Tampa Bay Rays' Ben Zobrist, right, is congratulated by Carlos Pena after hitting a solo home run in their game against Detroit.
Tampa Bay Rays' Ben Zobrist, right, is congratulated by Carlos Pena after hitting a solo home run in their game against Detroit.
Tampa Bay Rays' Ben Zobrist, right, is congratulated by Carlos Pena after hitting a solo home run in their game against Detroit.
Tampa Bay Rays' Ben Zobrist, right, is congratulated by Carlos Pena after hitting a solo home run in their game against Detroit.

Losers Rays come out the winners


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DETROIT // The once-downtrodden Tampa Bay Rays are kings of the American League East. Despite a second straight loss, Tampa Bay added another chapter to their astonishing turnaround when they clinched their first AL East division title. Tampa Bay lost 6-4 to the Detroit Tigers but claimed the title when the Boston Red Sox later lost 19-8 to the New York Yankees.

It is yet another step in the stunning turnaround of the Rays who went a major league-worst 66-96 last season and had never won more than 70 games in their 10-year existence. The Rays are the first AL team in the divisional era to finish with the worst record in their league then win the division the following year. Atlanta (1991) and the Chicago Cubs (2007) accomplished the feat in the National League.

"It's fantastic, it's wonderful, it's all the superlatives you can gather," manager Joe Maddon said. It marks the first time a team other than the Yankees or Red Sox have won the East since the Baltimore Orioles did so in 1997. "Everybody in baseball knows what this division's all about," Maddon said. Tampa Bay's game ended nearly three hours before the rain- delayed contest in Boston, and many players left to watch that one at the team's hotel. But many returned to the Comerica Park to celebrate.

"We wanted to be together for this," first baseman Carlos Pena said. "It was kind of a weird situation because of the rain [in Boston] and all that, but this is what a family's all about. It's unbelievable, man. That goes to show you how close this team is." The first play-off game in Rays history will be played on Thursday at Tropicana Field against either the Minnesota Twins or Chicago White Sox.

Tampa Bay claim there will be many more post-season appearances. * PA Sport

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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.”