Andrew Flintoff consoles Brett Lee after the home side won the second Test in 2005.
Andrew Flintoff consoles Brett Lee after the home side won the second Test in 2005.

They cannot match 2005 epic



When England and Australia walk out at Sophia Gardens in Cardiff today it will be the start of an Ashes series that will be watched around the world. Australia whitewashed England in the last series between the sides, two years ago, but will feel they have a point to prove having lost to England in the memorable 2005 series. Those five Tests will be remembered in cricket folklore. And Shane Warne, a member of the vanquished Australia side four years ago, does not believe this series will be able to match it.

"I'm not sure that this summer will be able to scale the heights of four years ago. I'm not sure who is going to win this summer but they'll be hard pressed to make the series as dramatic," he said. "Even though we lost, the spirit and camaraderie between the players was incredible. It was great for the game of cricket and really captured the imagination." Warne, who is not be part of the tourists squad this summer having retired from the international game, thinks the series is too tight to call.

Australia will be considered favourites as they are ranked top in the International Cricket Council's world Test rankings. "The two teams are pretty evenly matched and there's not anything to choose between them," said Warne. "England have some really quality players and they played brilliantly in 2005. "But that was four years ago and a lot has changed since then. I can't choose between them but it should be one great summer."

One person willing to make a prediction is the England seamer Graham Onions, who could make his Ashes debut today. The Durham player was part of the England Lions squad that played the Australians in a warm-up last week, and said he saw weaknesses in their opponents. "If we give 100 per cent and stick together as a team then I think the Ashes will come back to England," he said. "Australia have got a bit of rebuilding to do. Playing against them last week I did feel these guys can be beaten."

Australia will be without the fast bowler Brett Lee, who has been ruled out of the first two Tests with a rib injury. @Email:sports@thenational.ae

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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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