Bradford Bulls' Shontayne Hape is tackled during the Rugby League World Club Challenge against Wests Tigers.
Bradford Bulls' Shontayne Hape is tackled during the Rugby League World Club Challenge against Wests Tigers.
Bradford Bulls' Shontayne Hape is tackled during the Rugby League World Club Challenge against Wests Tigers.
Bradford Bulls' Shontayne Hape is tackled during the Rugby League World Club Challenge against Wests Tigers.

Hape enjoying life on 'crash course' after conversion


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BATH // Two months ago Shontayne Hape was the darling of the English Super League, the top flight of rugby league, running in tries week after week for the Bradford Bulls. But this summer Hape, 26, opted to bring a close to a lucrative and impressive league career, in which he scored 85 tries in 136 Bulls appearances, to become the latest convert to union.

Bath's big-name summer signing will be all too aware that for every Jason Robinson league-to-union success story, there has been a Henry Paul or Karl Pryce who has drifted away. But any thought that the England-qualified centre might fail barely register with Hape. "I've come to Bath knowing I can be a success. It'd be a silly move if I didn't," he said. "That doesn't mean I'll easily slip into it. I'm well aware it could all go horribly wrong but this is the right choice for me.

"I'm learning something new every day. Since arriving here in July every day has been like being on some crazy crash course. "I have a great buzz coming to training every day and I can't wait to get stuck in." That could come as soon as Sunday, if selected for Bath's opening game of the Premiership season away to local rivals Bristol. The New Zealand-born Hape has done his utmost to be ready for the season start, even controversially buying his way out of his Bulls contract to arrive at Bath in time for their pre-season training camp in Portugal.

"I decided that if I was going to do this I had to be as professional about it as possible and that meant getting here as quickly as possible," he said. "I asked the Bulls to release me from my contract but they said no so I had no choice but to buy my way out. "That's fair enough, this is a professional world and I was breaking my contract and hopefully there's no hard feelings. There's certainly none from me - I have nothing but great memories of the place."

Perhaps his finest moments at the Bulls came in partnership with his best friend Lesley Vainikolo, another cross-coder who switched to Gloucester at the start of last season. Vainikolo played a big part in Hape heading to union. "I talked to him a lot about it. In fact my wife and I were going to be living with him and his wife in Cheltenham but it turned out to be too much of a commute to Bath every day," said Hape.

Such a living arrangement might have proved a bit too close for comfort, with Bath hosting Gloucester in the second weekend of Premiership matches. "I'm not looking forward to playing against him," joked Hape. "He's a big, big guy and I'd got used to him running at opposition rather than me." Hape has not played rugby union since he was 13, but he is already being talked about as a future England international. He qualifies on residency grounds but laughed at the suggestion.

"I'm not even in the Bath first team so let's not get ahead of ourselves," he added. "I don't need that sort of distraction at the moment. "But it's been great, well, it will be until I have to play in the winter! That's another first for me." sport@thenational.ae

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.