In a career, in a life, that has routinely defied logic, Manny Pacquiao aims to add another notch to that narrative.
The boy from Mindanao returns to the glitz of the MGM Grand Garden Arena in Las Vegas on Saturday night, competing for yet another world title, another handsome pay cheque already secure.
Pacquiao will be well past his 40th birthday when he climbs into the ring against Keith Thurman. It represents his third world title bout in a year. He is a senator in his homeland now, but still the pride of the Philippines plays out what he continually reminds is his passion.
That said, with every extra step in the ring, Pacquiao reaches closer to retirement. Thurman will be mark the 71st professional fight in a career long since set for boxing’s Hall of Fame, the second after Pacquiao’s life crept into its fifth decade.
In theory, Thurman constitutes his greatest test for some time. Undefeated in 29 pro fights, the American is 10 years Pacquiao’s junior. He is taller, more robust, a full-time welterweight. At 30, and although slowed by a 22-month layoff that ceased only in January, he should be poised to peak.
Pacquiao’s prime was sometime ago, that beautifully brutal span between retiring Oscar De La Hoya in 2008 and bludgeoning through Ricky Hatton, Miguel Cotto, Joshua Clottey and Antonio Margarita.
In less than two years, the former flyweight had scaled three divisions, bagged belts in each. To this day, it remains one of the most devastatingly dominant stretches in boxing history. Soon after, Pacquiao registered sweet victories against "Sugar" Shane Mosley and a second triumph from his then-three tussles with Juan Manual Marquez.
Yet boxing’s only eight-division champion will be a long way removed from that spell by the time he clambers through the ropes to face Thurman. The recent years have, for the most part, been pockmarked by prosaic performances. In 2017, Pacquiao’s controversial defeat to little-known Jeff Horn prompted long-time trainer Freddie Roach to urge his star pupil to call it a day. It seemed a reasonable shout.
Clearly stung by Roach's advice, Pacquiao returned last year without the American in his corner and took out Lucas Matthysse in Malaysia, far from the bright lights of Las Vegas. The win arrived via a technical knockout in the seventh round. It granted Pacquiao a first stoppage in nine years, a period comprising 13 fights.
Then January's unanimous points decision against 29-year-old Adrien Broner suggested Pacquiao's extraordinary tale had a few more loops to run. He had just turned 40, was embarking on the first of a three-fight contract with Premier Boxing Champions, who steer a stockpiled welterweight division.
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Manny Pacquiao: Beyond the ropes series
• Part 1: A man who gives hope to the Philippines
• Part 2: Turning 40 and no signs of slowing
• Part 3: Broner, Mayweather and the fear of going on for too long
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The theory is that victory against Thurman could bring within view a unification bout with the hugely talented Errol Spence Jr. It is the sort of superstar match-up Pacquiao continues to crave, even deep into his 41st year, almost a quarter of a century since he launched a lightening bolt of a career. Back then, Thurman was six.
Pacquiao is right not to look beyond Saturday. Thurman talks a good game, and his remarks are said to have piqued his opponent, but he can back it up. The Clearwater native is slick, both in tongue and touch, superior in height, reach, and most probably, power. Perhaps crucially, he has youth on his side. His threat is obvious.
If Thurman looked far from full bloom in his January points-victory against Josesito Lopez, that can be put down to nearly two years out of competitive action, thrust upon him by injury. Ring-rust eroded, he will be much better as he seeks a 30th straight win. The promise to with it provoke Pacquiao’s retirement feels real.
Pacquiao, though, has built a reputation out of pushing back reality's boundaries. He has shaped them to carve out one of the most compelling careers the sport has witnessed. Yes, he is 40 now, but he maintains age is just a number, as well he might.
Saturday night will go some way to proving if time is finally catching up. Then again, in a career - in a life - defined by improbable triumphs and spent defying logic, who would go against Pacquiao persisting still?
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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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