Zane Scotland hit a seven-under 65 in the penultimate round of the Abu Dhabi Open at Yas Links in Abu Dhabi on Tuesday, September 27, 2016. Courtesy Mena Golf Tour
Zane Scotland hit a seven-under 65 in the penultimate round of the Abu Dhabi Open at Yas Links in Abu Dhabi on Tuesday, September 27, 2016. Courtesy Mena Golf Tour

Zane Scotland ‘feeling good about my game’ as he closes in on leaders at Mena Tour’s Abu Dhabi Open



Zane Scotland displayed his ball-striking skills to haul himself back into contention with a seven-under 65 as he finished three shots off the pace going into the final round of the Abu Dhabi Open at Yas Links on Tuesday.

Starting the day a six shots behind, the 34-year-old Englishman enhanced his round with nine birdies, picking up four shots on the front nine and five on the home stretch, overcoming a double bogey on the ninth when his approach found the water.

• Round 1: Craig Hinton springs to front at Mena Tour's Abu Dhabi Open at Yas Links

The tournament low score thus far left Zane Scotland in third as his fellow Englishman Craig Hinton kept his nose in front, reaching 10 under after a second-round 68, two clear of Lee Corfield, also of England, who fired back-to-back 68s to remain within touching distance of the title.

The English duo of Liam Crawford and Joe Heraty shared fourth a further shot back on six under on a day when all players wore black ribbons as a mark of respect for great Arnold Palmer, who died on Sunday age 87.

Scotland said he was pleased to get his rhythm back. "Feeling good about my game for the first time in few weeks. I struck the ball really well and got into the zone on the back nine," Scotland, an 11-time winner on the Mena Golf Tour, said.

“The course is just stunning, but it is important to have a strategy for playing each hole as winds can make the course look totally different.”

Hinton, who is chasing his second win this season, started strongly with three birdies in a row before making the turn at four under. He picked shots on the 15th and 16th but back-to-back bogeys prevented him from further consolidating his lead.

“Played some good golf again, though dropped shots on the closing two holes were a bit frustrating. Going forward, the idea is to stick to the same game place and see where that leaves me,” Hinton, who won the Joburg Open earlier this season, said.

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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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Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

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