Jasprit Bumrah returns to Indian team for T20 World Cup

Fast bowler Jasprit Bumrah and Harshal Patel returned to the Indian team as selectors announced the squad for the T20 World Cup, which starts in Australia next month.

Injuries had ruled both pacers out of the squad for the just-concluded Asia Cup T20 tournament.

Fast bowler Mohammed Shami was named as standby while Avesh Khan was dropped from India's pace arsenal for the tournament to be held from October 16 to November 13.

In the absence of Bumrah and Patel, India failed to qualify for the Asia Cup final after losing to eventual finalists Pakistan and Sri Lanka in the Super 4 stage.

Bhuvneshwar Kumar and left-arm fast bowler Arshdeep Singh, who both performed decently in the Asia Cup, were the other fast bowlers named in the 15-member squad.

The selectors also named squads for the upcoming home T20 series against Australia (September 20, 23 and 25) and South Africa (September 28, October 2, October 4).

India’s top four remained intact with captain Rohit Sharma, KL Rahul, Virat Kohli and Suryakumar Yadav expected to be the top oder in Australia.

Kohli scored prolifically in the Asia Cup on his return to international cricket after a lengthy break. He finished the tournament with 276 runs in five matches that included his long awaited 71st international century against Afghanistan in the last match, along with two half centuries.

India preferred to go with all-rounder Deepak Hooda for his few overs of off-spin in Australia in the absence of Ravindra Jadeja, who injured his knee during the Asia Cup and was ruled out of the T20 World Cup.

India squad for T20 World Cup: Rohit Sharma (captain), KL Rahul (vice-captain), Virat Kohli, Suryakumar Yadav, Deepak Hooda, Rishabh Pant (wk), Dinesh Karthik (wk), Hardik Pandya, Ravichandran Ashwin, Yuzvendra Chahal, Axar Patel, Jasprit Bumrah, Bhuvneshwar Kumar, Harshal Patel, Arshdeep Singh. Standby players: Mohammed Shami, Shreyas Iyer, Ravi Bishnoi, Deepak Chahar

F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

More coverage from the Future Forum

• Remittance charges will be tackled by blockchain

• UAE's monumental and risky Mars Mission to inspire future generations, says minister

• Could the UAE drive India's economy?

• News has a bright future and the UAE is at the heart of it

• Architecture is over - here's cybertecture

• The National announces Future of News journalism competition

• Round up: Experts share their visions of the world to come

While you're here

Layla Mashkoor: How policing has changed since the US protests began

Gavin Esler: The uniquely threads that tie Rodney King to George Floyd

Colin Randall: Police suicides on the rise in France after months of protests

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.”

Jasprit Bumrah returns to Indian team for T20 World Cup

Selectors retain core of team that crashed out of Asia Cup tournament in UAE

F1 drivers' standings

More coverage from the Future Forum

While you're here