Rory McIlroy said he played a "perfect round of golf" after scooping his first victory in 18 months at the Arnold Palmer Invitational - and admitted he had missed the feeling of chasing a win.
The 28-year-old Northern Irishman carded a majestic final round of 64 at Bay Hill, reeling off five birdies on the final six holes to finish on 18-under par.
It put him three shots ahead of his nearest rival Bryson DeChambeau, and ensured he will be among the leading contenders at next month's Masters.
McIlroy told Sky Sports Golf: "I played a perfect round of golf.
"It was awesome to feel the buzz of being somewhere around the lead going into the back nine and reeling off those four birdies in a row.
"I've missed it, I really have missed it, and to play the sort of golf that I played today under that pressure, I'm really proud of myself and just so happy to win."
A particularly impressive 18th hole saw McIlroy hole a putt from more than 25 feet - prompting him to raise his arms aloft in celebration.
Paying tribute to the tournament's namesake, he said: "To be able to create my own little piece of history on the 18th green here was pretty special.
"I'm just so happy to be back in the winner's circle again and win a tournament that has Arnold Palmer's name on it, someone that means so much to us in the game of golf."
McIlroy's last victory came in September 2016 when he won the FedEx Cup. There he had carded a final round of 64 - on the same day that Arnold Palmer died.
In his post-tournament press conference he said: "For me to get my next win here, it means a lot. I've had quite a connection with Arnold Palmer.
"He was always so nice to me - I've got so many letters from him from wins. I wish he would have been at the top of the hill to shake my hand when I came off the 18th green, but hopefully he is proud of me with the way I played that back nine.
"I tried to be as aggressive as I could and tried to take on shots when I needed to just like he would have. It's sort of come full-circle since that day in September 2016. I'm just proud to be sitting up here and to have my name on that trophy."
Jack Nicklaus congratulated McIlroy on Twitter - and said Palmer would have been "very proud".
He said: "You had been struggling - by your standards - but no longer. You were swinging & playing beautifully this week. And obviously the putter was working very well. I am so pleased to see you win at my old friend @arnoldpalmer's Bay Hill."
He added: "AP would've been very proud & loved to greet you on 18. I offer an AP thumbs-up & wink on job well done."
Tiger Woods was briefly in contention for the second successive Sunday after three birdies in the space of four holes immediately after the turn, but his challenge faded with bogeys at the 16th and 17th, and he finished in a share of fifth.
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Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
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.”
