Jeremy Lin makes way to NBA via Harvard


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OAKLAND, UNITED STATES // Jeremy Lin has become one of the most unique players in the NBA: a Chinese-American point guard who graduated from Harvard. Lin signed a two-year contract with the Golden State Warriors on Thursday, and is expected to be in the competition to back up Stephen Curry at point guard. Harvard is widely considered the top academic school in the United States, but it is not known as a breeding ground for professional athletes. Especially in the game of basketball.

If Lin gets onto the court, he will be the first Harvard alumnus to play in an NBA game since 1953. He also would be the first ethnic Chinese to play the guard position in the NBA. The league has had several Chinese players over the past decade, but all of them have been seven-footers such as Yao Ming and Yi Jianling. "I understand there are not many Asians in the NBA and there are not many Ivy Leaguers in the NBA," Lin said. "Maybe I can help break the stereotype."

Lin averaged 16.4 points and 4.5 assists per game at Harvard last season, when he was the captain of a Crimson team that went 21-8. But his name was not called during the NBA draft last month, and he fought his way on to a roster with several impressive performances during the NBA's summer league this month in Las Vegas. Golden State was an obvious destination for Lin. He was a Warriors fan while growing up in the nearby city of Palo Alto, and the San Francisco area has a large East Asian-American population.

"I consider myself a basketball player more than an Asian-American," he said. "I'm ready to play at this level and I appreciate the support of the Asian community. "This is a dream come true. I always wanted to be in the NBA and now I get to do it with the Warriors, the team I grew up watching." Lin, 21, is the younger son of Chinese immigrants from Taiwan. * Agencies

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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.”

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

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