Phil Mickelson, the world No 2, baulks at the suggestion that he will be remembered as much for his five (and running) US Open near misses as those three Augusta green jackets.
Phil Mickelson, the world No 2, baulks at the suggestion that he will be remembered as much for his five (and running) US Open near misses as those three Augusta green jackets.
Phil Mickelson, the world No 2, baulks at the suggestion that he will be remembered as much for his five (and running) US Open near misses as those three Augusta green jackets.
Phil Mickelson, the world No 2, baulks at the suggestion that he will be remembered as much for his five (and running) US Open near misses as those three Augusta green jackets.

'Lefty' Mickelson could get it right this season


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When last year's US Open at Bethpage Black produced a three-way tie for second place behind Lucas Glover, the surprise champion, the organising committee found themselves in a disturbing three-into-two-won't-go situation. Phil Mickelson offered a swift solution to the embarrassing conundrum. "Give the medals to Ricky Barnes and David Duval - I've got enough already," was the message from a despairing but gracious world No 2 as he came to terms with yet another miss in the major championship he and his peers consider the most difficult to win.

Mickelson can never be accused of being a big occasion choker, having won the Masters for the third time - his fourth major triumph - in such emotional fashion earlier this year and having accumulated 46 titles, 38 of them on the PGA Tour during his eight years as a professional. However, he baulks at the suggestion that he will be remembered as much for his five (and counting) US Open near misses as those three Augusta green jackets and a host of other accolades.

Mickelson, who continues to be distracted from his professional duties by the plight of his cancer-stricken wife Amy, turned 40 yesterday. That is an age where "life begins" for men of various vocations, but for top-class sportsmen it is a landmark that tends to signal the beginning of the end. Golfers usually stick around longer than their leading counterparts in other sports - Jack Nicklaus was in his 47th year when he won the last of his record 18 majors at Augusta 24 years ago - but Mickelson appreciates his opportunities to fill that unwanted career void are slowly running out.

"Lefty" finds himself in the unaccustomed position of being named the tournament favourite this morning when he arrives on the 10th tee of the beautiful Pebble Beach course in his home state of California to begin his quest for back-to-back majors. He starts that challenge in the company of Padraig Harrington, the winner of two British Opens and the 2008 US PGA championship, and YE Yang, the Korean who shot from comparative obscurity to global prominence by defeating Tiger Woods in a head-to-head battle for last year's PGA title.

That favourite's tag is normally the unconditional preserve of Woods, but the world No 1 has looked anything but the main man of the golfing scene since seeing his personal life turned into a public free-for-all in the wake of revelations about marital infidelity. Indeed, Tiger's form has been so patchy since he ended his self-imposed exile from the game that the top ranking which he has held for the last 262 weeks and for 604 weeks in all is in danger of being surrendered over the next four days. Mickelson will claim that honour if he lifts the trophy on Sunday evening.

A sixth runner-up position for the tall left-hander will be enough if Woods finishes outside the top four while a third-placed finish for Mickelson will be enough if Tiger finishes outside the top 18. Rankings pressure is also on Mickelson, though, as his No 2 position has come under increasing attack over the last few months by England's Lee Westwood. Westwood, who declared himself Europe's best golfer at the end of last season by notching a Race to Dubai and Dubai World Championship double, has been a bigger "nearly man" than Mickelson when it really matters.

While Mickelson has been consoled for his string of narrow failures by his four big titles, Westwood is yet to win one and has frequently had to present an aggressive rebuttal to the argument that he lacks that crucial finishing touch. The world No 3 went some way towards silencing those critics by profiting from a last-hole collapse by America's Robert Garrigus to capture last week's St Jude Classic in Memphis to secure his first victory on the PGA Tour after eight years of trying.

It could hardly have been a more timely success for Westwood who had squandered opportunities in the Masters and Players Championship, acknowledged as the unofficial fifth major. Not that Westwood lacks confidence, but the battling play-off verdict at the fourth extra hole against Sweden's Robert Karlsson on Sunday will put a spring in his step in advance of what could be a trying first two days at Pebble Beach.

He and Ernie Els, the popular South African - twice a winner in the US this year - have the dubious pleasure of accompanying Woods and the inevitable media circus through the next phase of his rehabilitation. It is a task that Westwood, one of four UK raiders to take the spoils on American soil this term, and the hugely experienced Els - he has won this event twice previously and added the British Open title in 2002 - should both be equal to.

Never before in recent memory can Woods, on the basis of form, fitness and application, be considered to be the weak link in a threeball at a major event. That is a taunt which is likely to bring a growling riposte from a wounded Tiger. wjohnson@thenational.ae

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.