Kane Williamson will lead New Zealand in the first ODI against South Africa. ANESH DEBIKY / AFP
Kane Williamson will lead New Zealand in the first ODI against South Africa. ANESH DEBIKY / AFP

ODIs are South Africa’s chance at World Cup revenge on New Zealand



Centurion, South Africa // When it was announced that South Africa and New Zealand would play a one-day international series during the South African winter, the obvious marketing angle was that it would provide a rematch of the dramatic World Cup semi-final between the two teams.

New Zealand won the World Cup showdown with a six off the penultimate ball of the match at Auckland in March. However, the series that starts at SuperSport Park on Wednesday is far from a replay.

Both sides are missing key players.

New Zealand, in particular, have been hit hard by injuries.

Plus, their player management policy has regular captain Brendon McCullum and fast bowler Tim Southee being rested.

Yet, despite injuries ruling out Trent Boult, Corey Anderson, Ross Taylor and Mitchell Santner, the Black Caps showed in sharing a Twenty20 series, which ended on Sunday, that they are capable of mounting a strong challenge.

After losing the first Twenty20 international at Durban by six wickets, New Zealand bounced back by winning the second game by 32 runs at Centurion on Sunday.

Stand-in New Zealand captain Kane Williamson praised the way the side had turned around their fortunes, but he also warned they would need to improve even further going into a 50-overs series.

On the evidence of the T20 games, New Zealand will need bigger contributions from their middle-order batsmen after Williamson and Martin Guptill gave them good starts that were not fully capitalised on.

Meanwhile, South African captain AB de Villiers bemoaned the Proteas’ inability to adapt to an untypical Centurion pitch that in winter conditions was dry and slower than usual.

South Africa’s bowling will be strengthened by the return of fast bowlers Dale Steyn and Vernon Philander and leg-spinner Imran Tahir.

All three missed the T20 games.

But the Proteas will be without fast bowler Morne Morkel, who will join batsman JP Duminy on paternity leave.

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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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Rating: 4.5/5