China's men beat Germany in table tennis


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China trounced Germany 3-0 to win the gold medal in the first Olympic men's team table tennis event today. The men's victory followed the Chinese women's success a day earlier, the first two of the four-gold sweep that China are targeting in their national sport. Unlike the women, who were briefly thrown off their game by the pressure of playing at home, the men revelled in the raucous atmosphere and the outcome never appeared in doubt. China lost only two games along the way.

"This is the first time that the team event has been included in the Olympics and we were really happy to claim the first one for China," said world number one Wang Hao. "We really prepared a long time and gave up a lot waiting for this final today." With the top four players in the world all Chinese, the team competition had long been expected to be an anointment for China, leaving the rest of the world to fight for silver.

"We have a proverb in Germany, 'the final must be won'. We tried to put that in our mind before the final," said the German coach Richard Prouse. "We tried everything to find out the weak point of the Chinese players. It was difficult to find them. On the other hand, they found some weak points in the German team," he said. Wang pounced on Germany's Dimitrij Ovtcharov from his first serve, claiming the opening game in less than four minutes. His rasping topspin pushed Ovtcharov further and further off the table. Wang won 11-4 11-8 and 11-7.

Germany's top player Timo Boll managed to wrest a game off Ma Lin in the second match. Ma looked more energised than rattled by the German's stand and, playing just off the baseline, harried Boll into mistakes, taking the match 11-7 8-11 11-4 and 11-7. Boll won another game in the doubles, partnered by Christian Suss, the lowest-ranked player in the contest by some distance at 40th in the world.

Their opponents, Wang Hao and Wang Liqin, responded by layering smash on top of smash to win three straight games and the contest. "We are really happy. This (silver) is at this moment the maximum that you can reach in the team event because China is too dominant. They are the best team in the world," said Ovtcharov. Struggling Ryu Seung-min discovered his form in time to lead South Korea to the Olympic bronze with a 3-1 win over Austria. * Reuters

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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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