Kim Clijsters carries her daughter Jada while holding the US Open trophy after defeating Caroline Wozniacki.
Kim Clijsters carries her daughter Jada while holding the US Open trophy after defeating Caroline Wozniacki.
Kim Clijsters carries her daughter Jada while holding the US Open trophy after defeating Caroline Wozniacki.
Kim Clijsters carries her daughter Jada while holding the US Open trophy after defeating Caroline Wozniacki.

Triumphant return for Clijsters as she wins US Open


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NEW YORK // Kim Clijsters made history last night, capping a comeback from two years out of tennis to become the first unseeded woman to win the Open - and the first mother to win a major since 1980 - with a 7-5, 6-3 victory over Caroline Wozniacki. When it was over, Clijsters collapsed to the ground and started crying - tears of joy, probably mixed in with a little bit of shock, too. Her 18-month-old daughter, Jada, watched from a suite at the court, but later came down to take part in the celebration.

Clijsters cradled the baby in one hand and the trophy in the other. "It was not really our plan," Clijsters said. "I just wanted to start these three tournaments and get back into the rhythm of playing tennis and get used to the surroundings again." This was her second US Open title, the last coming in 2005 - her last appearance at Flushing Meadows and before a spate of nagging injuries eventually drove her out of the sport.

Clijsters beat both Williams sisters and two other players seeded in the teens. She matched Venus and Serena power shot for power shot and showed she could play Wozniacki's patient game - and play it better. "She's playing because she thinks it's fun and because she likes it," said Wozniacki, who is too young to have played Clijsters during her first career. "I really think she might be a better player now than she was before."

The final proved to be a waiting game and when Clijsters fell behind 4-2 in the first set, she showed she was willing to play it. Clijsters finished with two more winners than unforced errors (36-34) - a good ratio on any day - and 26 more winners than Wozniacki. After getting back on serve, Clijsters held off two break points at 5-5, then broke Wozniacki for the fourth time to win the first set. The second set was easier and before they knew it, Jada was on the court posing for photographers.

Clijsters didn't even have a ranking coming into this tournament because she hadn't played enough matches to get on the list. She'll come in at around No. 20 when the new rankings come out this week, but probably won't try to improve on that right away. "It's the greatest feeling in the world being a mother," she said. "I just can't wait to spend next the few weeks with her and have her routine schedule at home again."

*AP

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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