For years a narrative has provided an undercurrent on the ATP Tour over what a post-Big Three era will look like, when it might begin, and who will lead the charge.
It was always going to be gradual but when Carlos Alcaraz lifted the US Open trophy in historic circumstances on Sunday night, it felt like a seminal moment, providing a few answers to those long-pondered questions.
The Spaniard is not the first player of this new generation to loosen the collective stranglehold on men's tennis long and stubbornly held by Novak Djokovic, Rafael Nadal, and until recently Roger Federer. But this is different to the Grand Slam-winning breakthroughs of Dominic Thiem and Daniil Medvedev.
For starters, Alcaraz is not really of this generation. At just 19, he should belong to the next one but such is his outrageous talent there was no stopping his meteoric rise.
Alcaraz is the youngest Grand Slam champion since Nadal at the 2005 French Open and the youngest US Open winner since Pete Sampras in 1990, while he is the youngest male player to reach world No 1, beating previous record-holder Lleyton Hewitt by a year and five months.
Alcaraz's rise to the summit comes amid a season which already comprised four titles, including two Masters, prior to his New York triumph, having started the year ranked just outside the top 30 and competing in just his second full year on tour.
"This is something I dreamed of since I was a kid, to be No 1 in the world, to be the champion at a Grand Slam," Alcaraz said in an on-court interview.
"All the hard work that I did with my team, with my family. I'm just 19 years old so all of the tough decisions are with my parents and my team as well. This is something that is really, really special for me."
It has been special to witness, too, not least of all the past two weeks and his remarkable run to the title. There were three successive five-set marathons, the second of which was inarguably the match of the tournament as Alcaraz outlasted 21-year-old Italian Jannik Sinner in what should develop into a defining rivalry.
He overcame mid-match setbacks and high-pressure adversity against top-level opponents that would derail most players, let alone a teenager. And he did so executing a supercharged brand of all-court tennis, combining pace, power, and athleticism with exquisite and fearless shot-making ability from the baseline and at the net.
Granted, he's still a teenager but his powers of recovery to be so fresh for the final were nothing short of phenomenal.
"I always say that there is no time to be tired in the final round of a Grand Slam or any tournament," said Alcaraz, who spent 23 hours and 40 minutes on court over his seven matches.
"You have to give everything you have inside."
Alcaraz entered the US Open as one of four players who could end the tournament as the world No 1. As the world No 4, he was the lowest-ranked in contention but it is almost fitting, in line with his career so far, that it was he who ended up top of the pile.
"I want to be in the top for many, many weeks. I hope many years," he said. "I'm going to work hard again after this amazing two weeks. I'm going to fight to have more of this."
Such is the maturity with which he plays and how he approaches his career, it is easy to forget that he is only 19. A tennis career is long and often arduous, filled with many pitfalls and obstacles. How Alcaraz handles all of that moving forward, especially now with the added attention and fame, will determine if he takes his place among the greats.
For now, though, tennis can enjoy the arrival of a new superstar, and no one can deny that the sport is dealing with a generational talent.
The future of men's tennis is now and it's called Carlos Alcaraz.
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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.
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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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