Harry Brook helped his side beat Hobart Hurricanes on Saturday. Chris Whiteoak / The National
Harry Brook helped his side beat Hobart Hurricanes on Saturday. Chris Whiteoak / The National
Harry Brook helped his side beat Hobart Hurricanes on Saturday. Chris Whiteoak / The National
Harry Brook helped his side beat Hobart Hurricanes on Saturday. Chris Whiteoak / The National

Cricket

Abu Dhabi T20: Steven Patterson hails Yorkshire youngsters after signing off with thumping win over Hobart Hurricanes

Tom Kohler and Harry Brook ensure comfortable win for the English side in Group A encounter at Zayed Cricket Stadium

Amith Passela
Amith Passela

October 06, 2018

  • English
  • Arabic
SCORES

Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)

Yorkshire Vikings captain Steven Patterson admitted his frustration at his side’s early exit from the Abu Dhabi T20, but insisted plenty of positives can be taken.

The English county side were eliminated before their second Group A match on Saturday after Pakistan’s Lahore Qalandars secured their spot in the final with Friday’s win over Hobart Hurricanes, having narrowly defeated Yorkshire on Thursday.

It meant Yorkshire’s impressive nine-wicket thumping of Hobart at the Zayed Cricket Stadium was inconsequential.

___________

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Abu Dhabi Twenty20: teams, fixtures, tickets and all you need to know

___________

“It’s a bit difficult for the fact Lahore won against us and qualified for the final before our second game,” Patterson said after Yorkshire’s victory over Hobart.

“It’s disappointing because we lost a close game and then we won quite comfortably today. Obviously with six teams it’s difficult to do anything differently. It’s frustrating to lose a close game and then win the next pretty convincingly.”

Despite Yorkshire’s early elimination, Patterson said the team can leave the UAE capital with heads held high and will enjoy the off-season before attention turns to next season.

“It’s the first time and the tournament has been a success so far,” Patterson, 35, said. “We can still take a lot of confidence from the way our young lads played in this tournament here.

“We are [here] after a long season and we’ll now take a break, and then regroup for the summer in England next year. Hopefully looking forward to coming back for the Abu Dhabi T20 next year.”

Tom Kohler-Cadmore, 24, (72 not out) and 19-year-old Harry Brook (42 not out) powered Yorkshire with a 99-run stand for the second wicket after restricting Hobart to 140-7 in 20 overs.

“These two young lads showed a lot of maturity and played some good cricket to take us across the line,” Patterson said. “Not only these two, but we had a lot of youngsters on this tour and they all had a go against two top teams in this tournament. I’m sure they can take this experience forward.”

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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SCORES

Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)

Abu DhabiUAE cricketCricket