Rory McIlroy will start the third round two off leader Andy Sullivan. Paul Childs / Reuters
Rory McIlroy will start the third round two off leader Andy Sullivan. Paul Childs / Reuters

Late surge fires Rory McIlroy into Abu Dhabi HSBC Golf Championship contention



ABU DHABI // Rory McIlroy reached the penultimate hole of his delayed second round at the Abu Dhabi HSBC Golf Championship on Saturday, realised he needed to shoot up the leaderboard and promptly turned on the afterburners.

Beginning the final five holes five off the summit, McIlroy stayed there until he birdied the par-4 17th, then followed with an eagle on the par-5 18th when he very nearly holed his second shot for his first albatross in golf.

So he concluded the midway point joint-second on 8 under-par, alongside amateur Bryson DeChambeau and two strokes from Andy Sullivan.

The pep talk on 17 obviously worked, but it begs the question: if you are that good and can turn it on whenever, why not do it right from the off? McIlroy acknowledged as much.

“I said ‘let’s finish 3-3’ and I was able to,” he said. “Don’t know if I should say that to myself on the first tee: ‘OK, let’s have 18 threes here’.”

LIVE BLOG: Follow all the action from Day 3 of the Abu Dhabi HSBC Golf Championship

Of course, that sort of scoring is reserved only for dreamers and dictators. McIlroy’s second swipe on the final hole seemed the stuff of fantasy, too, when he drilled a fairway wood from 268 yards that grazed the hole and rested two feet from the cup.

In a career that already appears to have contained almost everything, including a first hole-in-one, in Abu Dhabi last year, an albatross has thus far proved elusive. For that, he simply defers to McIlroy Snr.

“I think my dad’s had a couple,” McIlroy said. “I haven’t quite caught up with him on that.”

He very nearly did.

“I’m not sure how close it came to going in,” McIlroy said. “But just happy to finish with an eagle like that, get myself up the leaderboard and stay within touching distance of the leaders. That was a nice way to finish.”

In McIlroy’s words, the birdie-eagle finish “glossed over a pretty average round”, although he confirmed his game remains in good enough shape to win. The world No 3 has come home runner-up four times in the past five years in Abu Dhabi, so he is clearly aiming to go one better this week.

He currently shares second with DeChambeau, the confident American who is making plenty of noise around the National Course. DeChambeau stands out for a number of reasons, such as his penchant for a flat cap and his college major in physics. Yet the fact his irons are cut all to the same size has certainly piqued interest. Not least with McIlroy.

“I was having a little go with his clubs this morning,” the Northern Irishman said. “He doesn’t know that. It’s obviously a technique that’s all his own and he’s got a pretty interesting background. He’s a great player and playing well. More than that I don’t really know, apart from he’s much smarter than I am.”

DeChambeau struggled to figure out the rest of his second round, though. Returning to play the back nine, following yet another fog delay, he went round in 1-over and therefore goes out in the final group late Saturday at 3.35pm.

Meanwhile, Henrik Stenson heads out just before, having finished his second round on 7-under. Rickie Fowler is one shot back, with world No 1 Jordan Spieth on 3-under following a 73.

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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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