Munaf Patel, left, and Amit Mishra  have a heated argument.
Munaf Patel, left, and Amit Mishra have a heated argument.

Deccan halt a late charge from Pollard



MUMBAI // Sachin Tendulkar called the defeat by Mumbai Indians to Deccan Chargers last night "disheartening" after Kieron Pollard's late onslaught in their IPL game proved in vain at the Wankhede Stadium.

Some late big-hitting by Pollard and Harbhajan Singh took Mumbai to within 10 runs of the Chargers' total but their efforts proved too little too late.

"Yes, this is disheartening," Tendulkar, who made 37 off 42 balls, said.

"I thought we had controlled the game till the 19th over of the Deccan innings [when they scored 23 runs]."

The defeat drops Mumbai down to third place in the standings.

"We were doing well but we've had a couple of difficult games," Tendulkar said. "We need to go through this obstacle and stay tighter. It's good to have a bad game now than in the knockout phase."

Kumar Sangakkara, the Deccan captain, felt the four successive boundaries Amit Mishra struck off Munaf Patel in the final over of their innings turned the game in his side's favour.

"It was a 150 wicket and except for Mishy in the last over, getting into Munaf's skin a bit, that was the turning point," Sangakkara said. "Today, we played with a lot of character and passion, defending a small total."

Mishra, the tail-ender, was delighted with his contribution of 18 from six balls.

"I'm trying to work a lot on my batting," the spin bowler said before being asked about a heated exchange with Munaf in the final over of the Deccan innings. "It happens in the heat of the moment, but that exchange with Munaf charged me up.

"I felt if we try to bowl well in the first six overs we could win this. I didn't really expect the track to turn much, but [Pragyan] Ojha bowled well as well. I'm working a lot on my fitness as well."

Despite reducing Mumbai to 83 for six, Deccan were looking nervous when Pollard and Harbhajan smashed 40 in a seventh-wicket stand.

But when Pollard fell to a Michael Lumb catch off the bowling of Anand Rajan, having made 24 off 13 deliveries, there were only two balls remaining.

Harbhajan was joined by Lasith Malinga but when he was run out off the last ball Mumbai had fallen 11 short of their target. Harbhajan was left not out on 17 off 12 balls, but the Indians' total of 125 for eight fell short of Deccan's 135 for six.

Rajan proved the most prolific of the Deccan bowlers with three wickets for 27 runs from his three overs.

* Compiled by The National staff with agency

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Number of staff: 210 
 
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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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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47