• Australia's Steve Smith trains at the at Melbourne Cricket Ground on Friday, December 24, 2021 for the third Test on Boxing Day. Getty
    Australia's Steve Smith trains at the at Melbourne Cricket Ground on Friday, December 24, 2021 for the third Test on Boxing Day. Getty
  • Australia batsman David Warner during the nets session at Melbourne Cricket Ground on Friday. Getty
    Australia batsman David Warner during the nets session at Melbourne Cricket Ground on Friday. Getty
  • Aussie pacer Jhye Richardson bowls during training on Friday. Getty
    Aussie pacer Jhye Richardson bowls during training on Friday. Getty
  • Mitchell Starc trains at the MCG in Melbourne. EPA
    Mitchell Starc trains at the MCG in Melbourne. EPA
  • Captain Pat Cummins bowls during Australia's training session at the MCG. EPA
    Captain Pat Cummins bowls during Australia's training session at the MCG. EPA
  • Scott Boland has been added to Australia's squad for the third Test. EPA
    Scott Boland has been added to Australia's squad for the third Test. EPA
  • Josh Hazlewood is unlikely to regain his fitness for the third Test. Getty
    Josh Hazlewood is unlikely to regain his fitness for the third Test. Getty
  • Australia coach Justin Langer during training. Getty
    Australia coach Justin Langer during training. Getty
  • Marnus Labuschagne prepares to bat during training on Friday. Getty
    Marnus Labuschagne prepares to bat during training on Friday. Getty
  • David Warner trains in Melbourne on Friday. EPA
    David Warner trains in Melbourne on Friday. EPA
  • Marnus Labuschagne during Australia's training session. Getty
    Marnus Labuschagne during Australia's training session. Getty

Pat Cummins returns as Australia train for Melbourne Ashes Test - in pictures


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The Australian camp was brimming with energy ahead of the Boxing Day Ashes Test against England in Melbourne, with regular captain Pat Cummins back with the team.

The hosts cruised to a nine-wicket victory in Brisbane and then thrashed England by 275 runs in Adelaide, taking a commanding lead which they will look to turn into an unassailable one at the Melbourne Cricket Ground when the third Test starts on Sunday.

All of Australia's top six made 50s in the Adelaide Test, while the bowling group performed admirably despite missing captain Cummins and Josh Hazlewood.

Cummins, recently named as Australia captain, missed out after being a close contact of a Covid-19 positive case, but he is all set to return.

However, there is less certainty around Hazlewood as he continues to recover from a side strain, while the fitness of Jhye Richardson and Michael Neser is being assessed.

That could open the door to a shock debut for experienced right-armer Scott Boland after he was called into the squad as injury cover.

Meanwhile, Australia's Cameron Green said he is in no rush to be compared with Ben Stokes, the all-rounder he rates as "the best in the world".

Green has already played his part in helping the hosts go 2-0 up in the series, picking up England captain Joe Root twice among his five wickets and conceding less than one an over.

His batting has yet to come to the fore, but eight first-class hundreds show plenty of promise. However, Green is keen to avoid comparisons with Stokes.

"I'm not trying to compare myself to Ben Stokes. I think he's the best in the world," said Green.

"It's pretty dangerous if you're trying to compare to him so I'll have to see how it goes. I'm sure when I play more Tests I might get a bit more confidence to be able to do [what Stokes does], get a bit more self-belief that you can win a match by yourself.

"He's been incredible. You can say his numbers don't jump off the page, well I think that they do to be fair. As a guy, he comes in at number five and bowls 25 overs every innings. It's incredible how fit and strong he is."

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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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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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Updated: December 24, 2021, 5:50 AM