Wozniacki suffers Miami upset from smart Petkovic



MIAMI // Caroline Wozniacki, the world No 1, suffered a surprise fourth-round defeat by Germany's Andrea Petkovic in the Sony Ericsson Open, falling victim to a smart strategy from her lower-ranked opponent.

Petkovic, ranked 23rd, played positive attacking tennis in the Florida sunshine at Key Biscayne to move into the quarter-finals with a 7-5, 3-6, 6-3 victory over the Dane.

Petkovic saved 12 of 17 break points against Wozniacki but the foundations of her success were an aggressive serve and subtle variations in her game.

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She resisted the temptation to try and slug it out with Wozniacki, opting instead to mix up her shots and employ a range of different speeds, then celebrating her victory with a jig she has dubbed the 'Petko dance'.

"Most of the players think they can overpower Caroline. I think that's the wrong approach, because that's where she's most comfortable, when she can run and bring the most balls back," Petkovic told reporters.

"What I try to do is mix it up and to make her play, and then when I had the short ball to go for it."

Wozniacki lost the opening set after squandering three set points and later said she had only herself to blame.

"I had so many chances in my first set ... Then, just the energy level dropped a little bit and I lost the match. That's what happens in sport," she said.

Russian Maria Sharapova, still working her way back from injury, eased past the Australian Samantha Stosur, ranked fifth in the world, winning 6-4, 6-1. Sharapova, currently ranked 16th, has never been beaten by Stosur in seven meetings.

The Second seed Kim Clijsters's match with Serbian Ana Ivanovic was postponed due to heavy rain.

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

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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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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