Clint McKay took four India wickets on Sunday.
Clint McKay took four India wickets on Sunday.

MS Dhoni blames poor bowling for ODI defeat to Australia



MELBOURNE // Australia opened the Tri-Series with an emphatic 65-run win over India in a rain-shortened limited-overs international on Sunday.

Matthew Wade scored 67 runs on his one-day international (ODI) debut, while the Hussey brothers contributed 106 runs as Australia reached 216 for five in a 32-over innings which included a three-hour rain interruption.

India was all out for 151 in reply, with left-arm paceman Mitchell Starc (2-33) removing openers Sachin Tendulkar (2) and Gautam Gambhir (5) in a torrid opening spell. Clint McKay (4-20) picked up four wickets, including two in his first over to end a productive, 51-run third-wicket partnership by removing Virat Kohli (31) and Rohit Sharma (21).

It was yet another lopsided defeat for India, which lost all four tests and the opening Twenty20 international before scoring its first win on the Australian tour last Friday in a T20 match at Melbourne.

"It's a really good start for us," said Michael Clarke, the Australia captain, who skipped the two Twenty20 internationals last week. "I thought Matthew Wade was outstanding. It was a very good team performance."

After breaking its drought in Australia on Friday, India should have started the Tri-Series on a high.

Instead, after winning the toss and having Australia in trouble at 19 for two, the Indian team lost momentum after the rain delay.

"We were expecting rain, but not to that extent," said MS Dhoni, the captain. "It did affect our game plan, but we bowled too many loose deliveries."

Dhoni's line-up will have to recover quickly to take on Sri Lanka in Perth on Wednesday in a rematch of last year's World Cup final. The top-ranked Australians have a break until a Friday match against Sri Lanka.

That will be the second of the three ODIs Wade was guaranteed after regular wicketkeeper-batsman Brad Haddin was rested from national duties. Wade won a man-of-the-match award in his T20 debut last week, and earned another in his ODI debut on Sunday.

His 67 from 69 ball and 73-run stand with Mike Hussey, who scored 45 from 32 balls, was instrumental in giving Australia the ascendancy after the break.

Australia was 35 for two when rain forced players off the field after 11 overs, forcing the match to be reduced to 32-overs each.

He hit four boundaries and two sixes and was finally bowled by Rahul Sharma. Mike Hussey continued with his brother, David (61 not out), until he pulled a long hop from Vinay Kumar to Virat Kohli at deep square leg.

The shambolic last over - delivered by two bowlers - cost India 19 runs. David Hussey raised his 50 with a six and then belted the last delivery - a free hit after a no-ball - for six.

With restrictions in place due to the reduced overs, limiting two bowlers to seven overs and all others to a maximum of six, Rahul Sharma delivered the first two balls of the 32nd over before umpires intervened. Praveen Kumar and Vinay Kumar (3-21) had already bowled seven overs each, meaning Rahul Sharma had already exceeded his limit.

Dhoni gave the ball to Ravindra Jadeja to bowl the last four deliveries and the Australians took full advantage with 17 runs, including a wide and a no-ball.

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Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

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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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