Edwards and Chanderpaul fight back but India remain in control



ROSEAU, Dominica // Kirk Edwards, on Test debut, and veteran Shivnarine Chanderpaul led a West Indies fightback before India claimed three late wickets to edge closer to victory in the third and final Test.

Edwards scored 110, and Chanderpaul, making a record 133rd appearance for West Indies, gathered a resolute, unbeaten 73 that helped the hosts reach 224 for six in their second innings at stumps on the fourth day, a lead of just 81.

For close to four hours, the Indians met defiance from Edwards and Chanderpaul in a 161-run fourth-wicket stand, leading a recovery for the hosts from a perilous 40 for three.

But Harbhajan Singh brought India back into the game when he claimed Edwards and Marlon Samuels to end the day with three for 61 from 25 overs.

Praveen Kumar removed Carlton Baugh in the final over to finish with two for 29 from 15 overs.

India seemed to be on a roll when Harbhajan had Darren Bravo caught at deep mid-off for 14, but Chanderpaul joined Edwards, and they brought stability back to the West Indies.

Edwards reached his milestone in an unorthodox fashion.

He drove Munaf Patel to mid-off and, with adrenalin pumping, took off down the pitch for the single that would carry him over the threshold.

Chanderpaul sent him back and he was fortunate that the throw from the fielder to the wicketkeeper and captain Mahendra Singh Dhoni struck his left leg as he tried to regain his ground.

He was able to complete the run safely and to a cacophony of noise from a semi-packed Windsor Park, hosting its maiden Test match.

A few minutes earlier, Chanderpaul had reached 50 for the first time in the series from 153 balls, scooping a delivery to fine leg off Abhinav Mukund, peddling his uncomplicated leg-spin.

Edwards continued to soldier on but was fortunate on 104 when he swept at a delivery from Harbhajan, the ball flew from the back of the bat, but Rahul Dravid at slip failed to grab a difficult chance.

Harbhajan finally made the breakthrough when Edwards was caught behind, trying to run his 195th delivery to third man.

Harbhajan, bowling around the wicket, then removed Marlon Samuels lbw for a duck, leaving West Indies 201 for five.

India kept the pressure up until the close and Baugh was caught at extra cover for 10, driving a delivery from Kumar uppishly to the fielder.

Before tea India had run into a roadblock when Edwards and Chanderpaul made them toil, leading West Indies to 116 for three.

The Indians had a chance in the final over before the break to separate the pair when Chanderpaul edged Harbhajan to slip, but Dravid put down a sharp chance.

India's lower-order batting had again been undermined by Fidel Edwards as the visitors were dismissed for 347 about an hour and 10 minutes before the interval, replying to West Indies' first innings total of 204.

India continued from their overnight total of 308 for six, but Edwards claimed three of the last four wickets in a session interrupted by rain, finishing with five for 103 from 28.2 overs.

It was the second straight innings the West Indies fast bowler claimed five and the 10th time in his 46-match career.

Devendra Bishoo took the other scalp to end with two for 125 from 38 overs, and West Indies captain Darren Sammy supported with two for 51 from 28 overs.

India skipper Mahendra Singh Dhoni was dismissed for his side's top score of 74, adding just nine to his overnight total.

India hold a 1-0 lead in the three Test series, following a 63-run victory inside four days in Jamaica, and a draw in the second Test at Barbados.

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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.”