Sport

Afridi Test return in UAE possible

Pakistan all-rounder could fill a gap as limited-overs captain feels 'seniors have to play our role' in times of crisis.

Pakistani expatriates in the UAE could witness Shahid Afridi make a dramatic return to Test cricket next month. Afridi, 30, who is captain of the limited-overs side, announced his retirement from Test cricket following the defeat to Australia in England in July, citing a lack of temperament for the longer form of the game.

However, the swashbuckling all-rounder has not ruled out the possibility of coming out of retirement to return to the Test team again for the series against South Africa in the UAE starting next month. With Salman Butt, the Test captain, and bowlers Mohammed Asif and Mohammed Aamer suspended by the International Cricket Council (ICC) following allegations of spot-fixing, the Pakistan Cricket Board, could be forced to turn to the national sporting hero.

"I will speak to the chairman of the board but there is no doubt Pakistan cricket is going through a difficult phase and we seniors have to play our role in getting the team out of this crisis," Afridi said. Meanwhile, the England and Wales Cricket Board yesterday demanded a "full and unreserved apology" from Ijaz Butt, the PCB chairman, for his allegations that England players had engaged in match-fixing.

"Mr Butt has been advised that if a satisfactory response is not received, legal proceedings will be commenced against him without further notice," an ECB statement said. The threat follows an interview given by Butt to a Pakistan television channel after England lost the third one-day international against Pakistan at the Oval last Friday. Butt said there had been "loud and clear talk in bookies' circles that some English players were paid enormous amounts of money to lose [Friday's] match".

Also, Monty Panesar, the left-arm spinner, was handed a chance to resurrect his Test career while Chris Tremlett could join a towering pace attack after both were named in England's squad to tour Australia this winter. Panesar, whose last Test was the first match of the 2009 Ashes series, got the nod as back-up spinner to Graeme Swann. * Agencies

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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.”

The BIO

Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.

Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.

Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.

Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.