UAE Team Emirates rider Adam Yates celebrates after winning the Tour de Romandie on April 30, 2023. AP
UAE Team Emirates rider Adam Yates celebrates after winning the Tour de Romandie on April 30, 2023. AP
UAE Team Emirates rider Adam Yates celebrates after winning the Tour de Romandie on April 30, 2023. AP
UAE Team Emirates rider Adam Yates celebrates after winning the Tour de Romandie on April 30, 2023. AP

Adam Yates secures victory for UAE Team Emirates in Tour de Romandie


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Adam Yates won the Tour of Romandie on Sunday to secure his first title since joining UAE Team Emirates last year after finishing in the main bunch in the fifth and final stage.

A 170km ride round the lake from Vufflens-la-Ville to Geneva, ended in a mass sprint which Colombian Fernando Gaviria of Movistar won ahead of German Nikias Arndt of Bahrain Victorious and Briton Ethan Hayter of Ineos, who clinched the jersey for best sprinter.

Yates, in his first season with Team UAE, took Saturday's mountainous 'Queen' stage, claiming the overall lead and the glory of the summit triumph.

On Sunday's ride, the British rider was untroubled as his team controlled a four-man break that was engulfed by a speeding peloton an agonising 2km from the finish line.

American Matteo Jorgenson of Movistar was second overall at 19 sec thanks to his performance in Friday's time trial. Italian veteran Damiano Caruso of Bahrain was third at 27 sec as he gets ready for another Giro d'Italia.

“Credit to the guys, they controlled the race perfectly today,” said Yates. “It’s been a perfect week for us with two stage wins and the overall, so we can’t ask for much more.”

Romandie was Yates’s first competitive outing since March’s Volta a Catalunya, where he was hindered by injuries sustained in an opening day crash.

“Winning here was the plan after the little break that I had that gave me a chance to recover from my crash in Catalunya,” said the Briton.

“We knew that there was a big mountain day that I could win. It’s easier said than done and much harder to put all of the pieces together, but in the end we managed to do it.”

The Romandie race through the French-speaking region of Switzerland is a traditional warm-up for the Tour de France though it was skipped this year by the expected main contenders in July.

Yates's UAE Team Emirates colleague Tadej Pogacar, a two-time Tour de France winner, is recovering from a broken wrist after falling during the Liege-Bastogne-Liege cycling classic.

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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.”

Updated: April 30, 2023, 5:16 PM