Golf seasons are defined by the majors, and this year was no exception.
There was a finish like no other by Charl Schwartzel in the US Masters; the redemption of the 22-year-old Rory McIlroy in a record-setting performance at the US Open; and the popularity of Darren Clarke at the British Open.
And how fitting the longest American drought in the majors was ended by Keegan Bradley, the rookie, at the US PGA Championship.
No matter where the majors are played, who wins or by how many, there is seemingly always at least one signature shot by the winner, and at least one other shot the champion finds particularly meaningful to him.
Schwartzel became the first Masters champion to birdie the last four holes, though he believes the shot most people will remember is when he chipped in for birdie from 60 feet across the first green. He chose that over the sand wedge from 114 yards that he holed for eagle on No 3 that gave him a tie for the lead.
"To be fair, the shot on No 1 was probably more difficult - far more difficult," Schwartzel said. "On that green, anything maybe 10 or 12 feet long goes over the back on the other side, and then you're staring bogey or double bogey in the face.
"If it kicks slightly left, it takes the middle part of the slope and goes off the front of the green, and then you look like a beginner."
His most meaningful shot of the final round was what appeared to be the easiest of his run of four birdies.
"I was just coming off making 10 pars in a row, and the situation that was arising required quite a few birdies," said Schwartzel, one of eight players who had a share of the lead at some point on the Sunday at Augusta National. "A lot of times you can push so hard, and a lot of times you end up making bogeys."
He hit 6-iron for his second shot on the par-five 15th and was stunned to see it release over the back of the green. He nearly holed the chip, and then made the eight-foot birdie putt. That was the start of his historic finish.
"If you miss that putt, the chances of making birdies on the other holes are slim," Schwartzel said.
"Because then you're pushing too hard. For me, that was the biggest birdie.
"I don't want to say it became easy, but it snowballed from there."
The US Open felt like one big snowball for McIlroy, who opened with a 65 and never let anyone get close for the rest of the week at Congressional. Even so, he had no trouble identifying what he considers the signature shot of what turned out to be an eight-shot win.
"The 6-iron on No 10," he said.
McIlroy was eight shots ahead of YE Yang, the same margin he had at the start of Sunday. Then again, it was on the 10th hole at the Masters where it all unravelled so quickly for him. This time, his towering 6-iron from 214 yards landed just beyond the flag and rolled down the slope to within a foot.
"I still felt the back nine at Congressional is very tough," McIlroy said. "Yang was eight behind and hit it in close. Things can go wrong very quickly at major championships. To hit that shot with Yang in close, it was a big shot for me."
But it wasn't nearly as meaningful as what happened on the opening hole of the final round.
McIlroy looked unbeatable two months earlier at Augusta National until he lost a four-shot lead in the final round and shot 80. He had an eight-shot lead at Congressional, and after his opening tee shot, received a subtle reminder of his Masters meltdown.
He had 117 yards to the hole. That was the exact yardage he had into the first hole on the final day at Augusta.
"I mean, it's just a little wedge," McIlroy said. "At Augusta, it was the first swing all week that halfway down I was like, 'Oh, don't go left.' It was a tentative swing. The pin was back left, and it was back left on the first hole at Congressional. I hit it six feet below the hole and made it for birdie. I thought, 'This feels a lot different than it did at Augusta.' It was big for me," he said. "That second shot into the first was very, very big."
Clarke will be the first to acknowledge that his most memorable and most meaningful shots at the British Open were not very good.
Rare is the British Open champion who makes it through a week on the links without the help of a good bounce, and such was the case for Clarke. He had a one-shot lead when he pulled his tee shot on the ninth hole, leaving him an awkward stance.
For reasons Clarke still does not understand, he tried to hit a 9-iron. "A totally stupid shot to play," he said.
It was heading for the two bunkers in the fairway when it took a wild hop over them and headed safely toward the putting surface. Clarke escaped with par and still had the lead.
"People have asked me about that. 'You got a huge break on Sunday'," Clarke said. "I say, 'Yeah, I got a huge break. But the way I look at it is that I played almost as good as I can on Saturday and didn't make anything.' The course gave me a little bit back."
Most meaningful to Clarke was a two-putt par on the opening hole of the final round. He tried to feed his long birdie putt down the ridge, but it did not quite make it. He still had some 10 feet left to keep his one-shot lead, and calmly sank the putt.
"That's the shot I remember," Clarke said. "That was such an important putt to hole."
No putt was bigger in the majors than the 35ft birdie putt that Bradley made on the par-three 17th at Atlanta Athletic Club in the final round of the PGA Championship.
Most thought he had thrown away his chances with a triple bogey on the 15th that put him five shots behind. He followed that with back-to-back birdies, then wound up in a play-off when Jason Dufner collapsed behind him.
"That was a pretty big moment in the tournament," Bradley said, referring to his birdie on the 17th. "That's the one putt everyone remembers. I have a vivid memory of it being 10 feet away and going in dead centre."
That moment, though, might have been set up on the previous hole.
Bradley was about the only guy who did not lose hope after his triple bogey, but he felt as though he had to make birdie on the 16th. And the only chance of that was to hit the fairway on the uphill par four.
"If you miss that fairway, you can't get to the green," Bradley said. "I hit, seriously, the most pure shot of my life. It was 10 to 15 yards farther than I had hit all week on that hole. To me, that was the most important shot of the whole tournament."
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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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