Alun Wyn Jones will captain defending champions Wales in their Six Nations opener against Italy on Saturday, with Sam Warburton on the bench, the Welsh Rugby Union announced on Tuesday.
Ospreys skipper Jones, who last captained Wales against Italy in 2009, leads a side bidding to win an unprecedented third consecutive Six Nations crown.
He takes over from Cardiff Blues flanker Warburton, who recently spent two months on the sidelines with a shoulder problem.
Jamie Roberts of Racing-Metro returns at centre after missing last year’s November Tests due to injury, with the Scarlets’ Rhys Priestland edging out Dan Biggar of Ospreys at fly-half.
Bath prop Paul James replaces injured Cardiff front-rower Gethin Jenkins and Perpignan’s Luke Charteris takes over from the suspended Ian Evans in the second row.
“We are looking for a good start,” said head coach Warren Gatland in a statement released by the WRU. “We started slowly last year (losing 30-22 at home to Ireland) and know we need to be ready from the off.
“Italy started last year’s tournament with a win over France so they will be ready on Saturday and we need to start well and build confidence and momentum.
“It’s a strong, experienced side, but there was a lot of discussion about the selection, which is a great position to be in as a coach. We’ve almost everyone fit for selection, which is pretty rare.
“Alun Wyn will lead the side, with Sam starting on the bench and he has come through training well.”
Joining Warburton among the replacements is Ospreys scrum-half Rhys Webb, who is named in a Six Nations match squad for the first time.
Wales team announced on Tuesday to play Italy in the opening Six Nations match at Cardiff’s Millennium Stadium on Saturday:
Wales (15-1)
Leigh Halfpenny; Alex Cuthbert, Scott Williams, Jamie Roberts, George North; Rhys Priestland, Mike Phillips; Taulupe Faletau, Justin Tipuric, Dan Lydiate; Alun Wyn Jones (capt), Luke Charteris; Adam Jones, Richard Hibbard, Paul James
Replacements: Ken Owens, Ryan Bevington, Rhodri Jones, Andrew Coombs, Sam Warburton, Rhys Webb, James Hook, Liam Williams
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
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All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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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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