Sweden's Ludvig Aberg grinded his way to a one-stroke lead after Friday's second round of the US Open while top-ranked Scottie Scheffler and other favourites struggled at punishing Pinehurst.
Sixth-ranked Aberg, a runner-up at April's Masters in his major debut, fired a one-under par 69 to finish 36 holes on five-under 135.
"I hit it very nicely," Aberg said. "It was obviously very challenging, and it's not an easy golf course to play. But I felt like we stayed very disciplined, stayed very patient, and tried to hit it to our targets."
He had been sharing the lead with France's Matthieu Pavon, but the back-nine starter closed his round with bogeys at eight and the par-3 ninth to shoot 70 and share fifth.
"Super fortunate with the way that things have turned out over the last couple days, and hopefully we'll be able to keep it up," Aberg said.
One adrift in second were 2020 US Open winner Bryson DeChambeau, fellow American Patrick Cantlay and Belgium's Thomas Detry.
Four-time major winner Rory McIlroy, seeking his first major triumph in 10 years, shot 72 to share fifth with American Tony Finau and 24th-ranked Pavon on 137 and Japan's Hideki Matsuyama, the 2021 Masters champion, was eighth on 138 after a bogey-free 66.
Pre-tournament favourite Scheffler made the cut on the number at five-over 145 after shooting 74 in the first birdie-less major round of his career.
The two-time Masters champion was undone by bogeys at the par-3 15th and 17th and a double bogey at the par-5 fifth.
"It was definitely a grind," said Scheffler. "I'm proud of how I fought. I gave myself a good chance. Today I just couldn't get the putts to fall.
"This golf course can be unpredictable at times, and maybe it got the better of me the last couple days."
Aberg, 24, sank a 30-foot birdie putt at the second hole and an 11-footer to birdie the par-5 fifth to grab the lead.
He answered a bogey at eight with a birdie at 12 but found a greenside bunker at 16 for another bogey only to have Pavon stumble late.
Pavon won in January at Torrey Pines to become the first Frenchman since 1907 to win a US PGA Tour event. He said his winning would boost French golf.
"It would mean everything. It would be huge," Pavon said. "Having someone capable to lift the trophy like that would be pretty big for me and my country."
DeChambeau made five birdies and four bogeys with a tap-in birdie at 18 keeping him solidly in the hunt.
"Was very happy with how I stayed patient, gave myself good opportunities when they mattered, and I made a lot of clutch putts coming in," DeChambeau said.
Detry, ranked 55th, matched his PGA Tour best finish with a runner-up effort in March's Houston Open.
The 31-year-old Belgian had his best major finish last month with a share of fourth at the PGA Championship.
"My confidence is good. My play is good. I feel mentally stable as well," Detry said. "I think it's going to be a fun challenge."
Cantlay shared the 18-hole lead with McIlroy after a 65.
"Was a lot firmer than yesterday," Cantlay said. "It's going to be a challenge the rest of the weekend."
Tiger misses cut
McIlroy closed with a bogey at the ninth. He also had bogeys at 11 and the par-3 15th against a lone birdie at the third.
"Had to have your wits about you," McIlroy said. "I wish I had converted a couple more of the chances. Still overall in a great position going into the weekend."
The four-time major winner from Northern Ireland played alongside Scheffler and second-ranked Xander Schauffele, who won last month's PGA Championship.
Schauffele was four off the lead after shooting 69 to stand on 139.
Matsuyama hopes to sustain his momentum.
"I was playing really great," he said through a translator. "My short game was on point. That really helped. Hopefully I can keep that momentum through the weekend."
Tiger Woods, a 15-time major winner, missed the cut on 147 after a 73 on Friday.
"Probably the highest score I could have shot today," Woods said. "Frustrating I'm not here for the weekend."
Others missing the cut included fifth-ranked Viktor Hovland and 10th-ranked Max Homa.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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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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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
