All good things come to an end, and so did Royal Challengers Bengaluru’s incredible run in this year’s Indian Premier League.
After losing seven of their first eight matches, Bengaluru were getting ready to pack their bags and plan for the next season, aiming to use the remainder of the tournament to simply assess who to retain next year.
With their backs to the wall and against incredible odds, RCB went on a run of six wins on the bounce, including a cathartic win over Chennai Super Kings that gave them the last playoffs spot at the expense of their extraordinarily successful neighbours.
Maybe this was the year the stars finally aligned for the team with the arguably most ardent fan base in franchise cricket. But the Eliminator against Rajasthan Royals on Wednesday quickly put an end to any bubbling ambitions as Bengaluru exited the tournament following a four-wicket loss.
With the season done and dusted, we take a look at the way forward for the franchise ahead of the mega auction next year where all teams will hit the reset button and get a chance to rebuild their squad from the ground up.
Trust in Kohli
Virat Kohli still dominates the headlines one way or the other. Even if he scores runs, questions are then raised about his strike rate or apparent struggles against certain kinds of spin. The bottom line is Kohli amassed 741 runs from 15 innings at an average of 61 and a strike rate of almost 155. That is stupendous by any metric.
The 35-year-old easily has three to four more years of top level batting left in him and even diminishing returns would produce a 500-run season. Whatever RCB do, just let Kohli be and allow him to galvanise the squad in his own way – either with the bat or through his emotions on the field. He is the glue that binds the franchise together.
Focus on local talent and bowling
One of the biggest mistakes RCB have made over the years is focusing on established stars and batting, while almost neglecting bowling and backing local players.
Teams like Kolkata, Hyderabad and Rajasthan have invested heavily on local players, especially those unknown at international level, and they have delivered at various stages this year. Abhishek Sharma, Harshit Rana, Nitish Reddy and Riyan Parag are some of the beneficiaries of that backing.
It is simple mathematics. A playing XI can have at most four overseas players, which means the majority of your squad has to be sourced from India. Everyone knows who the best foreign players are – they play round the year in other franchise leagues – but it takes highly insightful talent spotters to select and then back cricketers who only get to showcase their talents in local tournaments that are not always televised.
Players such as Mahipal Lomror, Swapnil Singh and Vijaykumar Vyshak should have been central to their plans this year from the start but the team's focused remained on bigger names.
Also, they need to accept the adage that batsmen win matches, bowlers win tournaments. RCB have regularly picked one of the weakest bowling units in the tournament and with the impact player rule, their frailties have been exposed further. At least two established T20 specialists in the bowling line-up are a must.
Captaincy conundrum
Not every overseas captain can be as good and reliable like Pat Cummins. What happens more often than not is that a non-Indian skipper blocks one of the four overseas spots in the XI irrespective of his form and he generally does not have a proper understanding of the local players.
Faf du Plessis has played a huge role in helping RCB turn their season around this year, but the fact is that he is almost 40 and the runs are not flowing as freely as they used to. The wise move now would be to appoint a new captain, preferably an established Indian name.
They can easily go back to Kohli simply because the passion is still there and he offers undoubted leadership quality. However, if RCB want to move ahead in a new direction, a couple of big names could be available next season.
Lucknow Super Giants and KL Rahul are not on the best of terms, especially after their owner admonished Rahul on the ground after their defeat to Hyderabad. Also, Mumbai Indians quick Jasprit Bumrah could well ask to be released from the disjointed team as he is guaranteed to become the most expensive player if he enters the auction and could also demand leadership position.
Both players would be good options for the franchise to work alongside Kohli.
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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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