SYLHET, BANGLADESH // Paras Khadka, the Nepal captain, says his side want to show the world they are a coming force in cricket, as well as win back the hearts of some of their own supporters at the World Twenty20.
The Himalayan nation were granted the chance to prove themselves to a wider audience after reaching Bangladesh via the qualifying event in the UAE at the end of last year.
That tournament was chiefly memorable for the extraordinary level of expatriate support for a side who remain an unknown quantity to many in the sport’s mainstream.
However, the euphoria of qualifying for their first global event was diluted soon after when the Nepal side failed to win a match in the qualifier for the 50 over event in New Zealand last month.
Despite their unprecedented success in rising through the rankings and reaching the World Twenty20, they suffered some harsh criticism after New Zealand.
It was even suggested by some that Pubudu Dassanayake, the Sri Lankan coach who has overseen their ascent, should consider resigning.
Through the hysteria, the side have managed to retain perspective and appeared to be in rich form in the 20 over format when they thrashed the UAE in Sharjah two weeks ago.
Khadka, the outstanding player in the team, insists his side can cope with the weight of expectations.
“Back home they want us to win every game we play, we understand that,” Khadka said.
“They have so much love for us that when the team doesn’t do well there will be some sort of criticism and we have to take that as players.
“We want to present a good brand of cricket and show the world Nepal is capable of playing cricket at a good level.
“Going into a World Cup, the boys are excited. They have worked hard enough, it is just a matter of performing on a particular day.”
Dassanayake believes the depth of passion the supporters have for their side is Nepalese cricket’s strength, rather than added pressure.
“After Dubai we were all happy,” said the former Sri Lanka Test player. “We had made it to a World Cup but then we were disappointed we didn’t go through in New Zealand.
“We need to prove to the world that we are a better team and that we belong at this level. We are working hard to do that.
“I can’t blame the supporters. We have done really well for the past two years, winning virtually every tournament we played, and in Dubai we did really well, too.
“We failed in New Zealand and it is understandable they were disappointed, but at the end of the day our supporters are the strength of Nepal cricket. I’m sure they will be backing the team during this World Cup.”
They begin today against Hong Kong.
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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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Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
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Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale