Tests to remain 'soul of game'



DUBAI // Gary Kirsten, the India coach, has brushed aside fears that Twenty20 competitions like the Indian Premier League (IPL) could diminish the country's pool of Test cricketers, saying the five-day format will always be the pinnacle of the sport. Rahul Dravid, one of Test cricket's foremost batsmen, recently said that young Indian cricketers lacked the "all-consuming desperation" to succeed in the longer version of the game because of the growing appeal of events like the IPL.

Kirsten, however, suggested the IPL can benefit Indian cricket by improving their Twenty20 game without infringing on, or harming, the future of Tests. "We are moving into the modern world of sport and T20 is a very important component of it," said Kirsten. "It is really up to the individuals to decide how they want to be remembered, what legacy they want to leave behind. "I would say 90 per cent of the cricketers that I have spoken to want to be remembered as great Test cricketers, and I think it is exciting for the game.

"We want to maintain Test cricket as the soul of the game and what it stands for. "We understand that T20 plays a very important role in the game and you are going to have specialist T20 cricketers. We need to accept that." The third season of the IPL will begin next week and Kirsten said he would be in attendance for some of the games to take notes with one eye on the World Twenty20, which starts on April 30 in the West Indies.

"That's probably been our worst area of performance, the T20 World Cup, and we've got a bit of work to do there," added Kirsten. "We've got some ideas on how we want to take it forward. But it's been an area we realise we need to have a re-look at our strategies, re-look at our thinking and game plans. "We will use this IPL time as a vehicle or platform to see what players are able to do the things that we need to do in a T20 game."

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.”

Results

6.30pm: Maiden Dh165,000 (Dirt) 1,200m

Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Handicap Dh170,000 (D) 1,200m

Winner: Way Of Wisdom, Connor Beasley, Satish Seemar.

7.40pm: Maiden Dh165,000 (D) 1,900m

Winner: Woodditton, Connor Beasley, Ahmad bin Harmash.

8.15pm: Handicap Dh185,000 (D) 2,000m

Winner: Secret Trade, Sandro Paiva, Ali Rashid Al Raihe.

8.50pm: Handicap Dh185,000 (D) 1,600m

Winner: Mark Of Approval, Antonio Fresu, Mahmood Hussain.

9.25pm: Handicap Dh165,000 (D) 2,000m

Winner: Tradesman, Pat Dobbs, Doug Watson.

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