England suspend coaches for swapping balls at Rugby World Cup



AUCKLAND // The English Rugby Football Union (RFU) has suspended two coaches for this weekend's Rugby World Cup game between England and Scotland after they illegally swapped balls used for conversions by their fly-half Jonny Wilkinson.

Dave Alred, the kicking coach, and the strength and conditioning staffer, Paul Stridgeon, were reprimanded and barred from Auckland's Eden Park stadium for Saturday's game after the incident during England's game against Romania.

The pair admitted using different balls for conversions than the one used to score the tries, which is against rugby rules, during England's 67-3 win at Stadium Otago. They had been warned twice by the referee Romain Poite.

"Two members of the team management, David Alred and Paul Stridgeon, mistakenly thought that there was an issue with some of the match balls," said a statement from England's RFU.

"Those team management members took it upon themselves to substitute balls during the match in contravention of both the laws of the game and the spirit of the game.

"The RFU fully accepts that the action of those team management members was incorrect and detrimental to the image of the tournament, the game and to English rugby."

World Cup organisers welcomed the "decisive and timely" move and said no further punishment would be handed out.

"It's unfortunate that we have had to take this action but ultimately there was a breach of the laws of the game. But it's happened, some action has been taken and we move on," Martin Johnston, the head coach, said.

The incident followed an uncharacteristically wobbly start to the tournament by the usually reliable Wilkinson, who has landed just 38 per cent of his penalties so far.

Wilkinson insisted the controversy had not been a distraction as England build up to Saturday's Pool B-deciding clash with arch-rivals Scotland, when both teams are trying to book quarter-final berths.

"You'd be surprised that it doesn't impact upon the rugby side of things. There's two sides of life when you're out here, you're on the field and off the field," Wilkinson said.

"On the field is literally about being on the field, off the field is about relaxing and getting away from it so it doesn't really fit into either of those.

"I'm not going to comment on the balls and things because that's going on somewhere else at the moment sorry. But for me it's all about getting better. It's about learning and making the most of your opportunities."

England have already had to deal with another controversy at the tournament including the conduct of Mike Tindall, the vice-captain and centre, on a team night out, just weeks after marrying the British royal Zara Phillips.

And lock Courtney Lawes became the first player to be suspended at the World Cup after kneeing the Argentina hooker Mario Ledesma in the head during a tackle.

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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.”