David Warner joined the illustrious company of Don Bradman and Victor Trumper with a Test century before lunch as rookie partner Matthew Renshaw flourished for his maiden hundred against Pakistan on Tuesday.
Warner smashed a whirlwind 18th Test hundred off 78 balls in just 117 minutes while 20-year-old Renshaw blossomed after claiming his century in 282 minutes in the third Test in Sydney.
At the close, after winning the toss, Australia were 365 for three with Renshaw taking his score to 167 and fellow newcomer Peter Handscomb on 40.
Warner became the first Australian since Bradman 87 years ago to make a century in the opening session on the first day of a Test, and the only batsman to achieve the feat in Australia.
Bradman made 105 in Leeds in 1930 on his way to 334, with fellow Australians Trumper hitting 103 in Manchester in 1902 and Charlie Macartney scoring 112 at Leeds in 1926.
Warner was finally out 20 minutes after lunch, caught behind by Sarfraz Ahmed off Wahab Riaz for 113 off 95 balls with 17 fours.
“That’s obviously an honour and privilege to be amongst the greats of the game,” Warner said.
“It’s great to be out there with those guys. Hopefully I can continue with that great start and positive approach.”
The only other player to post a century before lunch on the first day of a Test was Pakistan’s Majid Khan (108) against New Zealand at Karachi in 1976.
Warner’s knock eclipsed his previous fastest century at the SCG -- off 82 balls in last year’s Test against the West Indies.
Vice-captain Warner has now scored 5,206 runs in 60 Tests at an average of 49.11.
In contrast to Warner’s dazzling century, 20-year-old Renshaw provided the steady foil, painstakingly taking almost five hours to bring up his maiden Test century.
Renshaw fought back from a head-rattling blow on the grille of his batting helmet from speedster Mohammad Amir on 91 to go on and claim his resilient hundred.
Renshaw also successfully overturned a leg before wicket decision to leg spinner Yasir Shah on 137 when a review showed he had edged onto his pad.
It was a timely innings for the Yorkshire-born youngster ahead of next month’s demanding four-Test tour of India where he faces a challenge for his opening spot from the fit-again and vastly more experienced Shaun Marsh.
There were precious few successes on a deflating first day for the tourists after their shattering innings defeat in last week’s second Melbourne Test to lose the series.
Usman Khawaja was put down on three by Babar Azam in the gully off Imran Khan before he too was caught behind off Riaz for 13.
Skipper Steve Smith, playing in his 50th Test, was caught behind cutting Shah for 24, his lowest score of a series in which he scored centuries in each of the first two matches.
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ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
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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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match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
