Oleksandr Usyk-Anthony Joshua heavyweight title rematch set for new August date - reports


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The world heavyweight title rematch between Oleksandr Usyk and Anthony Joshua is expected to take place on August 20 in Saudi Arabia.

The much-anticipated second bout between the heavyweight rivals was originally planned for July 23, but was apparently moved back primarily to allow for a full media tour to preview the event.

US outlet ESPN reported the revised date late on Thursday, adding that it would provide Joshua more time to work with new trainer Robert Garcia.

Usyk, 35, triumphed in the first meeting between the two, back in September, when he dominated Joshua to seal a unanimous decision victory and secure the Briton’s WBA, WBO and IBF belts. Joshua, 32, has since exercised a rematch clause. An indoor venue in Jeddah has been mooted to host the bout.

In lieu of the September defeat at Wembley Stadium in London, Joshua has parted company with Robert McCracken, the head trainer he worked with since taking gold at the 2012 Olympics in the English capital.

Joshua, still regarded as one of the most prominent names in the sport, last week announced a deal with streaming service DAZN, ending his eight-year association with Sky Sports.

"I am entering a new phase in my career with a new training environment, new coaches and now a new broadcaster," Joshua said. “Negotiations at this level take time, so I am pleased to have it all wrapped up and now I can fully focus on giving the fans and DAZN what they want - knockouts in the glamour division."

Joshua has fought once previously in Saudi, in December 2019, when he regained his three world titles in his rematch with Mexican Andy Ruiz Jr.

Usyk, meanwhile, is returning to the ring having in March left his home in war-torn Ukraine. The former undisputed cruiserweight champion had joined the country’s defence against Russia.

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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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Updated: June 17, 2022, 9:42 AM