NEW DELHI // Allrounder Yuvraj Singh is in India’s squad for the World Twenty20 in Bangladesh next month despite losing favour from the selectors for recent one-day internationals.
The 32-year-old left-hander, famous for clubbing six sixes off an over from England pace bowler Stuart Broad during the inaugural World Twenty20 in South Africa in 2007, was not picked on Tuesday for the preceding Asia Cup one-day tournament also in Bangladesh. He hasn’t played an ODI for India since December.
Singh, who battled a rare germ cancer to make a dramatic return to international cricket in 2012, will appear in his fifth World Twenty20. He helped India win his first, the inaugural tournament in 2007.
Suresh Raina, too, was named to his fourth World Twenty20 squad while being dropped for the Asia Cup.
Pace bowler Ishant Sharma failed to find a place in either squad after an indifferent showing in recent limited-overs games.
Test batsman Cheteshwar Pujara has been selected for the Asia Cup but not for the T20 event.
The Asia Cup will be held from February 25 to March 8, while the World Twenty20 is scheduled from March 16-April 6.
India squad for World Twenty 20: Shikhar Dhawan, Rohit Sharma, Virat Kohli, Suresh Raina, Yuvraj Singh, Ajinkya Rahane, Mahendra Singh Dhoni (captain), Ravindra Jadeja, Ravichandran Ashwin, Amit Mishra, Stuart Binny, Bhuvneshwar Kumar, Mohammed Shami, Mohit Sharma, Varun Aaron.
India squad for Asia Cup: Shikhar Dhawan, Rohit Sharma, Virat Kohli, Cheteshwar Pujara, Ambati Rayudu, Ajinkya Rahane, Mahendra Singh Dhoni (captain), Ravindra Jadeja, Ravichandran Ashwin, Amit Mishra, Bhuvneshwar Kumar, Mohammed Shami, Varun Aaron, Stuart Binny, Ishwar Pandey.
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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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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
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