Emirates Team New Zealand, right, can still split races with Oracle Team USA to lift the America's Cup. Josh Edelson / AFP
Emirates Team New Zealand, right, can still split races with Oracle Team USA to lift the America's Cup. Josh Edelson / AFP

Emirates Team New Zealand close in on America’s Cup



SAN FRANCISCO // Emirates Team New Zealand are getting closer to pushing the delete button on Larry Ellison, the software tycoon, in the America’s Cup.

On one of the liveliest days of the regatta, Dean Barker and the rest of the Kiwi crew earned a split Sunday with Oracle Team USA to move within two races of yanking the oldest trophy in international sports away from the American-based powerhouse.

The day got revving when Jimmy Spithill, the Oracle Team USA skipper, posted a tweet that some people found offensive. Spithill later deleted it.

It ended with a race that saw four lead changes, strong winds on San Francisco Bay and a shift in momentum back to the Kiwis.

“I think if you didn’t enjoy today’s racing you should watch another sport,” Barker said.

Team New Zealand, which almost capsized during a 52-second loss Saturday, lead 7-1.

Monday is a lay day. If Team New Zealand sweep Tuesday’s two races – weather permitting – they will claim the Auld Mug for the Royal New Zealand Yacht Squadron for the second time in 18 years.

Even if they continue to split races, Team New Zealand can essentially run out the clock against Oracle Team USA, who brought the America’s Cup back to the United States in 2010 after a 15-year absence.

“Exactly,” said Barker, who added that there’s “a lot of work to do still.”

Oracle Team USA, owned by Ellison, needs to win eight more races to keep the Cup. It entered the series with a two-point penalty for the biggest cheating scandal in the Cup’s 162-year history.

Oracle might have put some worry into the Kiwis by leading wire-to-wire to win Race 9 by 47 seconds, especially since changes to its catamaran and better crew work has Oracle sailing much better upwind.

It was the first time in this regatta that Oracle won consecutive races and had Ellison flashing a double thumbs-up from a chase boat.

Race 10 was even better, with four lead changes, the final one going to the Kiwis.

“That was a really big point for us, yeah,” Barker said after steering his 72-foot catamaran to a 17-second victory. “We definitely needed it.”

The Kiwis had two big moments in Race 10.

As the boats sped across the starting line in Race 10 toward the reaching first mark, Spithill had the acceleration, but his catamaran came off its hydrofoils at one point, allowing Barker to get the inside position. Barker was able to keep his 72-foot catamaran overlapped with Oracle for a four-second lead turning onto the downwind second leg.

The boats swapped leads sailing upwind toward the Golden Gate Bridge, with Oracle leading by one second at the third gate.

The boats split gybes sailing downwind. When they came together, the American boat chose to slow and duck behind the Kiwis rather than gybing on them to cover, losing more than 100 yards.

Barker kept the lead as he rounded the fourth mark and sped to the finish line just off Pier 27-29.

“It was pretty close on that final run into the finish,” said star British Olympic sailor Ben Ainslie, who replaced American John Kostecki as Oracle’s tactician on Thursday.

Oracle won Race 9 decisively even after hitting something with its port rudder before the race. The shore crew repaired the top rudder bearing before the start and was making more repairs before Race 10.

Oracle had been getting stomped by the Kiwis sailing the only upwind leg on the course, but that changed since it made changes to its wing sail and jib set-up to have the boat better balanced. The crew work also improved.

At one point on the windward leg in Race 9, as the boats zigzagged toward the Golden Gate Bridge, Ainslie was heard to say, “Lovely tack.”

Do Oracle wish they had made the changes earlier?

“We wish we’d made them about a year ago, to be honest,” Spithill said. “Then we might have found a few more. Look, this is the name of the game. This is a development boat. Like any racing sport, whether it be Formula One or MotoGP, you’re constantly learning at a race mode. We finally get to the race now and this is the most we’ve learned, really. Hindsight’s a beautiful thing, but the important thing is how you react and how you go from here on. Even after today we’ve got a heap of stuff that we’d like to do to the boat.”

On Sunday morning, Spithill tweeted a picture of a message that apparently was posted at the syndicate base to fire up the sailing team. The message included an expletive. He later deleted it after having a talk with Stephen Barclay, America’s Cup CEO.

“If you get offended easily, you should probably stay away from the social media world,” Spithill said.

He added that it was “all in good nature”.

Mentioning Kiwi wing trimmer Glenn Ashby, a fellow Australian who coached Oracle during the 2010 America’s Cup, Spithill said: “Glenn up here is one of my best mates. When we’re on the water there, probably the biggest enemies.

“When you’re on the water you want to really kill the guy, and then you come on shore, especially at the end of the competition, regardless of the result, you get together. Depending who wins, you congratulate the guy and vice versa. That’s what sport’s all about. The last thing I want to do is offend any of the guys. I’ve got a lot of mates in New Zealand.”

Ashby said he did not see Spithill’s tweet.

“I’d rather go and sit on the beach than sit at my computer on Facebook or Twitter, to be honest,” Ashby said.

sports@thenational.ae

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

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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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The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

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