Jayawardene steadies Sri Lanka



COLOMBO // Unbeaten half-centuries from Mahela Jayawardene and Thilan Samaraweera gave Sri Lanka the edge on day one of the second Test against New Zealand. Jayawardene scored 79 and put on 147 runs in an unbroken stand for the fourth wicket with Samaraweera (78 not out). The pair built on a knock of 50 from Kumar Sangakkara as Sri Lanka picked up the pace to advance to 263 for three at stumps.

The Black Caps, led by captain Daniel Vettori, who claimed his 300th Test victim to become only the eighth player to achieve the 300 wickets-3,000 runs double, had kept the home side on a tight leash until Jayawardene and Samaraweera came together. Vettori, who shouldered the bulk of the bowling, gave the visitors a bright start in the morning by dismissing opener Tharanga Paranavitana in his first over.

Paranavitana, who had scores of zero and five in the first Test in Galle, began with two edged boundaries off Chris Martin, but fell for 19 when Vettori brought himself on. The captain struck with his second delivery, getting Paranavitana to push at one that drifted in slightly. Ross Taylor at slip held the edge nicely. Tillakaratne Dilshan, the cornerstone of Sri Lanka's triumph in the first Test at Galle, battled hard against an accurate line from new-ball bowlers Martin and Iain O'Brien in the morning, but fell early in the second session after having seemingly done all the hard work.

O'Brien had dropped a caught-and-bowled chance when Dilshan flayed one back to him, but the batsman lobbed another return catch to the bowler off the very next delivery to end his stay. Dilshan faced 58 deliveries for his 29 runs and struck only one boundary. Sangakkara began his innings briskly, getting off the mark immediately and sweeping Vettori through mid-wicket for a boundary. A similar shot in the next over from Vettori fetched him another boundary, while he struck a third off Jacob Oram.

Despite a defensive field, Sangakkara attempted to take the fight to the bowlers and swept Vettori through mid-wicket for another boundary to reach his half-century off 94 balls. He fell two deliveries later, sweeping straight to Oram at deep mid-wicket and helping Vettori achieve the milestone. The left-arm spinner is the second player from New Zealand after Richard Hadlee to achieve the double and he joins a list that includes England's Sir Ian Botham, India's Kapil Dev and Australia's Shane Warne.

Sangakkara's dismissal left Sri Lanka at a precarious 135 for three, but it also brought Jayawardene and Samaraweera together and the two took up the task of rebuilding. Jayawardene, playing on his home ground, had been cautious initially. His first boundary came off the 62nd delivery he faced, but he built his innings steadily against a thrifty New Zealand attack. He reached his half-century, the 34th of his career, by pulling O'Brien to deep mid-wicket, the former captain running three after the ball stopped just inside the ropes.

Samaraweera, in contrast, began with a sweetly driven boundary and was far more aggressive during his stay at the crease. The 32-year-old middle-order batsman reached his 20th half-century by hitting Jesse Ryder for a couple of boundaries, the second a touch fortunate as it flew through the slip cordon. Vettori sent down 30 overs and his two wickets came at the expense of 65 runs. * PA Sport

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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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