Adam Voges made his belated Test debut a memorable occasion with a composed, unbeaten hundred which put Australia in command at stumps on the second day of the first Test against West Indies in Dominica on Thursday.
His 130 not out proved the cornerstone of Australia’s revival to 318 all out in their first innings at the Windsor Park Stadium after leg-spinner Devendra Bishoo had reduced them to 126 for 6 in mid-afternoon replying to the home side’s first day total of 148.
Deflated by their opponents’ rearguard which saw 192 runs added for the last four wickets, the West Indies lost both openers – Kraigg Braithwaite and Shai Hope – in stumbling to 25 for 2 in their second innings at the close, still trailing by 145 runs going into Day 3.
Bishoo finished with career-best Test figures of 6 for 80, along the way becoming only the second West Indies leg-spinner to reach 50 wickets in Test cricket.
However his effectiveness in the latter stages of the Australian rearguard was reduced by the recurrence of a finger injury to his bowling hand, causing him to leave the field for treatment on two occasions.
Voges, at 35 years and 243 days the oldest player ever to score a hundred in his first Test match, was already causing the Caribbean side considerable discomfort after the morning and early-afternoon clatter of wickets.
He reached his half-century in the first session but was clearly intent on getting many more. Support eventually came from the tailenders.
Mitchell Johnson helped put on 52 for the seventh wicket and after Bishoo removed both Johnson and Mitchell Starc in the space of three deliveries, Nathan Lyon played his part in adding 43 for the ninth wicket.
Yet that paled in comparison to what was to follow as Josh Hazlewood first ensured that Voges got to three figures before showing his own usefulness with the bat, being last out for 39 as 97 runs were flogged off a dispirited bowling attack.
The stand equalled the Australian record for the last wicket in Test matches against the West Indies.
“This is a dream come true,” said Voges in reflecting on the moment when he completed the hundred.
“You’ve got to give real credit to the lower-order guys. They played brilliantly and really didn’t need me to do too much to protect anyone.”
Earlier, Voges’s assured occupation of the crease contrasted sharply with the mayhem wreaked at the other end by the leg-spinner.
Bishoo’s guile and accuracy accounted for Steven Smith, Shane Watson and Brad Haddin in quick succession in the morning session, adding to the dismissal of Australian captain Michael Clarke late on Day 1.
“I am lot more confident in my own ability now compared to the first time I played for the West Indies,” said Bishoo in reflecting on his bowling effort.
“Despite the finger injury that’s still giving me some trouble I want to keep on going, to go from strength to strength this time around.”
Haddin’s dismissal will probably remain the lasting highlight of the day, as well as Voges played throughout an innings that occupied 247 deliveries during which he struck 13 fours and one six.
Hoisted over long-on by the wicketkeeper-batsman at the start of his innings, the leggie responded in a manner reminiscent of Shane Warne’s celebrated “Ball of the Century” for Australia against Mike Gatting of England in Manchester exactly 22 years ago to the day.
Looking to play a delivery pitched fractionally outside leg-stump, Haddin was left bemused as the ball spun across him to clip the top off the off-stump, triggering celebrations among the West Indians on the field and in the stands.
By the end of the day though, the mood was completely reversed as gloom descended over the home side after Aussie grit prevailed yet again.
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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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