As the tennis season comes to a close, Ahmed Rizvi selects his best and worst of 2015.
THE BEST
Wawrinka goes ballistic
Ballistic is probably the best way to describe Stan Wawrinka’s nonchalant assault on an unsuspecting Novak Djokovic in the French Open final. Roland Garros was the “Final Frontier” for the Djoker and the Coupe des Mousquetaires looked well within his grasp as he walked onto the Chatrier Court, toting a 28-match winning streak and a 17-3 record against his opponent. The first set was a routine 6-4 cruise for the Serb, but then Wawrinka started hitting some absolute dream shots, finding the lines at will with his sublime, but blistering, one-handed backhands. Three sets later, the Swiss had completed an incredible and inconceivable turnaround, winning the contest 4-6, 6-4, 6-3, 6-4, blasting 60 winners to Djokovic’s 30. This was the only grand slam match that the world No 1 lost all year.
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Nishikori’s tweener lob
It is never easy picking the year’s best when there have been some amazing shots played. Remember Leander Paes’ behind-the-back shot at the Australian Open, during a mixed doubles match alongside Martina Hingis? Or Stan Wawrinka’s around-the-post winner in the French Open final? Roger Federer’s tweener lob on Sam Querrey at Wimbledon comes to mind as well, as does Agnieszka Radwanska’s sky hook against Anna Karolina Schmiedlova in Cincinnati and Jo-Wilfried Tsonga’s diving volley against Rafael Nadal in Shanghai.
However, the fans have voted for Kei Nishikori’s tweener lob over David Goffin in Montreal as the best play of 2015 and we will go with that.
Gluten-free grass
“I was assured that it’s gluten-free, it’s not processed, completely organic and natural, and I could eat it.”
— Wimbledon champion Novak Djokovic on the Centre Court grass at the All England Club, after chewing a few strands following his triumph in the final
Comment: Hold your horses! Serena Williams is the worthy award winner, not American Pharoah
THE WORST
Kyrgios’ trash talking
First, there was the swearing at fans at the Australian Open, and then he was accused of tanking a game at Wimbledon. Nick Kyrgios, however, refused to mend his ways and created a major controversy in Montreal when TV cameras caught him making some unsavoury comments about his opponent, Stan Wawrinka’s girlfriend.
An angry confrontation between the two followed later in the locker room, but Kyrgios claims playing on the same team (2015 champions Singapore Slammers) in the IPTL has allowed them to mend their relationship.
Bouchard’s handshake-gate
The year has been a nightmare for Eugenie Bouchard and not just on the courts, where she could win only 12 of her 30 matches. Starting the year at No 7, she has now slipped to No 49 in the rankings, and her insolence has only added to her woes. First, she took some rap in April after refusing to shake Alexandra Dulgheru’s outstretched hand at the draw ceremony ahead of Canada’s Fed Cup tie against Romania. Then in October, she decided to sue the US Tennis Association for what her lawyer describes as potentially “millions and millions”, after slipping in the locker room during the US Open. Guess, nothing can keep her out of the headlines.
... AND THE UGLY
Wawrinka’s chequered shorts.
Really, what was he thinking? Those chequered shorts that he wore in the French Open final were just hideous. And that’s putting it mildly. Yes, it won him the French Open, but Wawrinka seriously needs a new design team for 2016.
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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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
Napoleon
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