Michael Harradine, who won yesterday, comes from a family of golfing figures.
Michael Harradine, who won yesterday, comes from a family of golfing figures.
Michael Harradine, who won yesterday, comes from a family of golfing figures.
Michael Harradine, who won yesterday, comes from a family of golfing figures.

Michael Harradine is at ease on his father's turf


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JEBEL ALI // Michael Harradine capitalised on his intimate knowledge of Jebel Ali golf course to win the re-established Shaikh Rashid Trophy yesterday by an emphatic margin of four strokes from Daniel Hendry, the promising Scottish teenager.

The 27-year-old Harradine represents the next generation of a famous golfing family, his grandfather, Donald, having launched their course design company and his father, Peter, becoming one of the most respected architects in the sport.

"I suppose I had a big advantage playing on home turf," the player said after his composed performance to record a one-over-par score of 73 on one of his father's courses. "There is no excuse for not knowing about all the contours here."

Harradine, who has been working for the family business for the last year, was surprised that his eight-over-par aggregate for the three-day competition, which started at Dubai's Al Badia Club on Thursday and continued at The Els Club on Friday, proved good enough to take the honours in what is effectively the amateur championship of the UAE.

"I think it was a case of me not playing as badly as the others," he said, failing to take into the account of the difficult playing conditions which proved too much for most of his rivals.

One of them, Ivan Lawson, collapsed with heat exhaustion and needed medical treatment before going home.

The competition rules on the final day of walking the course was also a factor and most of the 30 men who survived the second-round cut returned to the clubhouse resembling physical wrecks after rounds which took close to five hours to complete.

That was particularly true of Ricky Dominguez, the joint overnight leader of Emirates Golf Federation, who imploded in the final stages to card a 84, having left the run in to become a two-horse race between Harradine and Hendry.

It was anybody's guess who would come out on top approaching the turn after Hendry holed a 25-foot birdie putt on the eighth to draw level with Harradine who bogeyed that short hole.

If Hendry had the momentum then, he swiftly surrendered it by suffering a disastrous double-bogey seven on the long ninth. "That was the turning point," the teenager admitted. "I had just got myself back to level and then that happens, but that's golf."

Harradine's lead soon became three but when Hendry rolled in another neat birdie at the 12th an exciting finish beckoned.

However, the destiny of the trophy, which was being competed again for after a gap of four years, was sealed on the 14th green when Harradine, who had gone three ahead on the 13th, made a 10-footer for birdie and watched as Hendry lipped out with a subsequent par putt.

Hendry knew then that his champion's chance had gone but he held his game together commendably on the way home to cling on the second place by a single stroke from Othman al Mulla, the Saudi Arabian visitor.

Abdulla al Musharrekh - the eldest of a three talented Emirati brothers and a representative of the UAE team in the forthcoming Eisenhower Trophy - claimed fourth place in the 54-hole tournament a further four shots adrift.

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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