Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
Jeet Raval believes a 250-plus first-innings total would pose a challenging score for Pakistan after New Zealand finished the first day of the deciding Test match in Abu Dhabi on 229-7.
The left-handed opener's 45 was the second highest score of New Zealand innings behind Kane Williamson's 89.
Raval said it was a good toss to win and expected the wicket to be harder to bat on as the game progressed.
“From our judgment it’s going to get harder and harder,” he said. “I think we got a decent score in the first innings and add a few more tomorrow morning, and then put Pakistan under pressure in their first innings.
“Obviously we want to score as much as possible. Around 250-plus will be awesome.”
BJ Watling, who batted for more than four hours for a fighting 180-ball 42 not out, and William Somerville (12) were at the crease when play was called for the day.
“I think the boys did a fantastic job today, and hopefully BJ and Somerville, on his debut, can carry on the good work when they resume their innings tomorrow morning.”
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New Zealand lost an early wicket to Test debutant Shaheen Afridi, who had Tom Latham trapped lbw on his third over.
Raval and Kane Williamson added 46 for the second wicket before Yasir Shah produced another devastating spell by taking three wickets in 14 deliveries to leave the visitors on 72-4 shortly before lunch.
Pakistan went wicket-less in the middle session before a double blow from Bilal Asif, who took two wickets in seven balls, had New Zealand in bother again.
Raval said the pitch at Zayed Cricket Stadium offered uneven bounce.
“As the game goes on it’s going to be more variable and hopefully that works to our advantage, especially if have to bowl last on this wicket,” added Raval.
“If we can give them a good run to chase I’m sure we’ll be in a good position in the fourth innings.”
The Pakistan off-spinner Bilal offered an alternative analysis to Raval’s assessment of the pitch.
“The wicket is not that helpful and we got wickets because of our efforts,” Bilal said.
“Otherwise this wicket is better than the last two Test wickets we played on. We will try to get them out as early as possible as this match will depend on our first innings total.
“I have been a bit unlucky and not getting wickets but I have been trying hard to improve day by day. I’m trying to do what is good to improve at the international level.”
Williamson occupied the crease for nearly four hours for his 176-ball 89. The Black Caps captain struck seven boundaries but these were the bright points in a day when defence came first.
The normally robust and aggressive Kiwi curbed his attacking instinct as he attempted to carve out a first innings that might give his side some leverage in the match. The scoring rarely got above two an over.
He Williamson shared a 104-run stand for the fifth wicket with Watling after Yasir had claimed his three wickets. Yasir, who has figures of 3-26, needs another two wickets to complete 200 wickets and claim the record in his 33rd Test.
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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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Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat