Boks floored by inspired Wallabies



BRISBANE // South Africa's plan to defeat Australia yesterday, win the Tri Nations trophy in the process, and then have the next five days sunbathing on the Gold Coast in Queensland was left in ruins yesterday. The combination of a revitalised Wallabies side, inspired by the half-back axis of Will Genia and Matt Giteau and a colossal display from loose-head prop Ben Robinson, and a complacent Springboks side resulted in a shock result at the Suncorp Stadium.

South Africa's first defeat in this season's competition means the series could go down to the wire. The Boks now head to Hamilton in New Zealand next Saturday knowing a defeat could present the All Blacks with the chance to retain the trophy. The Springboks attempted to play down the potential significance of the 15-point defeat, which could have been worse had winger Bryan Habana not made two try-saving tackles, but coach Peter De Villiers will be disappointed at his side's failure to cross the try-line.

De Villiers, who declared his World Cup winners were on the verge of greatness in midweek, was forced to be humble in defeat. He had no option but to concede that his much-vaunted team were completely outplayed. He went as far as to call the home side "brilliant". "I thought at times today our execution was brilliant, but we weren't clinical in finishing it off," he said. "You do get those days, where the bounce of the ball, and the momentum swings against you.

"The Wallabies used their chances so well. This is not a night for excuses, because they were brilliant keeping us under pressure. Yes, they were brilliant." As de Villiers lauded the Wallabies, captain John Smit kept peering at the ceiling of the media room, clearly exasperated that an easy chance of winning the Tri Nations two rounds early had been squandered. "Our intensity wasn't where it should have been, and I cannot pinpoint why," he said.

"It was a game where we had moments of brilliance, but we couldn't get them together. "The only thing we can take out of it is, I suppose, that they beat us at our own game. They did what we usually do, but they did it better than us." Victor Matfield, the world's premier second-row forward, was frustrated by the outcome . "What infuriated us was that they beat us at our own game," he said. As for Robbie Deans, the long suffering Wallabies coach, it was a moment of utter relief.

After six consecutive Tri Nations defeats, Deans' bold policy of playing the youngsters at last reaped dividends, especially Genia, who had a fine game at scrum half. Deans said a critical factor in their win was that the Wallabies had succeeded in taking the Springboks out of their comfort zone and left them always playing catch-up on the scoreboard. "The boys kept playing for 80 minutes, which was great, and they always kept their heads up," he said.

"This is something we have been toiling away at." sports@thenational.ae

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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