Carlos Alcaraz defeated Novak Djokovic in the final of Wimbledon after a five-set thriller at the All England Club on Sunday.
In one of the all-time classic tennis battles, Alcaraz recovered from a slow start to end Djokovic's s 34-match winning streak in the tournament by winning 1-6, 7-6, 6-1, 3-6, 6-4.
It was the 20-year-old Spaniard's second Grand Slam victory after his US Open title last year and prevented Djokovic from claiming his 24th career major after an epic match that lasted four hours and 42 minutes.
Alcaraz slumped to the court after Djokovic's final forehand dropped into the net before sharing a long embrace with the vanquished Serbian.
The defeat prevented the 36-year-old tying Roger Federer with an eighth Wimbledon title, while it also ended his chances of winning the calendar Grand Slam this year, although he will surely have more opportunities to equal Margaret Court's all-time record of 24 slam crowns.
Alcaraz was not even born when Lleyton Hewitt in 2002 became the last man apart from Roger Federer, Rafael Nadal, Andy Murray or Djokovic to win the title here, and he is the youngest men's champion since Boris Becker in 1986.
“Well it’s a dream come true for me,” said Alcaraz. “It’s great to win but even if I had lost I would have been really proud of myself, playing a final against a legend of our sport.
“After the first set I thought ‘hmmm … Carlos increase the level’. I have to congratulate Novak. I started playing tennis watching you. When I was born you were already winning tournaments. But 36 is the new 26. It’s amazing.”
Djokovic went into the match not having lost on Centre Court since his 2013 final defeat to Andy Murray and he hit with relentless precision in the first set.
Alcaraz, who had been crippled by body cramping in his loss to Djokovic in the French Open semi-final in June, was unable to settle and let a break point slip away in the seven-minute of the opening game.
Djokovic took advantage and raced into a 5-0 lead on the back of a double break before the Spaniard got on the board. It was too little, too late as Djokovic claimed the opening set with a smash.
But Alcaraz finally freed himself of his shackles and broke for 2-1 in the second set.
Djokovic hit straight back in the third game before saving a break point in the fourth, coming out on top of a 29-shot rally.
The Serb was hit with a time violation in the tiebreak before seeing a set point saved. Alcaraz needed no second invitation when he carved out and converted a set point to level the contest with a backhand winner.
The marathon set had taken 85 minutes as Djokovic's run of 15 tiebreaks won in a row at the majors ended.
Alcaraz broke in the opening game of the third set and again after an exhausting 26-minute fifth game, which went to 13 deuces and saw Djokovic save six break points before he cracked on the seventh.
Alcaraz backed it up with a rapid-fire service game which took just two minutes in comparison and broke again against the dispirited defending champion to move two sets to one ahead.
Djokovic argued with umpire Fergus Murphy over his monitoring of the shot clock and did little to endear himself with the crowd by taking a lengthy toilet break before the fourth set.
However, the break worked wonders as the Serb broke twice in the set, levelling the final courtesy of Alcaraz's seventh double fault of the final.
Djokovic wasted a golden chance to break for 2-0 in the decider with a wild smash and Alcaraz made him pay, breaking for 2-1.
A frustrated Djokovic collected another code violation for destroying his racquet against the net post before he slipped 3-1 down.
Alcaraz was not to be denied and he claimed a famous victory when Djokovic buried a forehand in the net.
“Good afternoon to everyone – not so good for me but good for Carlos,” said Djokovic in his on-court interview after the match. "I have to start with praises to Carlos and his team.
“What a quality at the end of the match when you had to serve it out. You came up with some big plays in the big situation and you absolutely deserve it. Amazing.
“As for me, you never like to lose matches like these but I guess when all the emotions are settled I'll have to be very grateful.
“I won many tight and close matches in the past here, to name a few, 2019 against Roger. Maybe I should have lost a few finals that I won so maybe this is even stevens.”
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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.”
