victim was 14.
Breivik's lawyers say he is already at work writing sequels to the 1,500-page manifesto he released on the Internet before the attacks. Breivik most likely will be sent back to Ila Prison, where he has been held in pretrial detention. He has access to a computer there but no Internet connection. He can communicate with the outside world through mail, which is checked by prison staff.
The impact of Breivik's violence has been huge. It has forced Norway to accept that terror doesn't come only in the guise of foreign fundamentalists, but can come from one of their own. The son of a Norwegian diplomat and a nurse who divorced when he was a child, Breivik had been a law-abiding citizen until the attacks, except for a brief spell of spray-painting graffiti during his youth.
The judges noted that Breivik's extreme anti-immigration views are shared by others, but said it found no evidence that the modern-day crusader network that Breivik claims to belong to, exists.
Norwegian police and government ministers have faced severe criticism for their actions before and during the attacks. The police response was marred by poor communication and technical mishaps. It took police more than an hour to reach Utoya, as a boat carrying the SWAT team was overloaded and stalled in the middle of the lake. Norway's only police helicopter wasn't used because its crew was on vacation.
Norway's justice minister and police chief both resigned in the aftermath and some critics have called on the prime minister to step down.
The judges took turns reading sections of the 90-page ruling, starting with the verdict and sentence, and then going over a chronology of the rampage, victim by victim, and describing their injuries.
Judge Arne Lyng noted that the fertilizer bomb that Breivik set off outside the government headquarters could have been even more devastating.
"It was pure luck that not many more were killed," Lyng said.
Since his guilt was not in question, Brevik's sanity was the key issue to be decided by the trial, with two psychiatric teams reaching opposite conclusions. One gave Breivik a diagnosis of paranoid schizophrenia, a severe mental illness that would preclude imprisonment, while the other found him narcissistic and dissocial - having a complete disregard for others - but criminally sane.
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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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