Indian bowler Jasprit Bumrah, right, is congratulated teamate Kedar Jadhav after taking the wicket of Zimbabwe batsman Vusi Sibanda. REUTERS/Philimon Bulawayo
Indian bowler Jasprit Bumrah, right, is congratulated teamate Kedar Jadhav after taking the wicket of Zimbabwe batsman Vusi Sibanda. REUTERS/Philimon Bulawayo
Indian bowler Jasprit Bumrah, right, is congratulated teamate Kedar Jadhav after taking the wicket of Zimbabwe batsman Vusi Sibanda. REUTERS/Philimon Bulawayo
Indian bowler Jasprit Bumrah, right, is congratulated teamate Kedar Jadhav after taking the wicket of Zimbabwe batsman Vusi Sibanda. REUTERS/Philimon Bulawayo

Barinder Sran, Jasprit Bumrah and India thump Zimbabwe by 10 wickets to level T20 series


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HARARE, Zimbabwe // Barinder Sran and Jasprit Bumrah shared seven wickets to set up India’s thumping 10-wicket win over Zimbabwe on Monday to level the Twenty20 series at 1-1.

Sran had 4-10 and Bumrah 3-11 as India restricted Zimbabwe to 99-9 in its 20 overs at Harare Sports Club.

India reached the victory target with nearly seven overs to spare and without losing a wicket. Mandeep Singh was 52 not out and fellow opener Lokesh Rahul 47 not out, with the pair comfortably taking India to 103-0.

India’s heavy win went some way to regaining some lost pride after a surprise defeat in the first T20 over the weekend, and sets up a series decider in the final T20 on Wednesday.

Related: India fast bowler Mohammed Shami gives pink cricket ball green signal, and Sri Lanka paceman banned

Read also: With returns of Amir and Yasir, Pakistan can end 20-year drought in England

India is touring Zimbabwe with a relatively young team under the guidance of Mahendra Singh Dhoni, and easily swept the one-day international series 3-0 before a last-ball loss in the opening T20 on Saturday.

This time, left-arm seamer Sran put India on course for victory in the second of three games, returning his outstanding figures on his T20 debut.

He claimed Zimbabwe’s first four wickets in the first five overs, as the home team slumped to 28-4. Sran removed Hamilton Masakadza, Sikandar Raza and Tinotenda Mutombodzi all in the same over and in the space of five balls.

Fellow seamer Bumrah dismissed Zimbabwe’s top scorer, PJ Moor, for 31. Starting with Moor, India took four Zimbabwe wickets for 16 runs at the end as the Zimbabweans fell to reckless shots.

There was little trouble for Mandeep and Rahul, with Mandeep slicing a cut shot away over point for four off the last ball to make sure he finished with a half-century, his first in internationals.

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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.”

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

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