Tiger Woods has been frustrated by comeback delays due to back problems. Patrick Semansky / AP Photo
Tiger Woods has been frustrated by comeback delays due to back problems. Patrick Semansky / AP Photo

Golf

Golf round-up: Tiger Woods withdraws from British Open

The 40-year-old 14-time major champion said last weekend he might not return to competitive golf this year.

Agencies

July 02, 2016

LONDON // Ailing US golfing legend Tiger Woods withdrew from the British Open at Royal Troon on Friday as he continues to recover from back surgery he underwent last year.

The 40-year-old 14-time major champion – which includes three British Open titles – said last weekend he might not return to competitive golf this year.

“Tiger Woods has withdrawn from The Open and is replaced by Marcus Fraser of Australia,” a statement from the Open organisers the R&A said.

Woods, who has one definite golfing date as he is a vice-captain at this year’s Ryder Cup, said last Sunday he was working hard to get back but a definitive date for his return was not fixed.

“I would like to say next week, but I can’t,” said Woods, who has not played since last August. “It’s not fun. It’s a tough road. I know I’m getting better. I’m progressing, but still I’m just not quite ready to be out here.”

Day leads at Bridgestone

AKRON, Ohio // Jason Day made a pair of late birdies on a windy afternoon at Firestone for a 1-under 69 and a one-shot lead in the Bridgestone Invitational.

Day’s objective was to get in the lead and expand it. He took care of the first part on Friday, though the world No 1 lost a chance at some separation with a three-putt bogey on the final hole.

He was at 4-under 136 going into the weekend of this World Golf Championship, one shot ahead of David Lingmerth, who had a 67.

William McGirt, who started with a three-shot lead, kept in front until he made a double bogey on the final hole for a 74. He was two shots behind. Jordan Spieth had a 71 and was another shot back.

McIlroy comeback at French Open

SAINT-QUENTIN-EN-YVELINES, France // Rory McIlroy roared back into contention at the French Open, sinking six birdies in a 5-under round of 66 to join a five-way share of the lead.

The Northern Irishman could have taken the overall lead at the Le Golf National course – which is hosting the 2018 Ryder Cup – but a poor tee shot on the 18th hole led to a bogey.

South Korea’s Wang Jeung-hun matched McIlroy’s 66, while Thongchai Jaidee of Thailand – who was one stroke behind overnight leader Lucas Bjerregaard of Denmark – posted a 1-under 70 for a share of the lead. The other co-leaders, Mikko Ilonen of Finland and South African Brandon Stone, had 68s.

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Leap of Faith

Michael J Mazarr

Public Affairs

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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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