Sport

D-day for the injured Sivivatu

The Waikato Chiefs will today discover the full extent of Sitiveni Sivivatu's shoulder injury.

The Waikato Chiefs will today discover the full extent of Sitiveni Sivivatu's shoulder injury. Sivivatu was hurt diving for the corner just 12 minutes into the Chiefs' stunning 50-26 victory over the Reds on Saturday night. After playing for another couple of minutes, during which he scored a second try, Sivivatu was replaced because of shoulder pain, initially diagnosed as a strain or ligament damage.

A key part of the Chiefs' in-form backline division, Sivivatu has scored six tries in his last two Super 14 outings as the Hamilton team have soared to third place. The Crusaders scrum-half Andy Ellis has been ruled out of Saturday's Super 14 showdown with the Bulls in Christchurch after hurting his ribs during the 11-7 win against the Stormers. The Bulls welcome back lock Victor Matfield and wing Bryan Habana who have been given the all-clear after injury. The South African side slipped from top spot to fourth following last weekend's shock 36-12 defeat to the Highlanders in Palmerston North.

The Hurricanes have also had a couple of injury blows with wing Hosea Gear likely to be out for the rest of the season with a knee injury and loose forward Scott Waldrom out for a couple of weeks with a stomach muscle strain. The pair have flown home from South Africa where the Hurricanes are preparing for Saturday's match against the Sharks in Durban. Waratahs coach Chris Hickey says his side's destiny is now back in their own hands after their win over the Blues in Auckland.

The Waratahs sit alone in second spot on 23 points with six regular-season fixtures remaining. But while they are well placed, Hickey has stressed the importance of continuing their winning ways starting against the unpredictable Stormers in Cape Town this weekend. * With agencies To find out the outcome of yesterday's IRB meeting to discuss the experimental law variations (ELVs), log on to www.thenational.ae/sport

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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.”

FIGHT CARD

Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)

Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)

Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)

Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)

Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)

Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)

Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)

Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)

Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)