Former world No 1 Andy Murray announced on Friday he has split with coach Ivan Lendl for the second time as he works towards regaining full fitness for the 2018 season.
The 30-year-old Scot has enjoyed all of his grand slam success under the guidance of Lendl, securing a second Wimbledon title last year and another Olympic title in the second instalment of their fruitful partnership.
Overall, in his two spells with Lendl, Murray won three grand slam titles, two Olympic golds and reached the top of the rankings in a fearsomely competitive era of men's tennis featuring Roger Federer, Rafael Nadal and Novak Djokovic.
Murray hits Lendl
"I'm thankful to Ivan for all his help and guidance over the years. We've had great success and learned a lot as a team," Murray said on his website.
"My focus now is on getting ready for Australia with the team I have in place and getting back to competing."
The statement said the decision to end the coaching relationship had been mutual.
Murray, who has missed a big chunk of the current season through injury, will continue to work on his fitness in Miami before heading to Australia ahead of the Australian Open, the first grand slam tournament of the year.
"I wish Andy well going forward. We had a great run and a lot of fun," said Lendl, himself an eight-time grand slam winner as a player.
Lendl will continue to work in the field of player development at the US Tennis Association, where his group's Patrick Kypson recently won his first professional event.
Murray has won just a single title in 2017 after his golden year in 2016.
That came in Dubai in March, while his best grand slam performance was reaching the semi-finals of the French Open.
A hip problem ruined his Wimbledon defence and forced him out of the US Open, ultimately ending his season with three months to run.
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Murray's 2012 US Open and 2013 Wimbledon titles came under Lendl and after they split in 2014 he worked with former French player Amelie Mauresmo before reuniting with Lendl in 2016.
The top of the men's game is beset by a glut of injuries to big-name players, with Murray, Djokovic and Stan Wawrinka all missing from the ongoing ATP Finals in London, which Murray won last year.
Murray has slipped to 16th in the world this year.
Nadal pulled out of this year's tournament after his opening round-robin match.
Murray replaced Djokovic as world No 1 in November 2016 and held the top spot for 41 weeks before being replaced by Nadal
Murray practised with Austria's Dominic Thiem for two hours ahead of the ATP Finals last week.
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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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