Teenager brings cheer to Cavaliers with a welcome lottery draft pick win


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SECAUCUS // The Cleveland Cavaliers got a huge jump on their post-LeBron James rebuilding process, winning the lottery and the No 1 selection in next month's NBA draft.

Turning a pick they acquired from the Los Angeles Clippers into the No 1 selection, the Cavs will pick first for the first time since 2003, when they drafted James out of high school.

He left for Miami last summer and the Cavs tumbled to the second-worst record in the league, but they will have two top-four picks next month as they try to back owner Dan Gilbert's boast that they would win a title before James. They already had their own pick and acquired another at the trade deadline from the Clippers in the deal for Baron Davis.

Gilbert sent his son and "hero", 14-year-old Nick Gilbert, to the podium and the kid came up with a stunning victory, as the Clippers' pick, originally No 8, had only a 2.8 percent chance of landing at the top.

Nick Gilbert was born with Neurofibromatosis (NF), a nerve disorder that causes tumors to grow anywhere in the body at any time. He was wearing black-rimmed glasses and a bow tie and looked serious until he showed a keen sense of humor in a television interview. His father called him his "hero" for the way he has fought the disease.

"It's sort of Nick fashion. He has been doing it his whole life to some degree. I'm proud of him. I proud of the way he carried himself and I am very excited for the fans of Cleveland, Ohio who have been through a very, very rough year," Dan Gilbert said. "They deserve it more than anybody and they have some good hope now."

Minnesota will select second and Utah turned New Jersey's pick from the Deron Williams trade into the No 3 selection.

The Timberwolves continued their unbelievable lottery losing streak, falling to 0 for 14 and dropping for the eighth time. They had a 25 per cent chance of winning after finishing with a league-worst 17-65 record.

Instead the luck went to the Cavs, who are used to playing deep in the playoffs and hope they won't have to worry about this trip again.

Besides Nick Gilbert, the Cavs also brought along current Cleveland Browns Josh Cribbs and Joe Haden, dressed in the Cavs' wine and gold jerseys, and former Browns star Bernie Kosar for good luck.

They will likely decide between point guard Kyrie Irving of Duke or Arizona forward Derrick Williams as the top pick.

With the NBA down to its final four teams, 14 at the bottom of the standings made the trip to NBA Entertainment studios in northern New Jersey for what Commissioner David Stern called the league's "annual rite of renewal."

"There are a lot of teams who think they are one player away and this may be the player," Stern said during a news conference before the lottery.

And it was an important year to finish near the top. In part because of the league's uncertain labour situation, the draft is not considered particularly deep. North Carolina's Harrison Barnes and Ohio State center Jared Sullinger were among the expected lottery picks who instead decided to return to school.

But the lottery again failed to help the team that needed it most. Not since 2004, when the Orlando Magic picked Dwight Howard, has the team with the worst record picked first in the draft.

The Wolves went from second to fourth last year, but this drop could be more costly - though probably not as much as the only other time they had the best chance to win. A two-spot dive in 1992 cost them a shot at Shaquille O'Neal and they instead settled for Christian Laettner at No 3.

Then again, maybe the Cavs needed the help more. James' departure from his home state turned a 60-win power into the worst team in the Eastern Conference. Dan Gilbert was defiant when James left, but it was obvious all season his team needed plenty more firepower to live up to his tough talk.

"We'll be right back there and be competitive and build this franchise going forward," Dan Gilbert said.

Toronto and Washington dropped to Nos 5 and 6 and Sacramento, represented by Mayor Kevin Johnson, fell to No 7.

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PROFILE OF STARZPLAY

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Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

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A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

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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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