India bowlers put in an all-round performance to seal a tense 13-run win in the third ODI against Australia in Canberra on Wednesday.
Australia had already won the series and both teams made changes to their line-ups.
India, who lost the first two matches at the Sydney Cricket Ground, made 302-5 with all-rounders Hardik Pandya (92) and Ravindra Jadeja (66) starring in a record 150-run partnership for the sixth wicket. The pair added 110 runs in the last 10 overs, which ultimately proved crucial.
In reply, India pacers Jasprit Bumrah (2-43), Shardul Thakur (3-51) were on target as the hosts were bowled out for 289 with three balls remaining.
However, when the explosive Glenn Maxwell was at the crease Australia were on track to reel in India's total.
But Bumrah got the crucial breakthrough bowling Maxwell with a trademark yorker for 59 off 38 balls studded with three fours and four sixes.
That left Australia 38 runs away from victory with three wickets and 35 balls left, but India claimed the remaining wickets to clinch victory.
Australia won the opening two matches in Sydney by 66 runs and 51 runs, but India emphatically ended their five-game ODI losing streak – their worst since January 2016 – to pull off an exciting victory ahead of Friday's first of three Twenty20 matches against the Australians in Canberra.
India's victory was made possible by an unbroken partnership between man-of-the-match Pandya and Jadeja to swing the momentum after Josh Hazlewood once again proved Kohli's nemesis.
Hazlewood again got the measure of the India master batsman, dismissing him for 63 to put the tourists under mid-innings pressure in the dead rubber.
Kohli's exit threw down the gauntlet to Pandya, who finished top-scorer with 92 off 76 balls with some late fireworks with Jadeja, adding 76 runs in the last five overs.
Kohli was out when a review instigated by wicketkeeper Alex Carey picked up a faint spike on 'Ultra-Edge' off Hazlewood which reversed the on-field decision.
It was Hazlewood's third dismissal of Kohli in the three-match series and a massive breakthrough for the Australians who had reduced India to 152-5 in the 32nd over.
Marnus Labuschagne, promoted to open the innings in David Warner's injury absence, played on T. Natarajan for seven bringing Steve Smith early to the crease after century-plus opening stands in the first two games.
India got the vital breakthrough in the 12th over dismissing Smith, coming off man-of-the-match centuries in the first two games, for just seven to an innocuous leg-side flick off Shardul Thakur.
Alex Carey was run out by Kohli for 38, ending a productive partnership with Maxwell.
Maxwell produced a prodigious reverse sweep for six off Yadav which covered 100m high into the stands in arguably the biggest hit of the season and then he brought up his half-century with another six of Natarajan.
Bumrah ended Maxwell's fireworks to India's great relief a yorker, bowling the Australian dangerman and leaving the home side tantalisingly close to victory before India held on for a tense win.
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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.”
Killing of Qassem Suleimani
