Oleksandr Usyk upsets Anthony Joshua to become world heavyweight champion

Oleksandr Usyk ended Anthony Joshua's reign as world heavyweight champion with a unanimous points decision in London on Saturday.

Promoter Eddie Hearn warned on Wednesday the fight would prove Joshua's toughest ever test - and it was a test that proved insuperable for the Watford-born fighter.

The Ukrainian triumphed 117-112, 116-112 and 115-113 on the scorecards of the three judges in just the former undisputed cruiserweight world champion's third bout as a heavyweight.

The victory extended Usyk's perfect record as a professional to 19 wins from as many bouts, and scuppered immediate plans for Joshua to fight fellow British world champion Tyson Fury in a heavyweight unification bout.

Usyk's victory saw him become just the third boxer after Evander Holyfield of the United States and Britain's David Haye to win both the cruiserweight and heavyweight world titles.

From the opening bell the Briton appeared cowed by Usyk's slicker movement and sharper punches, a hesitancy bemoaned by fellow British heavyweight Dillian Whyte.

"I said if Joshua tried to box he was always going to lose. If he had to come out and bully him and push the pace and let his hands go he could have knocked him out in the first even round," Whyte told the BBC.

"But he came out and was being too negative he seemed like a gun shy fighter. You are the bigger man, have a go.

"I don't know, he lacked ambition in the ring there tonight.

"The first round, Usyk landed the first strong blow and Joshua was a negative fighter. He got tagged with a left and he was worried the whole time."

Oleksandr Usyk celebrates after being crowned the new world champion. Getty

Nursing a heavily bruised eye and ego to match, Anthony Joshua beat a hasty retreat from the Tottenham Hotspur Stadium after the defeat, leaving the ring to the new champion who told Sky Sports the fight went as he "expected it to go".

"I had no objective to knock him out because my corner pushed me not to do that. In the beginning, I tried to hit him hard, but then I stuck to my job," he said.

"The only thing I wanted to do with this fight is to give praise to Jesus Christ.

"I have been working so hard since January in preparation for this fight, it took me half a year and I didn't see my family for so long. I missed seeing them playing. I want to go home and be happy with my family and I'm not thinking about the rematch."

If Joshua is to win the contracted rematch, he will have to radically alter his approach and throw far more punches and utilise his height and weight advantage.

In 2019 in Saudi Arabia the Briton successfully avenged his surprise defeat to the Mexican Andy Ruiz, but the immaculate Usyk is unlikely to be any easier second time of asking.

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Courtesy: Crystal Intelligence

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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.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent