Diggin saves the best until last for Saints


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The season is only one-weekend old but Northampton posted an early contender for the comeback of the season at Franklin's Gardens yesterday. Trailing 17-0 and heading for a shock home defeat after Miles Benjamin and Kai Horstman crossed the try-line for Worcester, the Saints clawed their way back into the game with a try from Phil Dowson and eight points from the boot of Shane Geraghty, the England international making his debut for his new club.

Northampton continued to dominate territory and they seized their chance when Worcester were forced to play the closing stages with 14 men after Willie Walker was sin-binned The Saints passed the ball out to the left and Bruce Reihana off-loaded inside to Paul Diggin, who dived over the line to send the home crowd into raptures. Geraghty added the conversion to seal a 20-17 victory. Jimmy Gopperth missed four penalty attempts on his Newcastle debut as Leeds Carnegie claimed a 9-9 draw on their return to the league yesterday.

The highly-rated New Zealander, 26, has been tasked with filling Jonny Wilkinson's kicking role following the England fly-half's move to Toulon. Yet Gopperth failed to match Wilkinson's accuracy with the boot as he converted only three of seven penalty kicks in a bitterly disappointing encounter which saw precious little free-flowing rugby. All of Leeds' points came from the boot of fly-half Ceiron Thomas, who landed three penalties of his own but still managed to miss two, and despite a late rally the Yorkshire side could not conjure a precious victory.

Harlequins were plunged into fresh controversy just 46 seconds into the new season on Saturday. Lock forward George Robson was sent off for butting Joe Simpson, the London Wasps scrum-half, at the start of Harlequins' 26-15 defeat at Twickenham, the club's first chance to start building bridges after their summer of shame. Robson can expect a suspension of at least a month for his moment of madness that forced Harlequins into another public relations disaster.

Robson apologised for his actions but the sentiment cut little ice with Simpson. "He came and said sorry after the match, which I accepted, but I am still pretty frustrated and disappointed with what happened," said Simpson. "It is not really the spirit of rugby, I don't think." The incident overshadowed the performance of Tom Varndell, the jet-heeled wing, who scored two tries on his debut following his summer move from Leicester.

"Tom has shown us through the pre-season that he is more than just a try-scorer," said Wasps coach Tony Hanks. "His work-rate is strong, he runs hard and he is more than just a try-scorer." Meanwhile, the England captain Steve Borthwick was thrilled with Saracens' 18-14 victory over London Irish. "It was a display of great character," he said. "It was always going to be a tight game and they came back at us. But the way every single person fought for the ball - our players are willing to fight and work so very, very hard. We won because of the character of the group.

"The willingness of the guys to put themselves out for each other was what won us the game." Meanwhile Dean Richards, the disgraced former Harlequins coach may launch a legal challenge to his three-year ban from rugby over his instigation of Harlequins' fake blood injury scam. The English club's former director of rugby was publicly blamed last week for the use of a blood capsule to fake an injury to Tom Williams and allow an illegal substitution in a high-profile Heineken Cup match against Leinster, but his lawyer said yesterday that his punishment was "disproportionate".

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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.”

The nine articles of the 50-Year Charter

1. Dubai silk road

2.  A geo-economic map for Dubai

3. First virtual commercial city

4. A central education file for every citizen

5. A doctor to every citizen

6. Free economic and creative zones in universities

7. Self-sufficiency in Dubai homes

8. Co-operative companies in various sectors

­9: Annual growth in philanthropy

The biog

Profession: Senior sports presenter and producer

Marital status: Single

Favourite book: Al Nabi by Jibran Khalil Jibran

Favourite food: Italian and Lebanese food

Favourite football player: Cristiano Ronaldo

Languages: Arabic, French, English, Portuguese and some Spanish

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