Long and winding road to nowhere


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So the pantomime goes on. It is mid-morning in what feels like the middle of nowhere, and that sugary Scottish patois of Ken Bruce, a distinctive disc jockey playing middle of the road tunes on BBC Radio Two, is trying to talk you through this ordeal. One has been in the car for two hours, and Turnberry remains nowhere to be seen. It feels like a scene from Convoy, that old Kris Kristofferson and Ali MacGraw movie, a film that was doing the rounds at roughly the same time Tom Watson won his "Duel in the Sun" with Jack Nicklaus over this track in 1977. Chris Rea's pop song The Road to Hell pierces the ears to add a dash of irony to all this stalling. Radio reports indicate that there is "heavy" traffic on the A77 into the course.

Heavy? It feels like it would be quicker to negotiate these remaining 30 miles on your hands and knees. A willing driver deserves the Claret Jug for having the perseverance to make it here. Making it through the wind and driving rain and keeping one's point of view is the key to the day, but patience can be in short supply. The second round was still drying off late last night. It is 15 years since Turnberry hosted this tournament. It is described as the remotest of the Open venues. If Turnberry gets any remoter, they may as well ship the Open out to the Ailsa Craig, the spot of rock in the Firth of Clyde that peers into Turnberry. Many a limping field were all at sea anyway yesterday, hung out to dry by the elements. The willing American Steve Marino was not among the casualties. In his first Open, he stuck manfully to his task.

Marino boasts a famous surname from American football when one recalls Dan of the Miami Dolphins. The golfing version is a somewhat stubbled character. He managed to trot safely back to the clubhouse on five under for his two rounds. Well done, sir. It seemed to all be going off later on. Old Sandy Lyle and Colin Montgomerie are rapidly becoming golf's version of Hinge and Bracket. Their ongoing quarrel fuelled by the right to the Ryder Cup captaincy is an irrelevance that has helped neither party. Lyle finished his two days at eight over, Monty on five over. They are both cut from the weekend.

At least Watson kept his decorum. After an opening birdie, a series of bogeys wounded his gait before he discovered a few more birdies. A protruding John Daly wound up on level par for the tournament in a pair of glaring trousers he seems to have excavated from a circus carnival. He is temporarily banned from the US Tour for spending a night in jail last year, but is hardly off colour. Mark Calcevecchia continued his pursuit 20 years after he won the Open at nearby Troon.

He finished one behind Marino after a 69. Amid the bedlam, Michael Campbell, a former US Open champion, retired and was suddenly carted off the course. This has apparently happened five times this season. At 20 over approaching the last eight holes, it saved him from coming home in an ambulance. The heaving crowd remain unable to leave and be readmitted, apparently to help with traffic congestion. The cynical would say this is a ploy to keep them within the confines of the course, spending money.

Alex Salmond, Scotland's first minister, has been here extolling the benefits of a country that likes to market itself as the "best small country in the world". The transport links, or lack of them, slightly soils such grand designs. It was Mark Twain who said that "golf is a good walk spoiled". Turnberry is a good journey spoiled. dkane@thenational.ae

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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.”