DHAKA // The left-arm spinner Shakib Al Hasan claimed three wickets as Bangladesh left Sri Lanka stuttering at 172-6 before bad light stopped play early on the opening day of the first Test. Shakib added Tillakaratne Dilshan to his tally in the final session after snaring Kumar Sangakkara and Mahela Jayawardene before tea to return with tidy figures of 3-43, while Shahadat Hossain chipped in with 2-47. Sangakkara scored 43 runs before he was caught at midwicket by Mohammad Ashraful ending a 95-run stand with Michael Vandort.
Sri Lanka added two more runs before Shahadat removed Vandort for 44, the opener caught by Shakib after he had mistimed a pull shot. Shakib then bowled Mahela Jayawardene for three as a trio of Sri Lankan wickets fell for just 16 runs. "There was not that much turn at the wicket. I just tried to put the ball in one area and got some success," Shakib said. Despite the collapse, Sri Lanka believe the match is still hanging in the balance and they can get a respectable total.
"It is still evenly poised. A 300-plus total is still very much possible," said Vandort. The visitors had resumed after lunch on 27-1 with the opener Malinda Warnapura the only casualty of the fog-delayed morning session at the Sher-e-Bangla National Stadium. Warnapura was trapped leg before by the pace bowler Mashrafe Mortaza for 14 shortly after the Bangladesh wicketkeeper Mushfiqur Rahim was injured when he dropped the opener off the same bowler.
Rahim bruised his forehead attempting the catch and left the ground immediately with Zunaed Siddique taking his place behind the stumps. He returned after lunch and missed another difficult chance, this time offered by Sangakkara off Mahbubul Alam when the batsman was on 11. *Reuters
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A timeline of the Historical Dictionary of the Arabic Language
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
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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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