Alex Lees and Ollie Pope steady England after New Zealand's record 553


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Alex Lees and Ollie Pope rode their luck and held their nerve as England attempted to build a worthy response to New Zealand’s record total in the second Test at Trent Bridge on Saturday.

Spurred on by a sterling 190 from Daryl Mitchell and 106 from Tom Blundell, the tourists helped themselves to 553 all out – their highest ever score on English soil.

After 145.3 overs of sapping work in the field, the mixture of scoreboard pressure and weary legs looked a recipe for disaster for the hosts, who lost opener Zak Crawley just 12 balls into the reply.

But they were able to recover to 90 for one at stumps after centurion Mitchell put down both Lees and Pope at slip.

Mitchell had benefited from an early slice of luck himself, dropped on just three by Joe Root, and England must hope at least one of their overnight duo cashes in just as emphatically.

Lees made an encouraging 34 not out, his best effort yet in a short international career, while Pope’s unbeaten 51 offered tantalising glimpses of the dominant county batter who has too often shrunk in an England shirt.

But their efforts so far represent a start and no more. New Zealand have the luxury of a handsome score behind them and have plenty of margin for error as they hunt for wickets on Sunday.

Crawley will be kicking himself after falling for four – the 20th single-figure score among his 41 England knocks – but it took a brilliant piece of new-ball bowling from Trent Boult to take the edge.

Lees could have fallen similarly when he nicked Tim Southee on 12, with the chance evading Mitchell at first slip.

The left-hander felt his way into the innings by leaving well and picking off width, but it was Pope’s bright cameo that will most excite an England set-up who doubled down on their investment in his promise by promoting the 24-year-old to No 3 despite a modest Test record.

He top-edged Matt Henry for sixes on a couple of occasions but also produced a series of glorious cover drives that would have left his Surrey faithful nodding in appreciation.

It would have meant precious little had Mitchell snapped up his nick on 37, but like Lees he lives to fight another day.

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.”

Updated: June 11, 2022, 6:35 PM