The decision to hold back JP Duminy and Kedar Jadhav, their two in-form batsmen, until very late in the innings proved costly for Delhi Daredevils, who lost a rain-affected IPL clash to Sunrisers Hyderabad at the Feroz Shah Kotla in New Delhi.
After Delhi were asked to bat first on Saturday, the pair of Duminy and Jadhav got together with only 19 balls left in the innings and failed to click on the day as the home team managed only 143 for 7 in their 20 overs.
Chasing a Duckworth-Lewis target of 43 runs in five overs, Hyderabad raced to their fourth win of the season with four balls to spare and eight wickets in hand.
Delhi, currently languishing at the bottom of the points table, made three changes to their team and Kevin Pietersen promoted himself to open the innings with Quinton de Kock. Though De Kock played an uppish drive away from his body to be caught in the covers off Dale Steyn, for a moment it looked to be Pietersen’s day.
He got cracking with a punch off Bhuvneshwar Kumar to the cover fence and then lofted Moises Henriques over the long-on fence followed by a copybook straight drive.
At the other end, Mayank Agarwal, drafted in place of M Vijay, gave him good company, as Delhi’s innings seemed to have hit the right chord. However, both of them fell to Amit Mishra in quick succession.
In Mishra’s first over, Pietersen, on 35, stepped out but failed to middle a slider and Shikhar Dhawan took a regulation catch at short cover as Mishra became the second bowler after Lasith Malinga to scalp 100 wickets in the history of the IPL.
Soon after that, Agarwal (25) hit out against the spin and David Warner completed the formalities at deep midwicket.
With 11.1 overs of play left, Laxmi Ratan Shukla joined Dinesh Karthik in the middle, with Duminy and Jadhav waiting for their turn in the dugout. Shukla and Karthik added 30 runs when lightning and anticipated rain halted play, leading to the loss of close to an hour’s time.
After the game resumed, Delhi had clearly lost the momentum and the Hyderabad bowlers cashed in. They conceded just 40 runs in 41 balls and accounted for Karthik, Shukla, Duminy and Jadhav in the process.
Steyn timed his jump exceptionally well at long-off to take a smart catch inches inside the fence as Karthik’s cameo of 39 came to an end. Four balls later, Warner took another catch at midwicket to send Shukla back as Henriques finished with figures of 2 for 26.
The Duminy-Jadhav partnership lasted only 13 balls before Duminy, shuffling to scoop Bhuvneshwar to fine leg, was beaten by the pace and lost his leg stump.
Rain during the innings break left Hyderabad with a revised target of 117 runs in 15 overs. After 1.1 overs, another rain break reduced the target to 97 in 12 overs.
Hyderabad needed to be 36 without loss at the end of five overs to win the game, but in the third ball after play resumed, Shikhar Dhawan was cramped for space and cut a short delivery from Siddarth Kaul to Duminy at backward point. The end of that over brought more rain and when play resumed, Hyderabad required another 26 runs in three overs.
With 18 needed in 11 balls, Aaron Finch was bowled by Rahul Shukla, but Warner and Naman Ojha hit two sixes and a four in their unbroken 19-run stand to complete the task.
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
