Justin Rose of England in action during the Pro Am prior to the start of the Abu Dhabi HSBC Golf Championship at the Abu Dhabi Golf Cub on January 14, 2015 in Abu Dhabi, United Arab Emirates. Andrew Redington/Getty Images
Justin Rose of England in action during the Pro Am prior to the start of the Abu Dhabi HSBC Golf Championship at the Abu Dhabi Golf Cub on January 14, 2015 in Abu Dhabi, United Arab Emirates. Andrew RShow more

Justin Rose wants to return to his winning ways at Abu Dhabi Golf Championship



ABU DHABI // It was a Twitter exchange played out between four friends, with an apparent reach stretching to around 8.5 million followers.

Justin Rose and Kevin Pietersen set the ball rolling Monday, and by the end of the evening a potential match-up, swollen to include Ian Poulter and Piers Morgan, was in the offing. Suppose it is the circles you mix in.

Scheduled, hypothetically at least, for some time this summer, the famous fourball will face off at destination unknown for some cash and a significant slice of kudos. Despite being ranked the world’s sixth-best golfer, Rose may be wise to give it a swerve.

“The only bad thing about losing to those three is the bragging rights will come at you pretty hard,” Rose said yesterday, as he prepares to get his season under way at this week’s Abu Dhabi HSBC Championship. “They have all got some good banter.”

Best keep them quiet, then. Rose’s main goal for 2015 would go some way to helping, given that the Englishman has resolved simply to win more.

While 11 victories across the game’s principal tours is not to be sniffed at – a CV burnished by a World Golf Championship crown in 2012 and the 2013 US Open – Rose, rightfully, expects more from himself.

Last season brought a single win on either circuit, at the Quicken Loans National and the Scottish Open, but they were offset, in part, by a disappointing run in the majors. Understandably, Rose seeks improvement.

“It’s just subtle changes,” he said. “Without putting any pressure on my game, it’s just doing everything a little bit better. I don’t need to look for much in order for that to be the case.

“I have a lot of top-10s under my belt, so it’s basically finding that one shot a round that potentially converts those into wins.”

The last time Rose teed it up in Abu Dhabi, a solitary stroke was the difference. Two years ago, he missed a makeable putt on the 72nd hole to force a play-off with Jamie Donaldson, instead finishing runner-up alongside Thorbjorn Olesen.

It made for an ultimately upsetting debut for Rose, a feeling that extended to last season, when a shoulder injury forced his withdrawal before a ball was struck in earnest.

So, back for seconds at the third time of asking, a strong showing this week will certainly serve him well going into the rest of the season. Topping a field headlined by Rory McIlroy and Henrik Stenson would be a nice way to kick-start the campaign.

“That’s huge,” he said. “Obviously you have the No 1 and No 2 players in the world playing here, and with that come a lot of world ranking points, which is always a consideration. I’m excited to be back.”

He envisages an exciting year ahead. There may be no repeat of Europe’s most recent Ryder Cup success, of which Rose played a large part, but with the biennial clash with the United States on hold until late next year, the majors represent enough to keep him occupied.

“For sure you target them,” Rose said. “Major championships really are what is going to change things going forward more and more.

“But I’d like to become more of a prolific winner, winning multiple times in a season. That would obviously again be a step up the ladder.”

jmcauley@thenational.ae

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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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