Left-arm paceman Mitchell Starc said he expects Australia’s tri-series one-dayer with India in Melbourne on Sunday to continue where the recent niggling Test series left off.
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Starc was the chief destroyer in the opening game of the series against England on Friday, finishing with figures of 4-42 in Australia’s bonus point three-wicket victory at the Sydney Cricket Ground.
He ripped through the tourists’ top order with two wickets in the opening over of the match on his way to being named man of the match.
The 24-year-old left-arm quick was reprimanded by the ICC during the fourth Test in Sydney for his exaggerated send-off in the face of Murali Vijay after dismissing the opener.
It was one of several flashpoints from both sides in a highly-competitive series won 2-0 by Australia, and Starc on Saturday predicted another tough battle between the number one and two ranked sides in the world one-day standings.
“It’s been a pretty intense Test series,” Starc told reporters.
“Two great teams going hard at it and it will be much the same on Sunday.
“There will be two sets of guys doing their best to play their best and trying their hardest for their countries.
“It was a fantastic Test series to watch and to be a part of and it will be no different on Sunday.”
Starc’s four wickets against England took him past the 50 mark in his 29th one-day international and he is averaging an impressive 21.58 with the white ball.
He was publicly criticised by Test spin great and now television commentator Shane Warne during the India Test series and he admits he needs to transfer his one-day form to Test matches more consistently.
“I think in recent times I know my one-day and Twenty20 game and know what I need to do for the team,” he said.
“I guess it comes back to that confidence thing and I showed against England why I like to be taking the new ball.
“But I want to play as often as I can for Australia and if I keep bowling fast I know I can take wickets in all forms of the game.”
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THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
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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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“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
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