Kapil's team had spirit



DUBAI // It has been more than 25 years since Kapil Dev held aloft the World Cup trophy on June 25, 1983, at Lord's. A 24-year-old then, with just four years of international cricket behind him, he became an instant legend. His wide toothy smile warmed the hearts of a generation. The "Haryana Hurricane", a son of agrarian India, still carries the same rustic charm. Ask him about his most memorable moment aside from that unforgettable evening at Lord's, Kapil replies without a pause: "Being born."

The quick quip leaves his team-mates of 1983, media and guests in fits of laughter. Kapil is grinning from ear to ear, lighting up the ballroom at the magnificent Atlantis with his smile. The "Legends of Lord's" were having a ball again together last night in Dubai to celebrate the silver jubilee of that incredible win. While the captain is modest about his feat, his predecessor is effusive in his praise of India's "Cricketer of the Century".

"Kapil's leadership was phenomenal," said Sunil Gavaskar. "His innings of 175 against Zimbabwe brought us back into the reckoning for a place in the knock-out stage of the tournament. It made us believe that we could do it. That's probably the best one-day innings that I have seen." "I was just the opening batsman who went there and marked my presence," added the batting legend about his own performance in the World Cup.

Just before Gavaskar spoke, Ravi Shastri, the youngest member of that side, rose from where he was seated with Kapil, Gavaskar and the organisers and announced: "This place belongs to Mohinder Amarnath." "That sums up the kind of team spirit we had in 1983," added Gavaskar. "You will find some outstanding individual performances. But, as we all know, if you flick someone with your fingers, it is not as affective or as painful when you close our fingers together and then punch.

"And that's what happened. There were guys who might not have taken heaps of wickets; there were guys who didn't score too many runs; but everybody combined together, not just on the field, but off the field as well in terms of strategising and making sure that the morale of guys not doing well was up. "Generally, it was one of the most memorable of tours. Of course, when we won, it was the crowning glory. But the whole trip was entirely memorable because of the camaraderie that was there in the team.

"I would like to thank [organisers] Ajay [Sethi] and Imran [Khan] for making this event possible, simply because it has given us another opportunity to get together and to relive those moments and go on a nostalgia trip. "Actually, we don't go too much on the nostalgia trip; we are actually exchanging notes as to what happened. The reunion is the most important thing as far as I am concerned." Talking of that moment of triumph, Kapil admits he doesn't remember much of the final moments. "When Amarnath trapped Michael Holding lbw, we went blank in our heads," he said. "We didn't know what hit us. You do lose your mind at such moments."

As Kapil and his Devils went blank at the Lord's, they became a part of India's collective consciousness. arizvi@thenational.ae

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UAE currency: the story behind the money in your pockets

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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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Emergency

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