From the United States to Hall's Gap, a tiny hamlet in Victoria, Australia, discreet adverts have been placed in newsletters, parish notices and Catholic publications across the globe.
They start with identical wording: “A number of people are wanting to know where they can contribute to assist Cardinal George Pell with his defence costs.”
The numerous adverts, uncovered by The National, also include bank account details of a special trust fund overseen by a law firm and an email contact address.
The costs in question are in regards to a legal bill likely to run into millions of Australian dollars, as the treasurer for the Vatican faces historic sexual abuse charges in his native country.
The National can confirm officially for the first time that the Vatican is not contributing to his legal bill, leaving one of the most senior figures in the Holy See to seek these funds from his supporters.
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Read more:
Vatican's Cardinal Pell pleads not guilty in sex abuse trial
Australian cardinal to face two trials on sexual abuse charges
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The 76-year-old cardinal was charged by a special task force set up to investigate historic sex abuse allegations involving religious and non-government organisations in June last year. He strongly denies the charges.
This week a magistrate at Melbourne Magistrate Court ruled his case would proceed to a higher court, despite dropping half the charges against him, including the more serious ones.
The cardinal, on leave from his post in Rome and currently living in a Sydney seminary, will now face two jury trials for multiple allegations later this year at the County Court of Victoria.
A spokeswoman for Dr Pell at the Archdiocese of Sydney told The National that an independent trust fund was set up after "many people asked how they could assist with his legal costs."
“The Archdiocese has not contributed to this fund nor has the Vatican provided any funding,” said Katrina Lee, an executive advisor to the Archdiocese of Sydney.
Also, the fund has not been “set-up by or overseen” by the Archdiocese, Ms Lee added.
This is the first time that the cardinal’s representatives have confirmed that the Vatican in is not contributing to the legal fight.
The lawyers in charge of the defence fund operate out of a small office in the Melbourne suburb of Ivanhoe East. When asked about the fund, a spokeswoman for Ferdinand Zito & Associates Pty Ltd told The National: "Unfortunately and regrettably Ferdinand is unable to assist as anything relating to the cardinal comes within the ambit of legal professional privilege."
Mr Zito attended the Melbourne private Catholic boys school Xavier College between 1963 and 1967. His LinkedIn page notes he is fluent in Italian and has been the principal and director of his firm for 13 years. He states: “My name is on the door…the buck stops at me. I take my role seriously, perform it earnestly and honestly.”
On Friday, as the potential bill became higher following Wednesday's confirmation of two jury trials, the Catholic Weekly in Australia published the trust fund account details for their readers.
Des Cahil, an emeritus professor at RMIT University in Melbourne told The National it is "highly likely" that Dr Pell's fund will be well supported by many conservative Catholics around the world.
“The result of these trials will dictate his future and his reputation, let alone the moral standing of the conservative right wing faction of the Catholic community worldwide, whom he represents with his seniority and orthodox views,” Prof Cahil said.
It’s not known how much has been donated so far from supporters around the world, other than that it has been sufficient for Dr Pell to engage well known Melbourne law firm Galbally & O’Bryan and one of Australia’s leading criminal barristers, Robert Richter, QC.
Richter, 72, is known for his brutal cross-examining and forensic research. His daily fee is said to be approximately $16,000 AUD (44,000 AED) a day, meaning the final cost for the two trials, due to take place later this year and lasting ten weeks in total, could easily equal the cost of a water-side mansion in Melbourne’s swanky suburb of Brighton.
That the fund has enabled the cardinal to engage the best legal experts for the controversial case has angered some however.
They argue that it is unfair as the accusers themselves are not legally represented with their own counsel during proceedings.
Ingrid Irwin, a lawyer from Ballarat who previously represented two of the accusers in the case against Dr Pell, one of whom passed away in January this year, recently received a payment from Mr Zito owing from the cardinal.
She had submitted an invoice to Dr Pell’s legal team after supplying documents as demanded by a court order from his team.
Ms Irwin told The National she believes the Catholic Church did not want to be seen to be paying directly for the Cardinal's legal fight.
“He’s more than fortunate to have a trust fund paying but who’s really paying and who's organising the distribution of the adverts for the fund?" she asked.
“The big issue remains that the accusers have no right to a lawyer no matter how rich they are and he’s entitled to the best money can buy.”
The cardinal has been bailed to appear again on May 16 when a judge is expected to confirm dates for the two trials.
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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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