Despite the early promise, Michelle Wie has only won two trophies – the 2009 Lorena Ochoa Invitational and the 2010 Canadian Women’s Open – some have blamed her decision to study as well as play.
Despite the early promise, Michelle Wie has only won two trophies – the 2009 Lorena Ochoa Invitational and the 2010 Canadian Women’s Open – some have blamed her decision to study as well as play.

Michelle Wie ready to fulfil her ambition and end season on a high



Eight years ago, when Michelle Wie was still in school, the innocent 14-year-old golf prodigy was asked about her burgeoning celebrity status.

"Being famous is pretty cool," she replied. "Like I went to this restaurant, and they gave me free dessert."

That year, at the 2004 Sony Open in Hawaii, she had become only the fourth female, and the youngest, to compete against the men in a PGA Tour event and was being hailed as the Tiger Woods of the women's game.

"Taking gender out of the equation, she's ahead of Tiger," John Hawkins, of Golf World, said at the time. "She could do more for golf than Tiger Woods."

Those expectations were not entirely delusional. Wie had carded a second round score of 68 in front of her home fans and though she missed the cut by a stroke, her score was good enough to tie or beat 64 of the best male golfers in the world.

A year earlier, Wie had become the youngest player to make an LPGA cut at the Nabisco Championship with a 66 in the third round. Later in June, she won the Women's Amateur Public Links tournament, becoming the youngest person ever, male or female, to win a USGA adult event. Later in 2003, she also made the cut at the US Women's Open when she was still just 13.

Initiated into the game at the age of four, Wie was beating her parents at the age of seven or eight. Her mother, Bo, was the 1985 South Korean amateur champion and her father Byung-wook, a professor at the University of Hawaii, has been a two handicapper. By the age of 10, Wie had already shot a 64.

Now 22, Wie has not exactly delivered on her promise. Her celebrity and bank balance have grown over the past eight years, but there are only two trophies on her shelf at home - the 2009 Lorena Ochoa Invitational and the 2010 Canadian Women's Open.

"I have experienced a lot of ups and downs, a lot of injuries, but I've learnt a lot," Wie said yesterday as she prepared for the Omega Dubai Ladies Masters at the Emirates Golf Club.

"I have no regrets. I have tried my hardest, so there's nothing I can do. Obviously this year I haven't played as well as I wanted to, but I definitely want to end on a high note."

Wie injured her left wrist in January, 2007, breaking three bones when she fell during a casual run. She decided to keep playing golf and when some people questioned her decision before the start of the US Open, she said: "Come on, this is the US Open."

The following period, however, was a frustrating one for Wie as she waited for her wrist to heal. "Michelle couldn't have cared less if she'd never played again," David Leadbetter, her coach, was later quoted as saying.

Wie, however, stayed strong and has been on an upwards climb since May, 2009, when her wrist started feeling "100 per cent" and now she is hungry for titles.

"I want to try and become the best I can be, have a lot more tournament wins under my belt and we will see," she said.

The Dubai Ladies Masters is the season-ending Ladies European Tour event and Wie is determined to end the year on a high with the title here. Her best this year has been a second at the LPGA Thailand in February and she has six other top-10 finishes in 20 starts.

"Something happened this summer where I just didn't play very well," she said. "You have those times where nothing goes your way and you have to grind it out for a couple of weeks. At the end of it, you are like, 'I didn't play really well for that stretch'.

"I was working on my swing a little bit; I had some major swing changes, so that kind of did some of that. But I tried my hardest and I definitely do want to win before the end of the year."

Wie will be heading back to Hawaii from Dubai for a short break and the coming period could be spent pouring over her text books. She has been studying at Stanford University since 2007 and hopes to receive her degree in communications by March.

"I don't know if I will continue my education further than that, but we will see," she said.

Annika Sorenstam, the women's golf great, had criticised Wie's decision to pursue her degree saying: "I think her focus, in my opinion, should be more on golf.

"She's very distracted with school, doesn't really play as much full time as I thought she would. I think she needs to come out and compete more regularly."

Hurt at the criticism, Wie said in a later interview: "Growing up in the spotlight, playing tournaments when I was 12, I grew up a lot faster than maybe I had to.

"Going to college helped me be a normal 18 year old and that was something I needed. I could keep training, but I needed something more to help me be well-rounded."

Wie had also faced criticism for her appearances on the men's tour and she said she enjoys competing against them, but for the moment, she is focused on winning more among the women.

"I am very lucky to have a very well-rounded life, to experience all the things that I have," she said. "But right now, I feel like only having to try hard in the women's.

"I definitely want to win a lot more tournaments on this side. It's something that I am trying to focus on right now. Trying not to focus on too many things … one thing at a time."

She still dreams of playing the Ryders Cup though and competing at the Masters.

"Dreams are dreams," she said. "Whether people think they are realistic or not doesn't matter. I have to dream high."

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.”