Records tumbled in the Women's World Cup final in Christchurch on Sunday as a magnificent 170 from Alyssa Healy helped Australia secure a 71-run victory over a valiant England.
After Australia amassed a daunting 356-5, defending champions England, faced with a record target, kept up the run rate but ran out of wickets to be dismissed for 285 in the 44th over, with Nat Sciver unbeaten on 148.
The victory continued Australia's dominance of the 50-over format with their seventh title from 12 World Cups and extended their one-day international record to 38 wins from 39 matches over the past four years.
"We have been extremely consistent over a long period of time," Australia captain Meg Lanning said. "It's been a long time coming. I think we deserved a victory today."
Against England, Australia lost the toss but nothing else.
England captain Heather Knight put Australia into bat, noting her side had bowled "outstandingly well" at Hagley Oval, but Australian openers Healy and Rachael Haynes were not listening. They showed patience, scoring a sedate 26 off the first eight overs before Healey went on the rampage, paying the bowlers no respect as she pounded all points of the boundary with 26 fours.
Her 170, off just 138 deliveries, was the highest score in a women's or men's World Cup final, the highest score in this tournament and contributed to her tournament record of 509 runs, eclipsing the 497, set by Haynes earlier in the same innings.
The Healy and Haynes 160-run opening stand was a record partnership for any wicket in a World Cup final, but England could have claimed both wickets in the 21st over, with Australia still in the 90s, when Healy and Haynes were dropped off the bowling of Kate Cross.
It took Australia 22.2 overs to bring up their first 100, 13 more overs for the second hundred but just nine overs for the third, helped by England returning to the poor fielding which had plagued their start to the World Cup when they lost their first three games.
When Haynes went for 68, Beth Mooney joined Healy in a 156-run partnership before Healy's extraordinary innings ended in the 46th over when she missed an Anya Shrubsole delivery and was stumped.
"It's a lot of fun watching Healy bat, and it takes the pressure off me, she was phenomenal," opening partner Haynes said. "It's one of the best knocks I've ever seen and she saved it for the big occasion."
Mooney quickly followed for 62 as Australia lost four wickets in a push for runs over the last four overs, with Elysse Perry finishing unbeaten on 17 after coming in at No 7 on her return from injury.
Anya Shrubsole was the one England bowler to perform with credit with three for 46 off her 10 overs – the figures inflated by the final over which cost 15 runs.
England made a determined effort to stay within reach of the required run rate, but were hampered by wickets falling at regular intervals.
Sciver's 148 was the second highest score in a Women's World Cup final, but the next best for England was 27 by opener Tammy Beaumont.
"Unbelievable from Nat," Knight said. "The skill against spin and seam, unfortunately we couldn't have someone stand with her in the middle."
For Australia, Jess Jonassen took 3-57 and Alana King finished with 3-64. But the headlines belong to Healy, who was named both player of the match and the tournament.
"It's not sunk in yet, a special game of cricket," Healy said. "Couldn't ask for anything more. I am proud of our batting unit. We have done it all but to do it on the biggest stage, I never imagined in my wildest dreams."
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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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