Shoaib Akhtar pauses during bowling at the Pakistan Cricket Academy sports ground in Lahore, Pakistan, on  July 19, 2008.
Shoaib Akhtar pauses during bowling at the Pakistan Cricket Academy sports ground in Lahore, Pakistan, on July 19, 2008.

Court adjourns Akhtar appeal



LAHORE // Shoaib Akhtar's appeal against an 18-month ban was adjourned today to allow the Lahore court judge to attend the swearing in of Pakistan's new president. "The honourable judge Zahid Hussain had to go to Islamabad to attend the ceremony of Asif Ali Zardari's swearing in as president of Pakistan on Tuesday," the Pakistan Cricket Board (PCB) lawyer Tafazzul Rizvi said. "Therefore, the proceedings of the case were not held today."

The new date for the hearing will be finalised within a couple of weeks, Mr Rizvi said. Akhtar was fined and handed a five-year ban in April by a PCB tribunal for a disciplinary breach after he criticised the Pakistan selectors. The Lahore court suspended Akhtar's ban on July 4, but did not give any ruling against the financial penalty of 7 million Pakistan rupees (Dh336,549) which was also imposed by an appellate tribunal of the PCB.

Akhtar will take the field for Surrey against Hampshire in the English County Championship at the Oval on Tuesday. It will be the right-arm fast bowler's first competitive game since he played a Test match against India in December, after which he was sidelined with a back problem. Last year, the PCB fined Akhtar 3.4 million Pakistani rupees, ordered him to undergo psychiatric counselling and imposed a 13-match international ban for hitting fellow bowler Mohammad Asif with a bat before the Twenty20 world championship in South Africa.

Akhtar has never been far from controversy in his career. In 2006 he tested positive for steroids in an out-of-competition Test before the Champions Trophy in India, but had his two-year ban overturned by an appeals committee. In 46 Test matches, Akhtar has taken 178 wickets at an average of 25.69 and 219 wickets at 23.2 in 138 limited-overs internationals. He was due to play for English County Championship side Surrey recently but was turned away by the British authorities for not obtaining a relevant working visa.

*AP

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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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