Rory McIlroy appeared to crumble under the weight of expectation as the Northern Irishman admitted his hopes of winning the British Open are all but over after an opening round eight-over par on Thursday.
The British Open is being played in Northern Ireland at Royal Portrush, where McIlroy set the course record as a 16-year-old. Given the circumstances, hopes were high McIlroy would end his near five-year wait for his fifth major title.
However, now it appears over before it barely begun. The four-time major champion's challenge faltered from the off as he struck his tee shot at the first out of bounds in posting a quadruple-bogey eight.
McIlroy regained his composure to get back to three over par before an equally damaging finish as a double bogey at the 16 and triple bogey at the last left him with a huge task on Friday just to make the cut.
"I guess when you play your first and last holes in a combined seven-over par, you're sort of starting on the back foot," said McIlroy.
Huge crowds gathered round the first hole for a glimpse of the local hero as the Open returned to Northern Ireland for the first time since 1951. However, McIlroy played down the impact of pressure on his terrible start.
"I was nervous on the first tee, but not nervous because of [playing at home]. Nervous because it's an Open Championship. I usually get nervous on the first tee anyway, regardless of where it is."
McIlroy slipped to five over with another bogey at the third, but repaired some of the damage with birdies at seven and nine.
Six pars followed before the wheels came off again with a three-putt from six feet on the 16th.
"The one that I'm disappointed about most is the little short putt on 16. That was inexcusable," added McIlroy.
"Tee shots like the first happen, you can get one riding on the wind a little too much, that's fine. But lapses of concentration like that, I feel like I've done a really good job over the last few years of being more with it and realising just keep a cool head.
"There I didn't. I sort of hit it on the run and missed it. And if I look back at today, it's probably the shot I'm disappointed about the most."
McIlroy hit the course record of 61 at Portrush prior to its overhaul for the Open when he was just 16 and knows he will need some of that magic on Friday to ensure he hangs around for the weekend.
"I definitely think if I can put the ball in the fairway tomorrow I can shoot a good enough score to be around for the weekend," he said.
"Obviously I'm pretty sure anyone starting with a 79 in this golf tournament doesn't think about winning at this point.
"But I think I can go out there and shoot something in the mid-60s, be around for the weekend, and then try to play good from there."
McIlroy was not the only player to struggle on Thursday, with former Open champion David Duval hitting a 13 on the par-five seventh in a first round of 19-over par.
Duval's Open win in 2001 ensures he is invited back as a former champion despite his world ranking plummeting to 2,080 and spending the majority of his time working for television as a golf commentator.
"It's not reflective of anything I've been doing it's just one of those awful nightmare scenarios," Duval said on his travails at the seventh.
"Honestly, I stood here starting this week figuring I am playing really well and if some things happen I could make top 20. Obviously I'll be in the last place."
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.”
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
WRESTLING HIGHLIGHTS
Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
More from Neighbourhood Watch:
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final