Els and the Open: a frustrating affair



Although it is the tournament he loves above all others, the British Open has seldom bestowed its unquestioned affections upon Ernie Els in return. Oh, sure, he emerged from a four-man play-off involving the Frenchman Thomas Levet and the Australian duo of Steve Elkington and Stuart Appleby to finally lay hands on the Claret Jug at Muirfield on July 21, 2002. But the unfailingly gracious South African might have been champion on any number of other occasions if it hadn't been for a lipped putt here, an unlucky bounce there.

Three times a runner-up and third on two occasions, Els describes his abiding affection for golf's most ancient trophy thus: "It's the hardest tournament in the world to win, no question, for the simple reason it just means so much whether you are born in Troon like Colin Montgomerie or in far-off Germiston like me. Whenever I stood over a six-foot putt as a kid playing against my friends, it was always the British Open that was the prize. I've won two US Opens - and you obviously take any major which comes along - but I'll never forget having to stand on the 18th green having finished second and watch the other guy hugging the jug to his chest. It gives you a bit of a sad feeling when you've narrowly failed to get your own hands on it."

The 138th Open Championship at Turnberry marked the 20th anniversary of Els's infatuation, forged from the most bitter of 'first dates' at Royal Troon in 1989 when, having arrived on the Ayrshire coast as the youngest winner of the South African Amateur Championship, he sailed through the Open qualifying rounds at neighbouring Barassie. Disappointment, however, was just around the corner. "I'd grown up reading about Gary Player and the British Open. But I'd no idea everything would be so big. Everywhere I went there were thousands and thousands of people. I went to the practice tee and it was full. All the big guns were lined up - Norman, Ballesteros, Watson, Faldo. There was only one space, right beside Jack Nicklaus. He turned round and I said: `Hi, sir, how are you?' He said something like: 'No worries, play your own game. Good luck this week' and I said: 'Thank you very much'. He hadn't a clue who I was. I was so uptight and flustered by everything that was going on around me I shot 72 and 76 and caught the next flight home."

Although he languishes at 24th in the world, it would be foolish to write off the 'Big Easy' as he is known in locker rooms around the world for a swing as sweet as chocolate sauce and his affable manner. He has recently begun working with American golf guru Butch Harmon (who set Tiger Woods on the road to sporting immortality), having severed his long-term relationship with David Leadbetter, and few would begrudge him a return to the form of old; in victory or defeat, Els is the most gracious of superstars.

As evidence, I offer two cameos from Troon five summers ago, when Els lost a four-hole play-off with the unheralded American Todd Hamilton. As he was bending down to read the line of a birdie putt that would have taken the contest into sudden death, Els glanced up at Hamilton, making his way to his own ball after a near perfect approach, and took time out to comment: "Great shot." Seconds later and a beaten man, Els was ambling towards the scorers' hut when he passed Hamilton and his four-year-old daughter, Kaylee, enjoying a celebratory cuddle. A dad himself, almost without thinking Els ruffled the tot's hair in mid-stride. A simple gesture, perhaps, but how many other players would have been so considerate when the Claret Jug had just been denied them?

rphilip@thenational.ae

AGUERO'S PREMIER LEAGUE RECORD

Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33

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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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1987

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1921

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Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

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Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

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Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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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.”

The%20Genius%20of%20Their%20Age
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Brighton 1
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Tottenham 1
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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