England send India home



LONDON // Graeme Swann proved to be the joker in England's pack as the host nation broke the hearts of the Blue Billion in the World Twenty20 at Lord's. The off-spinner, 30, finally made his Test debut in Chennai at the end of last year, eight years after his hastily-aborted first attempt at the international game. He has since established himself as a key player in all three forms of the game, as well as the England dressing room, and struck the vital blow here to send the defending champions India crashing out. Swann claimed the crucial wicket of Yuvraj Singh with a brilliant piece of spin bowling, beating India's star batsman in the flight and having him adroitly stumped by James Foster, another of England's renaissance men.

It destabilised India's run chase at the critical point and they ended up three runs short. England will earn a place in the World Twenty20 semi-final if they beat the West Indies at the Oval in their final pool match, while India have an early flight home. Earlier, Harbhajan Singh had rolled back the years to evoke memories of one of India's greatest glories, in the NatWest Series final at the same ground against the same opposition in 2002. The Punjabi spinner was a mere youth when he played in that stirring final at cricket's traditional home. Seven years on, he is a mainstay of Team India in a format of the game which had not yet even been conceived back then. The feisty Harbhajan, who went wicketless then, led the attack this time, and picked up three for 30 in a spell which was only sullied by the concession of five wides twice, with both arriving off the final ball of an over. His spell punctured England's early momentum, which had been garnered via the usual route, Kevin Pietersen, who made 46 from 27 balls.

When he went, the very ball after launching Ravindra Jadeja into the top tier of the Grandstand, the home nation were on 92 for three. They stumbled to 153 for seven by the end of the 20 overs. Ryan Sidebottom, arguably England's most visibly passionate cricketer, revelled in his return to the side after a long stint on the sidelines, initially through injury. When the reply began, he picked up the first two Indian wickets, both off his rarely used bouncer. Rohit Sharma went back cheaply after playing on attempting to hook. Suresh Raina, a fierce-hitter who has long had question marks over his aptitude against the short-ball, continued to look shaky when England's new-ball bowlers pelted him. He just fended off Jimmy Anderson the over before, then Sidebottom struck straight after, inducing a top-edge from a pull.

Notably, Sidebottom's pace at that time hovered around the 90mph mark, as the adrenalin coursed through him. He usually operates around 78mph. England had their hand on the jugular with India on 40 for two after seven overs, then Collingwood made the curious decision to bring on Kevin Pietersen. His brand of part-time off-breaks were easy prey for players weaned on spin, and they helped themselves to nine from his over. There have been worse overs in the tournament, but it gave the chase some much-needed impetus. It was given a further shot when Yuvraj came to the wicket in the 11th over with the score at 62 for three. He hit a majestic six off the first ball he faced, off Dimitri Mascarenhas's medium pace. However, when Swann ended his innings of 17 off nine balls, which included two maximum, India's knock seemed to be in terminal fall. So it proved as Sidebottom bowled England to a thrilling victory. pradley@thenational.ae

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MATCH INFO

 

Maratha Arabians 107-8 (10 ovs)

Lyth 21, Lynn 20, McClenaghan 20 no

Qalandars 60-4 (10 ovs)

Malan 32 no, McClenaghan 2-9

Maratha Arabians win by 47 runs

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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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