Rohit Sharma welcomes 'impact player' rule in IPL 2023

Mumbai Indians and national team captain Rohit Sharma welcomed the introduction of the "impact player" rule in the Indian Premier League that begins on Friday.

The T20 league has brought in a number of new regulations, the main one being the introduction of an impact player who can come in as a substitute to bat, bowl, and field. Also, only a local player can be designated as an impact player, unless there are fewer than four overseas players in the starting XI.

There are other key changes in this year's IPL as well. Now captains can name their playing XI after the toss, while sides can call for a review of no-ball and wide calls.

However, the impact player rule is one that has attracted most attention, and Sharma says it will only take the game forward.

"It's interesting to have new innovations coming into the game," Rohit said in Mumbai.

"Only time will tell what happens and how the team will cope with this new rule, but I like the idea of an impact player coming in and changing your team after the toss."

Sharma said he will get a good idea about how to use the new rules since four other matches will be played before Mumbai's opening game against Royal Challengers Bangalore on Sunday.

Mumbai's new head coach Mark Boucher also welcomed the idea of changing the team after the toss, saying it will be "quite influential".

"Especially in India, the dew plays a big part if you are playing in night time," the South African said.

This year many teams are missing a number of key players either due to injuries or partial availability. Mumbai will be without one of their biggest match-winners – fast bowler Jasprit Bumrah.

The veteran India quick is out due to a long-term back injury. Sharma said that, while it is very difficult to find a replacement for Bumrah, it will give a chance to youngsters in the squad to make a name for themselves.

"It will be a big miss," the Mumbai skipper said. "It is sad, but we do understand how big his shoes are to fill.

"There is an opportunity that is up for grabs. A lot of young players will get an opportunity and this is a platform for them to come out and express themselves."

Jerseys of all 10 teams in IPL 2023

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.”

Rohit Sharma welcomes 'impact player' rule in IPL 2023

Mumbai Indians captain says team will miss Jasprit Bumrah but says it's chance for youngsters to make mark

Jerseys of all 10 teams in IPL 2023