Iqbal eyes county innings



MANCHESTER // After scoring a century at Lord's on Sunday, Tamim Iqbal has set his sights on doing the same at grounds across the United Kingdom. The Bangladesh batsman will look to repeat his success in London, where he hit 103 off 100 balls, in the second Test, which starts at Old Trafford tomorrow, in the hope it will help secure him a move to English county cricket. He has not had any offers, but believes a similar performance in Manchester will strengthen his case.

"I would love to because if I can play a good season in England then I would be a better cricketer," he said. "If I keep performing in international cricket there will be lots of opportunities. I would love to play county cricket." Bangladesh received plenty of praise for their performance in losing by eight wickets at Lord's, but Iqbal made it clear there is room for improvement. "The batters did their job, the bowlers not so much but our main instrument is spin and there was nothing in the wicket," he said. "I hope here we will get some turn in the wicket. We've got Shakib [Al Hasan], who is one of the best bowlers in the world and if he bowls to his potential we'll do better. It was the first time we [have] played at Lord's for a fifth day but it would have been better if we could have got a draw."

The first Test went to a fifth day partly because of weather delays, and with rain not forecast here until Monday, Iqbal will hoping to maintain his attacking style. "Sometimes it will look fantastic but sometimes it will look ugly and I will get out first ball in the slips," he added. "But I'm happy because I'm playing my natural game. If I don't score that's fine with me because I want to play like this forever." @Email:lthornhill@thenational.ae

The National's picks

4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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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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