Brendon McCullum shown during a Test against Pakistan in the UAE in November. Aamir Qureshi / AFP / November 29, 2014
Brendon McCullum shown during a Test against Pakistan in the UAE in November. Aamir Qureshi / AFP / November 29, 2014

Sport

Brendon McCullum and under-stated New Zealand composed for out-of-sorts England

New Zealand had a sterling Test record in 2014 and are an ominous threat to continue that form when they face England in the first of two Tests starting on Thursday.

Reuters

May 19, 2015

In their traditionally under-stated fashion New Zealand have been content to stay in the background before the two-Test series against England.

While the hosts’ buildup has been overshadowed by the axing of coach Peter Moores and more controversy over Kevin Pietersen, the Black Caps have quietly gone about their preparations.

The New Zealand players do not even have to report for duty until two days before the first Test at Lord’s starting on Thursday because of their Indian Premier League commitments.

But they will be full of confidence having enjoyed two years of almost unbroken success since they were dismissed for 45 by South Africa in Cape Town in early 2013.

In 2014 they won five Tests in a year for the first time and have climbed to third in the world Test rankings.

With Brendon McCullum setting the tone at the top of the order with astonishing innings of brutal aggression, they progressed to the World Cup final for the first time this year before succumbing to co-hosts Australia in Melbourne.

McCullum became the first New Zealander to pass 300 in a Test innings last year during a monumental exhibition of concentration against India in Wellington.

He fell for 195 against Sri Lanka in Christchurch with the record for the fastest Test double hundred at his mercy.

His 33 Test sixes were more than double the previous best and he became the first New Zealander to score 1,000 runs in a calendar year.

Leading from the front in all forms of the game, McCullum has become the most innovative and enterprising captain in international cricket.

Tim Southee and Trent Boult have been acclaimed by the country’s finest cricketer Richard Hadlee as the best opening attack to represent New Zealand and Kane Williamson is on course to break all his nation’s batting records.

England won 2-0 at home two years ago but the New Zealanders have not lost a series since and they opened their tour with a comfortable win over Somerset.

“It was a little scratchy at times but there were enough good things,” coach Mike Hesson said.

“The tempo with the bat was good and some of the guys got runs but I thought with the ball we were a bit inconsistent.”

Opening batsman Martin Guptill, who hit a world record 237 not out against West Indies in the World Cup, is set to return to the Test arena. He warmed up for the first Test nicely by scoring 150 in the victory over Worcestershire.

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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.”