Novak Djokovic was beaten by Alejandro Davidovich Fokina as the world No 1's return to the ATP Tour fell flat at the Monte Carlo Masters.
Playing for the first time since February after skipping the US hard-court tournaments due to ongoing Covid-19 vaccination issues, Djokovic was beaten 6-3, 6-7, 6-1 in just under three hours.
The Serb faced 20 break points and was broken on no fewer than nine occasions as the world No 46 recovered from a major setback in the second set to score the best win of his career.
Djokovic is clearly in need of more match practice if he is to end a torrid year – which saw him deported prior to the Australian Open in January – by improving on his 20 grand slam titles.
A two-time winner in Monte Carlo, Djokovic was staring at a swift defeat when he lost the first set and was then immediately broken at the start of the second.
The Spaniard showed his inexperience with a needless dive at the start of the seventh game of the set, prompting injury fears and enabling Djokovic to reel off 10 points in a row as he broke back to love to wrest the upper-hand.
The momentum swung back in Davidovich Fokina’s direction when Djokovic, serving for the set, conjured four unforced errors to allow his opponent to break back and ultimately force a tie-break.
But having come back from 4-2 down to win the breaker, Djokovic’s recent inactivity told as he was broken three more times in a one-sided deciding set.
Earlier, Britain’s Dan Evans reached the second round after securing a 6-0, 7-6 win over Benjamin Bonzi of France.
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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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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
