Weir aims high after strong 2008 finish


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LOS ANGELES // The Former Masters champion Mike Weir failed to register a single victory on the 2008 PGA Tour but he is banking that a strong finish to the season will spur him on this year. With the putts finally beginning to drop, the Canadian piled up six top-10 finishes in his last eight events to end the campaign 14th in the Tour's money list with earnings of more than US$3 million (Dh16m). "It was very solid at the end of the year," Weir said.

"You still want to win but I showed some great strides in my game. I played very consistent golf and when you do that you're going to win eventually." The left-hander's season featured eight top-10s in 26 starts and a runner-up position at the Deutsche Bank Championship. "I've been knocking on the door and you've just got to have a few things go your way when you win. I just haven't quite got over the hump but I put myself there enough.

"Hopefully (I will) just build on that into this year," added the Ontario native, who won his only major at the 2003 Masters. Weir, whose eight PGA Tour titles put him level with the late George Knudson as Canada's most prolific winners on the circuit, says his 2008 season owed much to an improved short game. "I spent a little more time trying to dial in my wedge game, from 125 yards and in, and I started making some putts," the 38-year-old said. "Any time you make some putts, that's a big difference.

"I wasn't putting well early in the year but I started putting a little bit more consistently from probably Memorial on, for the second half of the year." Weir, whose most recent PGA Tour victory came at the 2007 Arizona Open, is eagerly anticipating this year's Masters on an Augusta National layout shortened by 10 yards. "I love the golf course," he said. "I always feel comfortable around there so I am looking forward to getting back."

However, Weir is no fan of some of the recent changes made at Augusta National, which has controversially been stretched by almost 500 yards since Tiger Woods clinched his maiden victory there in 1997. The South African Trevor Immelman won last year's title with an eight-under total of 280, triumphing by three shots over Woods after shooting a final-round 75 in tricky, swirling winds. Throughout that week, the birdie roars that have traditionally lit up Augusta National's back nine were strangely silent on a layout lengthened to 7,445 yards.

Years of "Tiger-proofing" measures, which have also involved the tightening of fairways and the addition of trees and thicker rough, have transformed the course into one of the most rigorous all-round tests of championship golf. "I think some of the excitement's been taken out of the tournament in the last few years so, to me, it seems like they're trying to bring a little excitement back to the event," Weir said.

"It's become a 'make par is good out there', that's kind of what it's been the last four or five years and Augusta has never been like that. It's always been where you can make a run at it on the back nine and shoot a low score. "I think they're trying to get back there. It brings a little fun back for the players and for the fans." *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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