Virat Kohli plays a shot during an ODI against England in August. Olly Greenwood / AFP / August 30, 2014
Virat Kohli plays a shot during an ODI against England in August. Olly Greenwood / AFP / August 30, 2014

MS Dhoni and Virat Kohli among only four India holdovers for World Cup



Defending champions India on Thursday announced a 30-man preliminary squad for next year’s World Cup, picking just four players who were part of the winning combination in 2011.

MS Dhoni, Virat Kohli, Suresh Raina and Ravichandran Ashwin are the only survivors from the squad that defeated Sri Lanka in the World Cup final in Mumbai.

Among those dumped by the selectors were Yuvraj Singh, who was the player of the tournament in 2011, opening batsmen Virender Sehwag and Gautam Gambhir, seamer Zaheer Khan and off-spinner Harbhajan Singh.

The final 15-man squad will be announced next month. The World Cup is to be played in Australia and New Zealand from February 14 to March 29.

India’s 30 World Cup probables:

MS Dhoni, Shikhar Dhawan, Rohit Sharma, Ajinkya Rahane, Robin Uthappa, Virat Kohli, Suresh Raina, Ambati Rayudu, Kedar Jadhav, Manoj Tiwary, Manish Pandey, Wriddhiman Saha, Sanju Samson, Ravichandran Ashwin, Parvez Rasool, Karn Sharma, Amit Mishra, Ravindra Jadeja, Akshar Patel, Ishant Sharma, Bhuvneshwar Kumar, Mohammed Shami, Umesh Yadav, Varun Aaron, Dhawal Kulkarni, Stuart Binny, Mohit Sharma, Ashok Dinda, Kuldeep Yadav and Murali Vijay.

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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.”

World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88

Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883