USA's Brian Harman tees off the 5th hole during day three of The Open at Royal Liverpool. PA
USA's Brian Harman tees off the 5th hole during day three of The Open at Royal Liverpool. PA
USA's Brian Harman tees off the 5th hole during day three of The Open at Royal Liverpool. PA
USA's Brian Harman tees off the 5th hole during day three of The Open at Royal Liverpool. PA

Harman stays five clear as Rahm makes his move at Open Championship


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American Brian Harman held his nerve with a third-round 69 to lead the British Open by five shots as Spaniard Jon Rahm soared into contention with a course-record 63 at Hoylake on Saturday.

Harman, seeking his first major title, dropped two shots in the first four holes before birdies at the fifth, ninth, 12th and 13th took him to 12 under par, five ahead of American Cameron Young and six clear of Rahm.

World number three Rahm conjured up eight birdies in a majestic display of ball-striking to give himself a chance to win his third major crown and second of the year.

"That's the best round I've played on a links golf course ever," Rahm told reporters.

"Honestly, I'm just going to enjoy the afternoon with my family. There's nothing to be done. I've done a lot of good work this week to give myself an opportunity."

Young, runner-up at St Andrews last year, quietly picked up six birdies on the way to a 66.

"My iron play has been great," he told reporters. "I've just hit a lot of greens and given myself plenty of chances. Honestly, I've putted really nicely too."

Norway's Viktor Hovland shot 66 to move to five under, level with Frenchman Antoine Rozner, Austrian Sepp Straka, Australian Jason Day and Tommy Fleetwood whose hopes of becoming the first English winner of the Open for 31 years faded with a 71.

World number two Rory McIlroy collected three early birdies before losing momentum en route to a 69 and at three under par his hopes of claiming a fifth major title at the scene of his 2014 Open triumph are hanging by a thread.

Indian Shubhankar Sharma compiled a tidy 70 to finish at four under, level with England's Alex Fitzpatrick who carded 65 to finish two shots ahead of his brother Matt, the 2022 U.S. Open champion.

Defending champion Cameron Smith of Australia made a battling 68 to end on one under, but world number one Scottie Scheffler needed two late birdies to complete a 72 and finish at four over.

American Scheffler admitted his chances of claiming a second major crown were slim.

"Unless a hurricane happens this afternoon," he said. "A hurricane and then some I think is what it's going to take for me to win.

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The biog

Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha

Favourite book: One Hundred Years of Solitude

Holiday destination: Sri Lanka

First car: VW Golf

Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters

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Walks daily as part of regular exercise routine 

France is her favourite country to visit

Has written books and manuals on women’s education, first aid and health for the family

Family: Husband, three sons and a daughter

Fathiya Nadhari's instructions to her children was to give back to the country

The children worked as young volunteers in social, education and health campaigns

Her motto is to never stop working for the country

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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Updated: July 22, 2023, 10:17 PM