Henrik Stenson has made a storming round of 65 in the first round of the HSBC Champions at Sheshan International Golf Club.
Henrik Stenson has made a storming round of 65 in the first round of the HSBC Champions at Sheshan International Golf Club.

Stenson shoots through the fog



SHANGHAI // Henrik Stenson carded a seven-under-par round of 65 to take an early lead in the first round of the HSBC Champions in Shanghai. The Swede blended his customary big-hitting with some precision putting gave him a one shot advantage over the rest of the star studded field. The Spaniard Sergio Garcia was left ruing a missed four foot eagle putt on the 18th that left him sharing second place with the man he wants to replace as world number two this week, the American Phil Mickelson, as well as Anthony Kim and the Australian Adam Scott.

The world number 12 Stenson started with a bogey but made amends immediately with an eagle three at the second, finding the green with a huge three-wood and holing out from six feet. That set off a birdie charge from the Swede and he picked up shots at the next three holes before adding three more over the remainder of his round despite limited visibility as fog descended on the Sheshan International course.

"I made my score on or around the greens today for sure, I'm very pleased with the scoring and keeping it together," said Stenson. "When we came up on 16, we could not see more than sort of the contours of the greens." The Zimbabwean Marc Cayeux and the Briton Owen Wilson were tied for fifth on five-under after a round of 67, while seven players shared seventh a further shot back. Garcia, who will overhaul Mickelson in the rankings if he wins, had a blemish-free day but it could have been even better.

"The putt on the 18th was pretty much just a bad putt," he said. "It was a very easy putt and I just didn't hit it well. "Unfortunately my putting stroke didn't feel as good as it has recently, maybe it's the jet lag." Mickelson, compatriot Kim and Cayeux also eagled the second and the defending champion was pleased with the start to his title defence. "I made a lot of good putts today," Mickelson said. "Last year I putted the greens very well. That was a big key to me winning and I putted them well today."

Robert Karlsson was presented with the Harry Vardon Trophy for winning the 2008 European Order of Merit before he teed off to start the 2009 season, the first year of the lucrative 'Race to Dubai'. The Swede finished four shots off the pace in a share of 15th with eight other players, including Ireland's three-times major winner Padraig Harrington, who also carded a 69. The Champions, which is aiming to become Asia's major, is co-sanctioned by the European and Asian Tours, the PGA Tour of Australasia, the Sunshine Tour and the China Golf Association.

*Reuters

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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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Manchester City 3

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1954

1921

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Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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