Golf

Noh lead is good lead after day one

Noh Seung-yul, the Korean teenager, fires a sensational first-round 10-under-par 62 to edge ahead of Alexander Noren for the clubhouse lead at the Malaysian Open.

KUALA LUMPUR // Noh Seung-yul, the Korean teenager, fired a sensational first-round 10-under-par 62 to edge ahead of Alexander Noren for the clubhouse lead at the Maybank Malaysian Open yesterday. Noh, 17, enjoyed an excellent start, holing a 45ft birdie putt at his opening hole, the 10th, but it was his playing partner Noren who set the pace for much of the morning after opening with four consecutive birdies at Saujana Golf & Country Club's Palm Course.

Noh, however, kept in touch with the Swede and eventually overhauled him with an eagle at the par-five seventh and a birdie on the eighth, his ninth of the day. The lone blemish on the Korean's round was a bogey on the par-three fifth, but the youngster had much to smile about after taking a one-stroke lead over Noren midway through the opening round. "I didn't make any mistakes today and I putted really well to post a good score," said Noh, who won the Midea China Classic and had three runner-up finishes on his debut season on the Asian Tour last year. "I'm happy but you don't win a tournament on the first day.

"The eagle on seven was pretty special but with a 10-under today, every moment was a highlight." Noren had nine birdies in his bogey-free 63 and Noh admitted that the Swede's good form motivated him to perform. "He played well at the start of the round," said Noh, an admirer of KJ Choi and the Australian Adam Scott. "I wasn't thinking of beating him but I tied to catch him during the round. He pushed me along."

Noren, who has yet to win on the European Tour, was impressed by the form of the teenager. "He is unbelievable," Noren said. "Our first hole was the 10th and he hit his tee shot way right and I thought he might be a little nervous. Next thing I know he knocks it on the green and makes the putt for birdie. Obviously he wasn't too nervous." Having fired a nine-over 81 at Saujana two years ago, Noren was happier with his opening effort this time around. "I had bad memories of this place but I love it now," he said.

Liang Wen-chong of China, a former Asian Tour Order of Merit winner, and France's Jean-Francois Lucquin were tied for third place after carding seven-under 65s. Australia's Adam Blyth was in fifth on a six-under 66, while Rhys Davies of Wales was the leading British contender after firing a 67 to join Juvic Pagunsan and Airil Rizman, in a tie for sixth. * PA Sport

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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.”