DUBAI // Even though the maths allows for it Rory McIlroy says he has no chance of claiming a fourth Race to Dubai title this weekend, yet he has no regrets over the decision that torpedoed his chances.
The Northern Irishman opted to skip this month’s Turkish Airlines Open because of security fears, meaning he lost ground – in all likelihood decisively – on Henrik Stenson at the top of the European Tour points list.
Starting fourth in the race, the world No 2 needs to win the DP World Tour Championship, and hope Stenson finishes outside the top 45, Danny Willett sixth or lower, and Alex Noren third.
Given the form of the two Swedish players in particular, it is a far-fetched outcome, but McIlroy is relaxed about the train of events that have led them here.
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“Mathematically I can win, but it’s not going to happen,” McIlroy said. “I don’t expect those guys to play badly this week.
“I’m just concentrating on trying to win the golf tournament and if I can do that, I’ll be very happy.”
McIlroy said he is “very happy with my decision” to miss the trip to Turkey, saying that he has spent the past few weeks in Dubai to practice and enjoy himself “so, no regrets at all”.
Having McIlroy and Stenson in contention here is hardly a new phenomenon.
They have monopolised the tournament since this season-ending finale was created in 2009.
In the past four years, McIlroy has won the Race to Dubai three times, and this tournament twice, while Stenson has won the tournament twice, and the money-list the only time McIlroy failed to.
Willett, though, has increasingly forced himself into the narrative in recent times. The Masters champion can cap what he describes as “a very turbulent year” by topping the money list if he wins the tournament.
It is the same situation he found himself in 12 months ago when he arrived in Dubai, when only a tournament win would have won him the Race to Dubai, ahead of McIlroy.
“It would be much better sat here in first, but there’s still one week left and there’s still a chance to get to No 1,” Willett said.
“It is kind of a win-win. If we can somehow topple Henrik, that would be fantastic. If we don’t, so be it. I’d love to finish first on the Race to Dubai at least once in my life.
“If I were to finish second for the rest of my life, it’s not that you’re playing bad golf, you’ve had a massively consistent year.”
From next season, as well as being the end of the Race to Dubai, this tournament will also be the climax to a new set of prestige events on the European Tour, known as the Rolex Series.
Each of the seven tournaments, in England, Ireland, Scotland, Italy, Turkey, South Africa and Dubai, will have a minimum prize purse of $7 million (Dh25.7m).
According to Keith Pelley, the chief executive of the European Tour, the series is “the natural next step for us” and a potential “game-changer” to make the tour more attractive to players currently gravitating towards the United States.
“One, we believe the success and growth of a high-profile series like the Rolex Series will elevate our tour, its brand, and all other events,” Pelley said.
“Two, and we really strongly believe this, we need a stronger content offering to enable us to reach larger audiences across multiple platforms, and that’s what the Rolex Series is about.
“And third, we need a product that can grow and grow over time, and provides a strong financial offering for our young players so they don’t have to go to the United States.”
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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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