Mahela Jayawardene, the Sri Lanka batsman, scored a masterful century against Zimbabwe yesterday.
Mahela Jayawardene, the Sri Lanka batsman, scored a masterful century against Zimbabwe yesterday.
Mahela Jayawardene, the Sri Lanka batsman, scored a masterful century against Zimbabwe yesterday.
Mahela Jayawardene, the Sri Lanka batsman, scored a masterful century against Zimbabwe yesterday.

Jayawardene sparks win


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Among the gladiators of Twenty20 cricket using their willows like shiny scimitars, Mahela Jayawardene seems a bit monk-like, shunning violence. There is no bludgeoning or the like associated with him and yet he can have bowlers begging for mercy. To say the Sri Lankan is a connoisseurs' delight would be a cliché; he is a Bach among the head-banging brigade and a pleasure to watch in any form of the game, particularly so in the crude new version of it for he brings finesse to it, just like he did yesterday in Guyana with a classy 64-ball 100.

Unhurried and yet with enough time to pick his spot, Jayawardene was the rock of Sri Lanka's innings in a must-win game. His century - the fourth by any batsman in Twenty20 internationals - allowed last year's finalist to post 173 for seven on the board. Rains then arrived to toughen the odds for Zimbabwe. Nine overs were lost and the African minnows were given a revised target of 106 from 11. They had reached 29 for one from five overs before a second downpour signalled the end of the match, handing Sri Lanka a 14-run win under Duckworth-Lewis and renewing their hopes of reaching the Super Eight.

Fortunately for Sri Lanka's fans, the rains held back enough to allow the minimum-needed five overs for a result in the Zimbabwe innings. And thankfully for the Asians, the clouds did not come to curtail Jayawardene's masterpiece, described as "tempting and tantalising" by one TV commentator, and "geometry and tricks" by another. "In the shortest format, I had to push a little bit with my game," said Jayawardene in a post-match TV interview. "Be a bit more innovative as well as take a few chances. But I think I am enjoying my cricket, which is the most important thing."

Despite his claims of change, Jayawardene plays more copybook than outside; all his shots are from the coaching manuals, but better executed and a lot more pleasing on the eye. No wild hoicks or slogs from him, just elegant cuts and pulls, and graceful lofts. All of those three shots were in exhibition from the first over as the Lanka opener cut Chris Mpofu's second ball and lodged the next over long-off. The final ball of the over was given a wristy dispatch to the fence through midwicket and mid-on. Another maximum followed in the next over and Sri Lanka were off to just the kind of start they needed.

At the other end, Tillakaratne Dilshan's woeful time with the bat continued, but nobody was surprised. Instead, the Lanka fans may have even been thankful that he lasted just four balls before chipping Elton Chigumbura to Mpofu at mid-off; he played 19 for three in the first match. Zimbabwe would have, however, traded that wicket and the others to follow for Jayawardene's early scalp - he had that kind of a bearing on the game. In Sri Lanka's first 50 runs, 43 belonged to Jayawardene and he reached his half-century from just 27 balls, without ever looking like shifting gears.

That, in fact, is the hallmark of his batting. He never seems to be screeching out of the blocks, with engines on a methane-fuelled rage. Instead, he cruises like a Rolls Royce, with a quiet jet engine hidden under the hood. With effortless grace, Jayawardene reached his 100 from 63 balls, hitting 10 exquisite boundaries in the essay and four glorious maximums. "Once the ball gets roughed up, it is slowing down," said Jayawardene, explaining the downtempo towards the end. "The other guys, the big-hitters, came and did their job, so I did not have to take too much risk. The important thing for me was to bat through the innings and hold it together." * Compiled by Ahmed Rizvi, with agencies

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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.”