Sport

Sangakkara shocks as he steps down as Sri Lanka ODI and Twenty20 captain

The Sri Lankan wicketkeeper-batsman resigns, citing that the team needs a captain at his peak for the 2015 World Cup.

Associated Press

April 05, 2011

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COLOMBO // Kumar Sangakkara has resigned as Sri Lanka cricket captain today, three days after losing to India in the World Cup final.

Kumar Sangakkara has stepped down as the captain of Sri Lanka’s one-day international (ODI) and Twenty20 sides and has also outlined his intention to relinquish the captaincy of the Test team.

The 33-year-old has offered to continue as Test captain for the series against England and Australia while the selectors find a successor across all formats but will no longer lead the team in shorter versions of the game.

Sangakkara, a wicketkeeper-batsman, was one of Sri Lanka’s stars at the World Cup, where they finished as runners-up to India on Saturday.

In a statement released on the Sri Lanka Cricket website, Sangakkara said: “I would like to announce that after careful consideration I have concluded that it is in the best long-term interests of the team that I step down now as national captain so that a new leader can be properly groomed for the 2015 World Cup in Australia.

“This was a decision I made prior to the 2011 World Cup.

“I will be 37 by the next World Cup and I cannot therefore be sure of my place in the team.

“It is better that Sri Lanka is led now by a player who will be at the peak of their career during that tournament.

“It has been a true honour and a great privilege to serve my country as captain during the past two years and, although bitterly disappointed that we could not win the final, I am very proud of the performances of the team.

“I met with the selectors yesterday and I explained my reasons for my decision and I assured them of my fullest support in helping our new captain settle into the leadership.

“In this regard, I have offered to continue as the Test captain for the forthcoming series with England and possibly Australia if the selectors believe this would help the new captain and aid the transition.

“I have no plans of retirement from international cricket at this stage and subject to form and fitness I would like to be considered for selection in all three formats for the foreseeable future.”

Sangakkara was named the national captain in March 2009, succeeding Mahela Jayawardene, and has since earned a reputation as one of the most dignified figures in the world game.

He is also an outstanding player, averaging over 57 in 94 Tests and 38 in 291 ODIs.

Tillakaratne Dilshan and Angelo Mathews are among those tipped to take charge of the limited-overs’ sides, while Thilan Samaraweera is being discussed as an option to lead the Test team.

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Test series fixtures

(All matches start at 2pm UAE)

1st Test Lord's, London from Thursday to Monday

2nd Test Nottingham from July 14-18

3rd Test The Oval, London from July 27-31

4th Test Manchester from August 4-8

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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.”

What She Ate: Six Remarkable Women & the Food That Tells Their Stories
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Fourth Estate

Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

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