Martin Kaymer, left, and Justin Rose shake hands after the second round of the Abu Dhabi HSBC Golf Championship. Photo by Ross Kinnaird/Getty Images
Martin Kaymer, left, and Justin Rose shake hands after the second round of the Abu Dhabi HSBC Golf Championship. Photo by Ross Kinnaird/Getty Images

Martin Kaymer looking unbeatable at ‘half-time’ of Abu Dhabi Golf Championship



ABU DHABI // Martin Kaymer approached the greenside bunker on his 10th hole at the National Course on Friday, saw his ball lying in the sand and caked with mud, noted the pin placed right in front and let go an audible sigh.

It was perfectly understandable, given he had just climbed to 11-under par midway through his second round, thus stretching his lead at the Abu Dhabi HSBC Golf Championship to four shots. Thursday momentum well and truly maintained, the German probably expected to lose a little traction.

His apprehension was expertly articulated by Wayne Reily, the on-course analyst for Sky Sports, who quietly relayed the situation back to the studio. Getting up and down, Reilly said, would prove pretty difficult.

He obviously did not get the memo. Kaymer, a three-time winner here, promptly settled into the sand, swiped his club and watched the ball roll straight into the cup for birdie. Easy does it.

Eventually signing for a 67, and a tournament total 13-under, even Kaymer was a little lost for words.

“I just don’t know what to say,” he said. “Eight-under yesterday was obviously special and 13-under is a great score after two days. I’m just playing very well right now.”

You figure? Then again, at this place, Kaymer does not really do anything else. Granted, there was an uncharacteristic missed cut in 2012 - as he battled substantial swing changes - but a cursory glance at the event’s record books belies his dominance: largest 36-hole and 54-hole leads (both six shots), largest winning margin (eight shots), lowest ever tournament total (24-under).

Coming back to a course he rates as his fourth favourite on the planet, the memory bank is rather healthily stocked in the black.

“It’s pretty much the only tournament where I stand on the first tee and I know I’ve birdied every single hole,” Kaymer said. “So it’s a very positive feeling. But it’s a fine line so you don’t put yourself under pressure at the same time. It’s important you don’t start over-motivated, but just let things fall into place.”

It has worked well so far. Although Kaymer was quick to remind that he leads only at the midway point – “it’s only half-time” – he has proved that, when out in front, typically there is no stopping him. He currently holds a one-shot lead over Belgium’s Thomas Pieters, with world No 1 Rory McIlroy lurking a further shot back.

Last season’s US Open provides a pretty recent case in point. Having established a six-hole advantage over the Pinehurst field by the close of play Friday, Kaymer’s second major triumph quickly morphed into a relative procession. Finishing 9-under, his 72-hole score was the second lowest in championship history. In fact, such was his supremacy, Kaymer resolved to challenging himself at what is traditionally the rota’s most challenging major.

“I was trying to see how low I can play the US Open,” he said. “I kept playing my own game, stayed aggressive even on difficult shots. You are there for a reason, leading a major by four or five shots for a reason, because you’re playing well. I can compare those experiences to here a little bit, because they’re positive.”

It seems strange now, but Kaymer was not so positive coming into this week. The world No 12 decided to slightly alter his off-season, and spent time skiing in Italy simply to free the mind of all things golf.

He ramped up preparations for this 2015 debut with extensive practice last week in Dubai, initially chained to the range for up to eight hours a day. Attempting to regain that feel lost during the winter break, the dedication has certainly paid dividends. Kaymer’s game is hot to trot.

“I’m happy I started off the year very positive,” he said. “It doesn’t matter what happens the next two days in that, what I have done in the winter, hasn’t been wrong.

“That was important because I had a little bit of a bad conscience because I haven’t practiced as much as in the past, so it worked out pretty well. I’m happy with that.”

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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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