Martin Kaymer tees off on the ninth on his way to victory yesterday.
Martin Kaymer tees off on the ninth on his way to victory yesterday.

Kaymer's magic moment



ABU DHABI // Fortune tends to favour the brave in most sporting contests but rarely has that old adage been better illustrated than by the manner in which Martin Kaymer approached the defining moment of what has been a gripping Abu Dhabi Championship. The German, champion in much more routine fashion two years ago, had marched purposefully off the penultimate green of the four-day tournament elated that he had holed a crucial 12-footer to keep himself level with Ian Poulter with only the 18th to play.

Standing level at 20 under par with his English opponent and a precious one stroke clear of the brilliant young Northern Irishman Rory McIlroy, Kaymer watched from a perfect position in the middle of the fairway as Poulter was obliged to take the safe option of laying up wedge distance away from the 557-yard closing hole. That made it decision time: do the same and take your chance in the ensuing putting contest, or go all out for glory by hitting the sprawling green in two and setting up a decisive eagle opportunity.

Kaymer did not give it a second thought. He went for it - and how. He boomed his three wood 275 yards unerringly towards its intended destination and immediately realised he had one hand back on the Falcon Trophy. The eagle would have been a fitting bonus to snare that Falcon but realistically the guaranteed birdie was going to clinch his fifth European Tour title, providing Poulter did not make his putt from 20 feet to secure a play-off.

Poulter, who had performed brilliantly on a wonderfully entertaining afternoon of fluctuating fortunes was, sadly, not up to it, leaving Kaymer, who had lagged up to about 18 inches, with a tiddler to secure the ?250,000 (Dh1.29million) first prize which will do wonders for his Ryder Cup and Race to Dubai ambitions. Only once was Kaymer headed as he sought to convert his single-shot overnight lead over his playing partners into another UAE triumph. That was on the 12th green when Poulter, who had birdied from a fairway bunker on the 11th, holed again from 12 feet to get to 20 under par.

With six holes to play it seemed Poulter would improve that position by a least a couple more shots but he could not conjure up a seventh birdie on the way, Kaymer having pegged him back to level again by rolling in an outrageous 35-footer at the 14th on which he had driven into the rough. Poulter will justifiably look back and conclude that the golf gods favoured Kaymer more than himself in determining the fifth outcome of this high-class opening leg of the popular Desert Swing.

The flamboyant Englishman, whose appearance and behaviour have toned down as he has matured into a 30-something, produced what was noticeably the most impressive golf of the leading trio on the outward nine. It was an injustice that his exceptional play was not rewarded by the lead going round the turn. He hit eight of the first nine greens in regulation as Kaymer managed only five successes but the German's tenacious scrambling saw him hang on to his slight advantage turning for home.

The two had shaken McIlroy off their coat tails by then, the youngster finding the pace of his colleagues out of the starting blocks too hot to handle. Poulter opened with three birdies and Kaymer with two to leave McIlroy, who had birdied the long second, two in arrears. A bogey at the fifth - the only dropped shot among the three of them on a nerve-wracking concluding day - made it three and that became four when the joint leaders made threes at the sixth.

To have fought back so strongly to be in a situation where an eagle at the last could have won it for him speaks volumes for the character of McIlroy, who will again take some stopping when he defends his Dubai Desert Classic title the week after next. None of yesterday's supporting cast threatened to steal the limelight from the top triumvirate. Shane Lowry, the Republic of Ireland rookie, eventually claimed the honour of fourth place with a five-under par 67.

wjohnson@thenational.ae

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.”

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

RESULTS

6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)

7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock

7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer

8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer

8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor

9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon