• Stefanos Tsitsipas celebrates after winning against Russia's Daniil Medvedev during their quarter-final on Day 10 of The Roland Garros 2021 French Open. AFP
    Stefanos Tsitsipas celebrates after winning against Russia's Daniil Medvedev during their quarter-final on Day 10 of The Roland Garros 2021 French Open. AFP
  • Greece's Stefanos Tsitsipas celebrates. AFP
    Greece's Stefanos Tsitsipas celebrates. AFP
  • Russia's Daniil Medvedev makes a point to the umpire. AFP
    Russia's Daniil Medvedev makes a point to the umpire. AFP
  • Greece's Stefanos Tsitsipas on his way to victory. AFP
    Greece's Stefanos Tsitsipas on his way to victory. AFP
  • Germany's Alexander Zverev on his way to victory over Spain's Alejandro Davidovich Fokina. AFP
    Germany's Alexander Zverev on his way to victory over Spain's Alejandro Davidovich Fokina. AFP

Stefanos Tsitsipas has his sights on first French Open title after reaching the last four


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Stefanos Tsitsipas believes he can go on and win the French Open after battling past world No 2 Daniil Medvedev to reach the semi-finals in Paris.

"I was playing against one of the best guys on the tour and I had to keep up the intensity, elevate my game during the entire match," said the Greek fifth seed after his 6-3, 7-6, 7-5 victory.

"I felt I was playing really good, not giving him much space to do things and I think my performance was close to one of the best this week."

Tsitsipas, the loser of his previous three Grand Slam semis, later said he believed he could go on and claim the title.

"I don't think there's a player out there that thinks they can't win the tournament," he said.

"Of course I'm playing good, and I think if I keep repeating the process, keep repeating the everyday hustle that I put, for sure there's going to be a reward, and why not?"

Tsitsipas settled quickly on the empty Philippe Chatrier, with spectators still not able to attend the late match because of a curfew under coronavirus restrictions, and capitalised on an early break to take the opening set in 31 minutes.

After trailing 3-1 in the second, Medvedev recovered composure to level at 3-3, but failed to take two set-point chances in the 10th game.

Tsitsipas then took control of the tie-break, claiming a mini-break on the first point before a double hold to move 3-0 ahead.

Medvedev returned to court following a toilet break having changed into an all-white kit, and responded with fresh energy to break Tsitsipas in the fifth game - only for the world No 5 to break back then lead 5-4.

The Russian had a heated exchange with the chair umpire over a first serve he felt was disturbed by a cameraman up in the stands, before holding at 5-5.

Tsitsipas, though, stayed focused to battle on and force a first match-point chance - which he took after Medvedev, who had been 40-love up, tried an underhand serve and the Greek dispatched a backhand down the line to claim a hard-earned win.

The 22-year-old, beaten by Novak Djokovic in the 2020 semi-finals at Roland Garros, will go on to meet Alexander Zverev, who had earlier coasted past Alejandro Davidovich Fokina in straight sets.

Medvedev said his underarm serve was a bold tactic on match point, but "I won't say it was a mistake".

"I was thinking about it during the whole match, like that maybe in the important point I could do it because he was quite far back in the court, so that can always work," Medvedev said.

"But well, it didn't work out at all. He had an easy ball to finish. He made it. But again, as I say, it was tactical."

Zverev had earlier cruised into the semi-finals of the French Open for the first time with a 6-4, 6-1, 6-1 win over Davidovich Fokina.

Zverev also has his sights on a maiden Grand Slam title, the German finishing runner-up to Dominic Thiem in the 2020 US Open final when he had been in front by two sets.

"We will see how it is on Friday, but for now, it is great to be here," Zverev said.

"I know that the matches are not going to get easier, the opponents there are extremely difficult to beat, so I've got to play the same or raise my level even higher to have a chance."

The German added: "Obviously the Grand Slams are the tournaments that we want to win the most and before, maybe the last few years, I was putting too much pressure on myself.

"I feel like now maybe I have learned how to deal with the situation a little bit better, am maybe a little bit calmer at the tournaments, but the end goal hasn't changed.

"Hopefully I can say that, slowly but surely, I am starting to get the hang of it."

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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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