Brian Davis called a two-stroke penalty on himself, costing him the tournament victory.
Brian Davis called a two-stroke penalty on himself, costing him the tournament victory.
Brian Davis called a two-stroke penalty on himself, costing him the tournament victory.
Brian Davis called a two-stroke penalty on himself, costing him the tournament victory.

Fans applaud golfer Brian Davis


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HOUSTON // Brian Davis has never seen anything quite like it, despite having twice triumphed on the European Tour and won the PGA Tour's qualifier in 2004. Since his remarkable act of sportsmanship in a play-off for the Heritage Classic at Hilton Head Island, South Carolina, on Sunday, the e-mails of congratulation have been pouring in from those inspired by his actions beside the 18th green.

"I've gotten more congratulations this week than when I've won," Davis said on Wednesday, on the eve of the first round of the New Orleans Classic in Louisiana. "It's a weird feeling. "E-mails started flooding in from people not necessarily golf fans, just ordinary people who heard what had happened and just wanted to say congratulations and thanks for being honest and following the spirit of the game.

"The last two days have been humbling," said Davis, 35, who is based in Florida. "I've received a lot of messages from school teachers, parents, children." The Englishman cost himself the chance to win his first PGA Tour title shortly after he had rolled in a 17-foot birdie putt on the 18th green to force a play-off with the American Jim Furyk. Furyk won at the first extra hole when Davis was given a two-stroke penalty for making contact with a loose impediment in a hazard when playing his third shot.

On his backswing, Davis barely clipped a dry reed with his club before splashing out to 30 feet and he immediately called over a rules official to clarify the situation via television replay. Having been penalised, Davis missed his long-range putt and conceded the title to Furyk. The American Charles Howell III, a double winner on the PGA Tour, applauded Davis. "In watching it, I didn't see a rules infraction at all," Howell said. "It's bizarre in the fact that you have to go to a high-speed camera and slow it down to find one.

"With the adrenaline and the nerves, I'm surprised he even felt he touched that twig. It took him away from the chance to win his first golf tournament." * Reuters

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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