Steven Finn, preparing for today's ODI against South Africa, takes a moment to look back. Tom Shaw / Getty Images
Steven Finn, preparing for today's ODI against South Africa, takes a moment to look back. Tom Shaw / Getty Images
Steven Finn, preparing for today's ODI against South Africa, takes a moment to look back. Tom Shaw / Getty Images
Steven Finn, preparing for today's ODI against South Africa, takes a moment to look back. Tom Shaw / Getty Images

Steven Finn sad to see Andrew Strauss go


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Steven Finn has hailed England's outgoing Test captain Andrew Strauss for his "masterful" leadership.

Strauss announced his retirement from cricket on Wednesday, having informed his teammates via individual handwritten letters after the one-day side's defeat against South Africa on Tuesday.

Finn has known Strauss since he was a teenager, bowling to him in the Middlesex nets and going on to become a teammate at county and international level.

He said it is a sad time to see the 35 year old depart, but praised him for a hugely successful three-and-a-half year stint at the helm.

"It's obviously disappointing to see Straussy leave us as captain and leave cricket altogether," said Finn. "He was a fantastic captain and it was great to play with him for Middlesex since I was 16 or 17 years old. To grow up with him around has been fantastic. He's achieved so much in an England shirt and been such an inspirational leader for the group and for me personally.

"He was a masterful captain in the way he went about dealing with those sorts of things."

Alastair Cook, who took over the one-day captaincy from Strauss after last year's World Cup, has inherited the Test reins and Finn has no doubt he will be a success.

"Moving forward Alastair has done very well as one-day captain and we've played a great brand of one-day cricket under him," he said. "We're looking forward to doing that in the Test matches now."

Cook's immediate focus, however, is on squaring the NatWest Series against South Africa at The Oval tomorrow.

He said he was "incredibly proud" to be the new England captain. "It's a huge honour for me and I'm very excited about the challenge," he said.

Before he takes charge at Test level England still have three one-day games against the Proteas.

"It is back to trying to win a very important series against a very good side," Cook said.

"After that series I will sit down with Andy Flower [the England coach] and discuss what we are going to do."

That is sure to involve talks on whether or not the out-of-favour Kevin Pietersen will be welcome in the squad and, secondly, who should partner him at the head of the innings in Strauss's absence.

Cook was not ready to identify potential candidates but said: "It feels like all my England career I have walked out to bat with Straussy. That's a huge hole to fill."

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Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

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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Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

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