Lunjevich calls time on sevens



DUBAI // Mike Lunjevich has cautioned the Arabian Gulf Rugby Football Union against paying a new full-time head coach of the sevens team, after stepping down from the position himself. The New Zealander has confirmed his decision to cede control of the region's sevens side in order to devote more time to family life, as well as his role as a partner in a law firm. He held the coaching position on a part-time, volunteer basis for the past three-and-a-half years, culminating in last weekend's World Cup Sevens in Dubai.

He believes the AGRFU would be better served directing funds into their buddy scheme with the South African Rugby Union, rather than appointing a full-time replacement. "They should invest their money with the South African union, and bring up some of the South African coaches temporarily," said Lunjevich. "I don't think a full-time sevens coach would have enough to do in Dubai. Aside from the fact it wouldn't be efficient, the guy would get bored.

"If they took some of the money and spoke to that second tier of coaches below [the Springbok sevens coach] Paul Treu, they could stay in South Africa and bring them here for three to six months per year. "There are some great guys down there who you could probably get fairly cheap, and South Africa obviously has a great rugby pedigree. "I have seen the calibre of coaches down there, it is great and we should probably have a look at that."

The Gulf's sevens side benefited from the expert tuition of Treu, whose Boks are joint-top of the IRB World Series, in a series of training camps this season. The two nations have formed a strong bond, so much so that the South African players were among the most vocal supporters of the Gulf side at The Sevens last weekend. Treu has also spoken highly of the dedication of the amateur players from the Gulf, who proved to be competitive at international level despite also holding down day-jobs.

Lunjevich, who is looking forward to spending more time with his two year old son Dominic, will officially yield the coach's reins, but remains keen to assist if required. He added: "I have not one regret in the world and I take my hat off to the guys who have been involved. "I will stay involved as much as anyone wants me to stay involved. If they have room for me to be involved, I would love to be, but I just can't dedicate four nights a week to it."

The outgoing coach was denied his moment of glory last week when his side held the lead over Italy, the established Six Nations side, only to be disappointed in stoppage time. "Sevens is such a bitter-sweet thing that the high point was full-time against Italy, which was followed a few moments later by a bitter defeat," he said. "To me that summed up sevens. pradley@thenational.ae

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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5 Ilnur Zakarin (RUS) CCC Team 0:00:07

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3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33

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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.”