Quins coach to stand down

ABU DHABI // With an angry-looking black-eye ripening, and another scar added to the collection on his left cheek, it was hardly surprising Alistair Thompson announced he was ready to cede some of his numerous responsibilities on Friday night. As captain, coach, No 8 and pack-leader, the Scottish teacher has overseen a rich run of success for Abu Dhabi Harlequins over the past two seasons. With the Danway Gulf Cup safely wrestled back from Bahrain after a nail-biting final in Saar, Thompson confirmed he is to let go the coaching reins for next season. "I'm standing down as head coach, so the club will be looking for a new one," said Thompson, who juggles all his rugby duties with his job as a teacher at the British School al Khubairat. "I'm looking forward to playing solely as a player next season. I don't want to commit to something that I can't commit to 100 per cent. I love it, but sometimes you can't do everything. "I'll come back into coaching, and I'll continue to coach at the British School. It may be my final season, and I want it to be as one of the boys." Thompson's decision to step down as coach has brought into focus the possibility of Wayne Marsters, the former player and coach of Abu Dhabi, returning to his old club. The affable ex-Arabian Gulf coach is also set to leave his role as head coach of the Dubai Exiles at the end of the campaign, and would likely be welcomed back in the capital. Earlier in the month, Bahrain had taken the Gulf Premiership crown from Abu Dhabi, only for the Quins to regain their cup title from them on their home patch this weekend. They would have suffered a blank season, however, had Dan Bell's injury time conversion not skewed wide of the right-hand upright. The 6-5 final triumph was no less than the Quins deserved after a season of toil, according to their outgoing coach. "I have said to these guys time and again that we are too good a side to not win any silverware this season," added Thompson. "Although it was close, I think it was just reward for a long season. The boys have kept battling. It is nice to be on the right side of a one-point game." There are still matches to be played in the second tier Emirates League, but they count for little as Al Ain have already sewn up the title. Far more significantly, rugby in the Gulf is now set for a substantial overhaul which could mean virtually no cross-border travel for UAE clubs. An Emirates-only Premiership is likely to be ratified at a meeting in Bahrain in May, with Al Ain, Toa Dubai and Sharjah Wanderers set to join the country's traditional powerhouses in the new top division. pradley@thenational.ae

Prosperity Premiership - Bahrain Danway Gulf Cup - Abu Dhabi Harlequins Emirates League - Al Ain Amblers Dubai Rugby Sevens - Dubai Dragons

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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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