Stormers ready to grind out final



Allister Coetzee believes his Cape Town Stormers are going to have to be at their best next Saturday if they are to have a chance of taking the Super 14 crown from the Pretoria Bulls. The two sides will meet in the Super 14 final in Soweto, with the Bulls having home advantage thanks to topping the regular season table and then comfortably disposing of the Canterbury Crusaders 39-24 in their semi-final.

The Stormers were equally impressive in their 25-6 triumph over the New South Wales Waratahs in their last-four encounter on Saturday. But with the reigning champions now the only thing standing between his side and glory, Coetzee, the Stormers coach, is aware of the task facing his men. "We are excited and it is a great achievement for the Stormers," he told AFP in the post-match press conference.

"This is the side the media mocked in the past as a side that flatter to deceive and are a great team on paper. "But this team has matured and we're happy that we have become part of history. "This Stormers team - when they have ball in hand - they are something special. "But we have work to do next week and we respect the Bulls. They are the best team in the Southern Hemisphere and we are excited to have this opportunity.

"If you want to be champions in this competition you have to beat the Bulls, and that's what we have to do." Of the victory over Waratahs, which saw Peter Grant, their fly-half, kick 20 points, he added: "We had to grind it out. "The Waratahs started well and we had to absorb and adapt. We put them under pressure to concede penalties and it shows at the end of the day on the scoreboard. The players showed a lot of composure."

Coetzee said the final, in the unusual setting of the Orlando football stadium in Soweto, outside Johannesburg, was "a fantastic opportunity". Loftus Versfeld in Pretoria, the Bulls usual home ground, is not available because of the upcoming football World Cup. "The Bulls have been the form side this season," said Schalk Burger, the Stormers captain of next weekend's opponents. "We have been trying to follow in their footsteps but anything can happen in a final."

He added: "It's a fantastic feeling to be travelling up to Soweto next week. It's going to be tough but we are looking forward to that." The semi-final victory for the Bulls meant a lot to Victor Matfield, their captain. He completed 100 Super 14 appearances in the game against the Crusaders, and is delighted to be one game away from lifting the Super 14 trophy for a second successive season. "This ranks among the most memorable experiences of my rugby career - coming to Soweto, reaching 100 appearances and defeating a great Crusaders team," he said.

"We realised that starting slowly and giving our opponents a 15-point lead would be suicidal and so we set out to take control from the kick-off and it worked. Resting our top players last weekend also worked in our favour." * Compiled by Graham Caygill, with agencies

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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.”