Hardik Pandya, left, scored 14 and bowled the crucial last over to help India beat New Zealand in Thiruvananthapuram. Aijaz Rahi / AP Photo
Hardik Pandya, left, scored 14 and bowled the crucial last over to help India beat New Zealand in Thiruvananthapuram. Aijaz Rahi / AP Photo
Hardik Pandya, left, scored 14 and bowled the crucial last over to help India beat New Zealand in Thiruvananthapuram. Aijaz Rahi / AP Photo
Hardik Pandya, left, scored 14 and bowled the crucial last over to help India beat New Zealand in Thiruvananthapuram. Aijaz Rahi / AP Photo

India edge New Zealand in rain-marred match to win first T20 series against Black Caps


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India pipped New Zealand by six runs in a rain-truncated Twenty20 thriller to win the three-match series 2-1 in Thiruvananthapuram on Tuesday.

Put into bat after steady rain had reduced the third and final match to an eight-over shootout, hosts India posted 67-5 at the Greenfield International Stadium.

New Zealand wobbled early in their chase of a modest target and eventually managed 61-6 in a contest which stood out for disciplined bowling and some exemplary catching from both sides.

Earlier, India managed only seven runs in the first two overs as Trent Boult and Mitchell Santner bowled with tremendous discipline.

Tim Southee wrecked the Indian top order in his first over, dismissing openers Shikhar Dhawan and Rohit Sharma off successive deliveries with Santner taking both the catches.

Virat Kohli made 13 off six balls before Boult took a catch in the deep off Ish Sodhi (2-23) to send back the India captain.

Manish Pandey top-scored for India with 17 before falling to a spectacular piece of fielding by Santner.

Pandey had hit Boult towards long-on where a sprinting Santner dived to take the catch but realising momentum was taking him across the rope, the fielder threw the ball to Colin de Grandhomme who was nearby to complete the dismissal.

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Like their opponents, New Zealand too lost openers Martin Guptill and Colin Munro cheaply and never really got going.

Wickets kept tumbling at regular intervals, leaving New Zealand needing 19 runs off the last over from Hardik Pandya but managing only 12.

Jasprit Bumrah (2-9) was the pick of the Indian bowlers while de Grandhomme topscored for New Zealand with 17 not out.

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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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