Rain ruins the first day after Strauss falls



LONDON // England lost their out-of-form captain Andrew Strauss but Pakistan failed to inflict more significant damage in the hour of play possible at a damp and gloomy Lord's on day one of the fourth Test. After heavy overnight and then light morning rain had wiped out the first session, Pakistan won the toss and not surprisingly put England in to bat under heavy cloud cover.

It was an obvious opportunity for Pakistan's strong seam attack to steal a march on England as they seek victory which would square the series at 2-2 after this final match. In those circumstances, it was a slightly under-par return to shift only the England captain in a mid-afternoon and eventually stumps total of 39 for one - before bad light forced the players off and closed in terminally thereafter.

Mohammad Aamer began a disappointing passage of play for Pakistan by delivering four leg-side wides with the first ball of the match. Aamer was not to blame in his next over, though, when he had Alastair Cook edging to third slip off the back foot - only for Umar Akmal to put down a regulation chance and reprieve the opener on one. There was plenty of unpredictable movement through the air for new-ball pair Aamer and Mohammad Asif, and a touch off the pitch too. Yet Aamer was to have his hopes dashed again when Billy Bowden, the umpire, gave Cook out caught behind on nine, only for the decision review system to prove the ball had done enough to beat the outside edge.

By the time darker clouds moved in again and brought the floodlights into use, Wahab Riaz had replaced Aamer at the pavilion end. But it was to be Asif who struck when he snaked an inswinger between Strauss' bat and pad to bowl him off-stump and continue the captain's sequence of moderate returns in this series. It meant too that Cook and Strauss must bat together at least once more before they surpass Jack Hobbs and Herbert Sutcliffe as their country's most prolific opening partnership. But both openers will need to find some form before this winter's Ashes series against Australia.

Cook was going though a torrid time before his century in the third Test at The Oval while Strauss is still struggling for runs. He made 13 in 56 minutes before he was out and is now is now averaging 25.83 in the series and has gone 13 months without a Test hundred. Cook was 10 not out when play was abandoned and Jonathan Trott was on eight. * Press Association

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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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