Delhi have Gilchrist's respect



Virender Sehwag versus Adam Gilchrist, Tillakaratne Dilshan versus Andrew Symonds and AB de Villiers versus Herschelle Gibbs. It cannot get much better than when these players come up against each other today. The Delhi Daredevils' game against the Deccan Chargers has all the trappings of a Bollywood blockbuster. After successive defeats to the Mumbai Indians and Chennai Super Kings, the Daredevils will have to lift their game when they face the Chargers, and their stand-in captain Dinesh Kartik hopes Dilshan and de Villiers will start firing.

"Dilshan and AB did well for but they have been slow starters this year," said Karthik. "We need to have patience with them. Dilshan is the T20 Player of the Year and we know AB's ability. It is a matter of time and they will come back with big scores." Gilchrist, the Chargers captain, is aware of the danger provided by the opposition, particularly of Sehwag's power hitting but he does not just think only of one batsman. "Viru is an absolute beauty to watch," he said.

"We will obviously keep him in mind in our game plan. But we will have the whole batting line-up in mind. Sometimes you think we have got the danger man out but then someone else chips in, and the Daredevils have that kind of players." Deccan have won their last two games after defeat to Kolkata Knight Riders. "We need to maintain a good position from the onset," Gilchrist said. "We have had the same XI for the last three games and now we will have to look for some changes. It is a long tournament and we will adopt a rotation policy."

The Chennai Super Kings will be at home to Kings XI Punjab, who would be looking to get off the block, in the late game. Deccan Chargers v Delhi Daredevils (2.30pm start) and Chennai Super Kings v Kings XI Punjab (6.30pm start) on CricOne

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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.”

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

MATCH INFO

Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)

Arsenal win 5-4 on penalties

Man of the Match: Ainsley Maitland-Niles (Arsenal)