Andy Murray during the Battle of the Brits Premier League in London. Getty
Andy Murray during the Battle of the Brits Premier League in London. Getty
Andy Murray during the Battle of the Brits Premier League in London. Getty
Andy Murray during the Battle of the Brits Premier League in London. Getty

Andy Murray handed Australian Open wild card


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Andy Murray has been handed a wild card entry for February's delayed Australian Open.

The 33-year-old will be back in Melbourne two years after playing what he feared could have proven his final professional match.

The five-time Australian Open runner-up lost in five sets to Roberto Bautista Agut while suffering from chronic hip pain in the first round in 2019.

The world No122 reversed his retirement plans following extensive hip surgery, though, and has also accepted a wild card entry to the ATP event at Florida's Delray Beach in January.

The Briton missed most of the 2020 season due to complications with his hip and struggled for form on his return after the Covid-19 hiatus, suffering a second-round defeat in the US Open before falling in the opening round at Roland Garros.

"We welcome Andy back to Melbourne with open arms," said Australian Open tournament director Craig Tiley.

"As a five-time finalist he has been an integral part of so many amazing matches and storylines in the recent history of the Australian Open.

"His retirement was an emotional moment and seeing him come back, having undergone major surgery and build himself back up to get onto the tour again, will be a highlight of AO 2021."

Murray will begin his 2021 season at the Delray Beach Open. The former world No1 will join defending champion Reilly Opelka, top-ranked American John Isner and Canada's Milos Raonic in the Florida field.

The tournament takes place from January 7-13, after being moved from its traditional February slot, and will serve as part of the preparations for the Australian Open, which will begin three weeks later than scheduled on February 8.

Murray, a three-times Grand Slam champion, underwent hip resurfacing surgery in January last year but returned to win the Antwerp title seven months later – his first since 2017.

Last month, Murray said he has been making the most of the pre-season.

"I got on this body fat percentage scale thing, and the read-out that I got from that I wasn't happy with it," he said.

"I've worked hard to get to this point, but I can do better. I could make sure I'm eating better, I can make sure I'm stronger in the gym.

"It's the length of time a boxer would have to train for a big fight, and you can get yourself in great shape in that time."

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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.”

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

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