World No 3 Justin Thomas fired his lowest opening score in a major and held a one-shot lead at the US Open on Thursday, while Phil Mickelson and Tiger Woods were among a slew of big-name players well off the pace.
Thomas, who has one top-10 finish in five US Open starts and missed the cut last year at Pebble Beach, drained a 24-foot birdie putt at the 18th for a five-under-par 65 at a Winged Foot layout that has yet to bare its teeth.
That left Thomas one shot clear of Belgian Thomas Pieters, American Matthew Wolff and Thomas' Ryder Cup teammate Patrick Reed, who aced the par-three seventh.
"It's one of the best rounds I've played in a while tee to green," said Thomas, who needed only 28 putts on Winged Foot's wildly undulating and speedy greens.
"There are a couple things here and there that definitely could have been better, but I made sure all of my misses were in the right spot, and that's what you have to do at a US Open."
Four-time major champion Rory McIlroy, in his first start since becoming a father last month, was among a group of three golfers two shots off the lead and the Northern Irishman later credited a new approach for his solid start.
"First round of a major you're always anxious to play well, and maybe I've overthought it at times," said McIlroy. "I just went out today and just took what was given to me a little more relaxed and played really nicely."
'Disappointing day'
Mickelson, who suffered one of his record six US Open runner-up finishes at Winged Foot in 2006 and entered this week seeking the final piece of the career Grand Slam, birdied his first two holes before struggling to a nine-over-par 79.
"Yeah. I don't know what to say. It's a disappointing day," said Mickelson, who also carded nine bogeys and a double-bogey.
"It's a spectacular golf course, great design, awesome setup, and I thought it was a good opportunity to score low today. I just played terrible."
Woods (73) made a bogey at 17 and ended his round with a double-bogey as his approach rolled off the front of the green before he chunked a chip shot and missed a breaking bogey save.
"It was a bit of ebb and flow to the round today," said Woods. "I did not finish off the round like I needed to."
Also far from contention were PGA Tour Player of the Year Dustin Johnson (73), holder Gary Woodland (74) and reigning PGA Championship winner Collin Morikawa (76).
The US Open was originally scheduled for mid-June but was postponed because of the Covid-19 pandemic and is being played in September for the first time since 1913 and is the first of six majors that will be held over the next 10 months.
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.”
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
SPECS
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
