Dominika Cibulkova provided another seismic shock at the Australian Open Monday as she sent injury-hobbled Maria Sharapova crashing out, just a day after Serena Williams went the same way.
The diminutive Slovakian enjoyed one of the biggest wins of her career, 3-6, 6-4, 6-1, a result which also did a big favour for defending champion Victoria Azarenka.
Azarenka, now the hot favourite as she guns for a rare hat-trick of Australian Open wins, stepped up her bid when she flattened old foe Sloane Stephens 6-3, 6-2.
“I’m glad I could find my rhythm and go for my shots. I just love playing here. It feels so cosy, it feels like home,” Azarenka said.
The Belarusian world No 2 will face either Agnieszka Radwanska or Garbine Muguruza in the quarter-finals, with Cibulkova heading into a clash with Romania’s Simona Halep, who beat No 8 seed Jelena Jankovic 6-4, 2-6, 6-0.
With Sharapova, the Russian world No 2, and top seed Williams both out, the women’s last eight has an unfamiliar feel.
Halep and Canada’s Eugenie Bouchard are both first-time Slam quarter-finalists, while neither Williams’ conquerer Ana Ivanovic nor Flavia Pennetta are regulars at the business end.
It was a dismal day for the statuesque Russian, cutting short what has been a difficult return from months out with her troublesome right shoulder injury.
Sharapova blamed her tough workouts against Karin Knapp and Alize Cornet after a left hip injury flared against Cibulkova, who was fit and motivated enough to take full advantage.
Sharapova was too strong for Cibulkova in the first set but errors crept in in the second and after the Slovak levelled at a set each, she left the court for a medical timeout.
And Sharapova, rated as the world’s highest paid female athlete, succumbed tamely in the third set as she conceded three breaks to keep her search for a fifth major title on hold.
“I think it’s a success (the tournament) in terms of that I’m back and that I’m healthy. That’s quite important. Otherwise I wouldn’t give myself a chance to play,” she said.
“So on that note, yeah, I have to look at the positives and see where I have come from in four or five months. I haven’t played a lot of tennis in those six months.”
Cibulkova had never been beyond the fourth round in six previous attempts in Melbourne, although she has made the last eight at all the other three Grand Slams.
“I was 100 percent sure I could win. I never doubted myself even when I lost the first set,” said the 20th seed. “I knew what I needed to do. The most important thing is to believe in yourself.”
Azarenka later coasted past Stephens, erasing memories of last year’s semi-final when she was accused of gamesmanship and slow-handclapped by the crowd after taking a medical timeout at a crucial moment.
The women’s quarter-finals will include, at most, just three of the top-8 seeds, and possibly only two. No 14 Ana Ivanovic (def. No 1 Serena Williams) faces No 30 Eugenie Bouchard, who came out of 7-seed Sara Errani’s section. Errani lost in the first round to German Julia Gorges.
Fourth-seeded Chinese Li Na faces No 28 Italian Flavia Pennetta, who emerged from 6 seed Petra Kvitova’s section. Kvitova was also a first-round loser, to Thailand’s Luksika Kumkhum.
Halep and Cibulkova took care of Jankovic and Sharapova, and Radwanska will look to avoid the fate of some of her similarly high-rated peers against Muguruza.
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
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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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