Defending champion Stefanos Tsitsipas and second seed Alexander Zverev posted straight-sets wins on their way to the Monte Carlo Masters quarter-finals on Thursday.
Tsitsipas dispatched Serbian Laslo Djere 7-5, 7-6 (7/1) with second seed Zverev easing past Spaniard Pablo Carreno Busta 6-2, 7-5.
Tsitsipas, the world No 5, will play Diego Schwartzman for a place in the semi-finals after the Argentine 12th seed rallied past Italy's Lorenzo Musetti 2-6, 6-4, 6-3.
"I had to put in a very good performance," said Tsitsipas, who lost in five sets to Novak Djokovic in the French Open final last year.
"Laslo did not hand me victory, but I tried to stay 100 per cent focused.
"The tie break was pivotal and I am delighted to have produced that level of tennis," added the 23-year-old Greek.
Zverev, the world No 3, next plays either fifth seed Andrey Rublev, last year's runner-up, or Italian ninth seed Jannik Sinner.
"For the second clay-court match of the season, I can't complain too much," second seed Zverev said.
"Yes, I have lost focus a little bit in the second set, but at the end of the day, he's somebody that can really play. I'm happy with a two-set win."
Zverev lost his serve immediately but converted five of his 14 break points to reach the Monte Carlo quarter-finals for the second time in his sixth appearance.
"It's great because here it's a little bit slower I think than other clay courts that we play on, it is very important to get that confidence going on your serve," Zverev said.
"All around, it's important to get these kinds of wins."
Indian Wells champion Taylor Fritz saw off his doubles partner Sebastian Korda, the conqueror of recent Miami champion Carlos Alcaraz in the previous round, 7-6 (7/4), 7-5.
"It's crazy really, I have reached the quarter-finals in four of the last five Masters tournaments," said the 13th-ranked Fritz.
"If I had been luckier in Miami I could have been five from five. I am in a good place at the moment. I seem to be improving all the time."
Fritz will next play Alejandro Davidovich Fokina, the Spaniard who knocked out world No 1 Djokovic on Tuesday.
Davidovich Fokina progressed to the last-eight by beating the experienced Belgian David Goffin 6-4, 6-1 on Thursday.
"I carried the emotion of beating Djokovic into this match," said Davidovich Fokina.
I carried the emotion of beating Djokovic into this match
Alejandro Davidovich Fokina
"I knew it would be a tough match as David won in Marrakech last weekend.
"However, he appeared more tired than I was and I am delighted to have reached the quarter-finals."
There was an upset though as Norway's fourth-seed Casper Ruud followed Djokovic and Alcaraz out of the tournament.
The Miami finalist was beaten by Grigor Dimitrov of Bulgaria, 6-3, 7-5.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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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How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
