England's James Anderson takes the catch from his own bowling to dismiss West Indies' captain Jason Holder during day one of the first cricket Test match at the Kensington Oval in Bridgetown, Barbados, Wednesday, Jan. 23, 2019. (AP Photo/Ricardo Mazalan)
England's James Anderson takes the catch from his own bowling to dismiss West Indies' captain Jason Holder. AP

James Anderson late show dents Windies progress



James Anderson spearheaded a late England assault with the second new ball to reduce the West Indies to 264 for eight at stumps on the opening day of the first Test at Kensington Oval in Barbados on Wednesday.

With long-standing fast bowling partner Stuart Broad dropped from the final 11 to accommodate an additional spinner, Anderson took on the double role of stock and strike bowler to finish the day with the impressive figures of four for 33 from 24 miserly overs.

Three of those wickets came in an eventful final session, including two with the second new ball as a previously placid pitch suddenly offered disconcerting bounce to a West Indies middle and lower order which crumbled against the renewed energy and hostility of the visitors.

Having chosen to bat first despite selecting four faster bowlers in their line-up, including captain Jason Holder, the hosts were paced by half-centuries from Shai Hope, Roston Chase and Shimron Hetmyer to the relative comfort of 240 for four in the final session.

Anderson, the most successful fast bowler in Test history with a tally of wickets that now stands at 569, had Hope caught behind off the inside edge for 57 to claim his first wicket of what had previously been a frustrating day for the senior seamer.

"I thought it was going to be another quiet game for me at tea," said Anderson at the end of the day.

"There's encouragement for us so, no matter how flat the wicket is, if you have lateral movement that encourages you."

Chase and Hetmyer put on 56 for the fifth wicket but it was when Anderson struck again with the second new ball, Chase caught at slip by England captain Joe Root for 54, that the floodgates were opened.

He quickly added the scalps of wicketkeeper-batsman Shane Dowrich and Holder before Ben Stokes dismissed Kemar Roach to what proved the final ball of the day, Root taking his third catch of the innings at slip.

It was Stokes' third wicket of the innings after he removed obdurate opener Kraigg Brathwaite (40) and the experienced Darren Bravo, playing his first Test for more than two years, within a matter of minutes during an afternoon session shortened by a light shower.

West Indies may well have been dismissed before the end of the day had Jos Buttler not missed a simple catch at extra-cover offered by Hetmyer off Anderson when the batsman was on only three.

He resumes on the second morning on 56 carrying the hopes of the West Indies to take their total closer to the 300-run mark.

Debutant opener John Campbell had impressed at the start of the day with a stroke-filled innings of 44 off 53 balls with eight fours before becoming the only wicket to fall in the morning.

England dropped a selectorial bombshell before the start of play in omitting Broad, a veteran of 134 Tests with 433 wickets to his name, in preference for a second specialist spinner in Adil Rashid, given the expectation of greater assistance for the slow bowlers than had been initially expected in the lead-in to the match.

Sam Curran shared the new ball with Anderson but neither could effect the breakthrough with Campbell starting brightly in taking two boundaries to third man in the first over he faced from Curran.

However his aggressive intent eventually got the better of him when Moeen Ali came into the attack.

Clearly intent on beating the off-spinner off his line, Campbell swept two boundaries immediately but fell palpably leg-before in Ali's second over when the left-hander missed another attempted sweep to end an opening partnership of 53.

Notwithstanding that success, both Ali and Rashid proved expensive, conceding a combined 115 runs off 29 overs and prompting Root to utilise himself for five overs of part-time off-spin.

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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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