Sangakkara hits India for six



Kumar Sangakkara struck a dazzling half-century to power Sri Lanka to a 29-run victory over India in the first Twenty20 international in Nagpur. Sangakkara hit 78 from 37 deliveries, building sizeable partnerships with Tillakaratne Dilshan (34) and Chamara Kapugedera (47) as Sri Lanka amassed 215 for five.

Opener Gautam Gambhir ensured a bright start to the India response with a knock of 55 from 26 balls, but the chase faltered after his departure. The hosts managed only 186 for nine. MS Dhoni, the India captain, chose to field and Ashish Nehra and Ishant Sharma gave India a decent start with the ball, the two restricting dangerous openers Dilshan and Sanath Jayasuriya to only 17 runs from the first four overs.

India's fielding left something to be desired, though, as Yuvraj Singh grassed Jayasuriya on four and Dilshan was dropped on 13 by Ishant, the bowler failing to hold on to a return catch. Jayasuriya smashed Nehra for five boundaries in the left-arm seamer's third over, providing momentum as Sri Lanka scored 43 in the powerplay. Ashok Dinda, playing his first international, then provided the breakthrough by removing Jayasuriya for 26, but Sangakkara swung the game the visitors' way with a blistering show.

The Sri Lanka captain, looking in excellent touch from the start, hammered Pragyan Ojha out of the attack, bludgeoning a six and two boundaries, and reached his half-century off just 21 deliveries by landing consecutive blows off Dinda. India scalped Dilshan and Mahela Jayawardene (nine) in quick succession, but Sangakkara found support in Kapugedera, the duo flaying the home attack. Kapugedera, who survived a run-out chance on 23 - Ishant again missing an easy opportunity - hit Nehra for four successive boundaries in the left-arm seamer's final over.

Sangakkara, dropped in the final over, steered Sri Lanka past the 200 mark before he was run out while attempting a second run on the final delivery of the innings. India began their reply with a required rate of just under 11 and Virender Sehwag got off the mark with a boundary. The opener was then dropped at mid-off by debutant Chinthaka Jayasinghe off the bowling of Nuwan Kulasekara, but he made only 26 before falling to the same bowler.

Gambhir then got the chase under way in earnest, smashing Lasith Malinga for four boundaries in the bowler's first over, India finishing with 77 from the powerplay.The opener reached his fifty in 19 deliveries, but was bowled as he attempted to paddle-sweep Angelo Mathews. Dhoni, who contributed only eight in a 61-run stand with Gambhir for the second wicket, was then sent back to the pavilion by Jayasuriya on nine.

Rohit Sharma was run out for three and Yuvraj (six) capped a poor show in the field with a worse show with the bat, falling to Mathews as Sri Lanka tightened their grip further. Sri Lanka's sharp performance in the field proved the difference as India slipped from 93 for one to 129 for seven. Nehra (22) landed a few hits at the end but his efforts were not enough. * With Agencies

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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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