Schiavone books French Open last-four spot



The defending champion Francesca Schiavone battled from a set and 4-1 down to defeat Russian teenager Anastasia Pavlyuchenkova to reach the French Open semi-finals yesterday.

Schiavone, 30, who last year became the first Italian woman to win a grand slam title, clinched a 1-6, 7-5, 7-5 win in a mistake-strewn quarter-final that featured 13 breaks of serve and 79 unforced errors.

The fifth-seeded Schiavone will face the 11th-seeded Marion Bartoli of France for a place in the final. Bartoli defeated Svetlana Kuznetsova 7-6, 6-4.

"It was very difficult for me at the start of the match. I haven't been playing well on centre court, but I hope to do so in the semi-finals," Schiavone said. "To win the title again I will have to beat two great players."

Schiavone struggled in the chilly, blustery conditions on Court Philippe Chatrier in the first set. She was broken twice on her way to a 4-0 deficit in the opener before the 19-year-old Pavlyuchenkova, the 2006 world junior champion, clinched a third break in the key seventh game to take the set.

The Italian managed to win just two points on the teen's serve in a woefully under-par performance.

But her greater experience paid off in the second set when she overturned a 4-1 deficit to win six of the next seven games as the Russian's game fell apart.

A running backhand pass gave Schiavone a break in the opening game of the decider and she was soon 3-0 ahead as Pavlyuchenkova's game was made to look increasingly one-dimensional.

The Russian retrieved one of the breaks to go to 1-3, but Schiavone hit straight back to stretch to 4-1.

In a topsy-turvy final set, which featured seven breaks of serve, the Italian went to 5-1 before squandering a chance to serve for the match at 5-2 when she was broken to love.

* Agence France-Presse

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Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

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German intelligence warnings
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Source: Federal Office for the Protection of the Constitution

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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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