MCC urges ICC to act on umpire DRS with Indian cricket board included



CAPE TOWN // The MCC World Cricket Committee has said it was wrong that the UmpireDecision Review System (DRS) was not used in matches involving India.

Following a two-day meeting here, the committee, consisting of leading former and current players, urged the International Cricket Council (ICC) to ensure uniformity in the implementation of the DRS.

Chairman Mike Brearley acknowledged that the power of India in world cricket was a factor. "We did discuss that general topic," he said.

"The situation about the DRS is key for us because we're focusing on the cricket and there is an example where the governance, in a very direct way, affects what you see on a cricket field.

"Because of the governance and because of the power of India and because of the fact that other countries we understand won't willingly or easily stand up to India, we have this situation that we don't like, that we have the DRS in place, which improves the accuracy of decision making, except when India are playing."

John Stephenson, the MCC head of cricket, said it was encouraging that India had called for more testing of technology. "It's being undertaken at the moment at Cambridge University with MCC staff in the background," he said.

"We're hoping that once that research has been undertaken the report will go back to the ICC and the Board of Control for Cricket in India will start to buy into it. We're hoping to get to the stage where India will have no choice but to get into line with everyone else."

The committee also expressed unanimous disappointment that the introduction of a world Test championship would not take place in 2013 and also that a total corruption-free environment will not be possible.

There is a ruthless, insidious and dangerous underworld where a lot of money can be made by gambling on cricket. There are some very unpleasant people involved and the world's professional cricketers need to know that," Brearley said.

He added that although the committee was an independent body there was interaction with the ICC, with Dave Richardson, head of ICC playing affairs, sitting on both bodies.

"The advantage and disadvantage we have is that we are approaching these questions from a cricket point of view," he said.

"We realise that other people have to be concerned about financial and political matters. We're a cricket-orientated body with a lot of experience of top-class cricket."

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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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