Rugby league star Jarryd Hayne trading in NRL for NFL

Jarryd Hayne stunned the rugby league world by quitting his long-time Australian club suddenly Wednesday to chase a dream of playing in the NFL.

Only two weeks after being voted as the best player in the National Rugby League – claiming the prize for the second time – and a day after being selected again for Australia’s national team, Hayne revealed his career move in a statement posted on the Parramatta club’s website, and later confirmed it during an emotional news conference in Sydney.

News of the announcement was broadcast almost instantly on mainstream and social media Down Under, and a leading newspaper described Hayne’s pending move to the United States for a shot at the NFL as one of the “biggest bombshells” in Australian sport.

The 26-year-old fullback was reported to have met with Seattle Seahawks team officials recently. On Wednesday, Hayne did not identify which NFL clubs – if any – were interested in offering him a tryout.

“Today I can officially announce that I will be heading to the United States to pursue an opportunity to play American football,” Hayne said. “I’ll be a free agent. It will give me the opportunity to go over there and train and potentially, hopefully, play NFL one day.”

Hayne has been part of the Parramatta club since he was 13, and decided he needed a new challenge.

“I’m always telling people to chase their dreams and follow their hearts – if I don’t live by that I’m not being honest with myself,” he said. “I’m so passionate about the challenge that lies ahead for me, not only as an athlete but more so as a person. It’s the hardest decision I have ever had to make in my life ... but for me to grow as an athlete and a person I feel this is the right step to take.”

Hayne said if he was unsuccessful in his bid to break into the NFL and returned to rugby league, he’d rejoin Parramatta.

“I’m leaving knowing that I have signed a ‘lifetime agreement’ with the Eels, so if I return to the NRL, it will be to Parramatta,” he said.

Renowned for his acceleration and counter-attacking prowess in the rugby league, Hayne said he believes he has the skills to make it as either a punt returner or kick returner.

“I believe I have the speed, I’m a quick learner, I feel things out really quickly,” he said. “I have no doubt it’s going to be tough. Ultimately it’s a 12-month plan, going over there and trying to make a train-on team. For me to do that I need to start preparing for that around January or February.” The 2014 NFL season is underway, so he’s aiming for 2015.

Hayne travelled to the United States for a personal tour of the Seahawks and University of Washington Huskies’ operations in September, less than three months after speaking to Fairfax Media in Australia about his desire to play American football.

He had two training sessions with UTS, a Sydney-based American football team, at the end of the 2013 NRL season and said “it’s something that excites me”.

“I actually spoke to Reggie Bush in depth about it when he was over here,” he told Fairfax in July. “We were talking about different plays, what Detroit was like, what Miami was like and New Orleans was like. It interests me.”

Previously linked with moves to play Australian Rules football, Hayne – dubbed the “Hayne Plane” – was one of the most marketable and valuable properties in the NRL and could have commanded one of the most lucrative contracts in the sport.

He was crucial in leading New South Wales to its drought-breaking win in the State of Origin series this year, ending Queensland’s eight-year reign as champion in the biggest grudge match in the sport, and helped Parramatta move up the NRL standings.

Hayne’s agent, Wayne Beavis, told The Associated Press that his player’s “power and speed” made Hayne perfect for the NFL and “he’ll even be able to wear a helmet and pads”. In rugby league, no helmets are worn and shoulder gear is lightweight and optional.

Hayne said he’d been considering the move for more than two years, and thought he probably should have made his decision 12 months ago.

“I’ve known the deadline has been looming for me to make this call,” he said, “and I believe the right time is now.”

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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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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae