Pat Cummins takes history in his stride for Australia


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A year ago Pat Cummins was playing grade cricket. Now, at 18, he has emerged as Australia's next great fast-bowling hope.

After taking six for 79 in South Africa's second innings to give his team a chance of winning the second and final Test at the Wanderers Stadium, Cummins said: "It's surreal just to be overseas, playing cricket for Australia and to be in a position where we can win a game."

The haul made Cummins the youngest bowler in Test history to take five or more wickets in an innings on his Test debut, but Cummins said age was not a big factor.

"I don't feel much younger than the other guys," he said.

"I've been here for a month and half, hanging around with the same bunch of guys and getting more familiar with them."

Although he had played only three first-class matches for New South Wales before his Test debut, he said playing with and against adults was nothing new. "I've been playing grade cricket for three or four years."

Cummins also revealed plenty of maturity when he spoke about his approach to bowling in the Test match. Although capable of bowling at close to 150kph, he said he had cut down slightly on his pace yesterday in order to take advantage of early morning conditions that favoured swing.

There was no holding back on Saturday, though, when in the words of his teammate Shane Watson he "worked over" Jacques Kallis, the fourth highest Test run scorer of all time.

He sent down several vicious short balls to Kallis before having him caught at slip for two.

"Yeah, he's obviously someone who has been a stalwart of the game," Cummins said. "He's been an unbelievable player for South Africa. The plan was to give him a couple of short balls and if we could tie him up a bit outside off stump he might fish at one. Fortunately that worked."

Cummins said that although he would "love" to play as many Test matches as possible, he was not taking anything for granted, especially not being selected for Australia's first home Test of the season starting in Brisbane on December 1.

"We'll have to see what happens. Ryan Harris has gone home and hopefully he's got his injury right and he'll be right to go in Brisbane. It will be up to the selectors."

Cummins even showed an ability to win over the media saying he had not yet turned on his telephone to make contact with anyone in Australia. "I pretty much came straight here. I thought this was more important," he said to laughter from journalists at a post-play news conference.

A century partnership between Usman Khawaja (65) and Ricky Ponting (54 not out) enabled Australia to reach 142 for three at the close, 168 runs short of achieving the highest successful run chase at the Wanderers. Khawaja was caught at slip off leg-spinner Imran Tahir one ball before bad light ended play after he and Ponting had put on 122 for the third wicket to put the Australians in with a real chance of levelling the series.

However, Hashim Amla, who top-scored for South Africa with 105 in their second innings total of 339, felt that the Proteas were still slight favourites.

"The wicket is not easy to bat on and at certain times it seems to act up more than others. It seems to be a bit more lively in the mornings. If we can pick up early wickets we can put a lot of pressure on Australia."

The target seemed a distant one when Watson padded up to Vernon Philander and was bowled by the second ball of Australia's second innings. Philander followed up in his next over when Phil Hughes was caught at second slip.

But Khawaja and Ponting, both with points to prove, batted sensibly to blunt South Africa's attack.

Khawaja, playing in his fourth Test, made his first Test half-century, while Ponting, in his 156th appearance, reached double figures for the first time in the series and went on to pass fifty for the 96th time in his career.

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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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