Pakistan's captain Misbah-ul-Haq (2nd R), Junaid Khan (L) and Asad Shafiq wait for the successful third umpire decision for Sri Lanka's Mahela Jayawardene (not pictured) during the fourth day of their first test cricket match in Galle August 9, 2014. REUTERS/Dinuka Liyanawatte
Pakistan's captain Misbah-ul-Haq (2nd R), Junaid Khan (L) and Asad Shafiq wait for the successful third umpire decision for Sri Lanka's Mahela Jayawardene (not pictured) during the fourth day of their first test cricket match in Galle August 9, 2014. REUTERS/Dinuka Liyanawatte
Pakistan's captain Misbah-ul-Haq (2nd R), Junaid Khan (L) and Asad Shafiq wait for the successful third umpire decision for Sri Lanka's Mahela Jayawardene (not pictured) during the fourth day of their first test cricket match in Galle August 9, 2014. REUTERS/Dinuka Liyanawatte
Pakistan's captain Misbah-ul-Haq (2nd R), Junaid Khan (L) and Asad Shafiq wait for the successful third umpire decision for Sri Lanka's Mahela Jayawardene (not pictured) during the fourth day of their

Pakistan’s Misbah-ul-Haq backs Saeed Ajmal to come clean on suspect action


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COLOMBO // Pakistan are not worried about Saeed Ajmal’s reporting for a suspect bowling action and are confident that the ace off-spinner will be cleared, captain Misbah-ul-Haq said.

Match officials reported Ajmal to the International Cricket Council (ICC) for a suspect bowling action following the first test defeat by Sri Lanka in Galle but is permitted to bowl until his bowling is scrutinized further.

The 36-year-old, who has taken 174 wickets in 34 tests at an average of 27.79, was also reported for the same offence in 2009 but was later cleared by the ICC.

“As far as the main bowler Saeed Ajmal is concerned it has been done before and that’s not a worry for us,” Misbah told reporters on the eve of the second test in Colombo.

“He’s been through this process before and I hope he will be fine. We will just concentrate on our game and look forward to playing good cricket and try to win this test.”

Misbah blamed the lack of consistency from his side for their seven-wicket loss at Galle.

“We played well in patches. On and off we performed well and we lacked consistency and could not win every session,” the 40-year-old said.

“We want to make sure in this test it doesn’t happen with our batting and back ourselves with good bowling and fielding. We have to improve in all departments.”

The Pakistan bowlers struggled to bowl the hosts out in Galle but the captain backed his bowlers to come good.

“Their batsmen know these conditions very well. Players like Kumar Sangakkara, who is world class and in good form, when he gets set it will be very difficult for any team to handle their bowlers,” said Misbah.

“These are the reasons why it’s not easy to get these batsmen out in good batting conditions.

“We should not always blame our bowlers in good batting conditions, sometimes you play into the hands of the batsmen.”

Sangakkara scored his tenth double hundred in Sri Lanka’s first innings to move second to Don Bradman in the all-time list of test double centuries.

Misbah was also aware that getting the wicket of Mahela Jayawardene, who will play his final test, would be crucial for his side.

“Everybody knows that he is a class player and in this particular ground he has scored so many runs and so many centuries. As a team we want to get him early,” Misbah added.

“He’s a kind of player who can be a dangerous customer. You just can’t go on the records that he has not scored heavily against us. We have to be really focused on him.”

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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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