Colin Montgomerie of Scotland plays into the 6th green during the first round of The Quinn Insurance British Masters.
Colin Montgomerie of Scotland plays into the 6th green during the first round of The Quinn Insurance British Masters.

Golf

Lyle throws hat in for Ryder captaincy

Double major winner Sandy Lyle said he will make a bid for Europe's 2010 Ryder Cup captaincy after winning the backing of Colin Montgomerie.

SUTTON COLDFIELD, England // Double major winner Sandy Lyle said he would make a bid for Europe's 2010 Ryder Cup captaincy after winning the backing of eight-times European No 1 Colin Montgomerie. In a statement to Reuters via his manager Robert Duck late on Wednesday, Lyle, who is on the US Champions Tour for seniors this week, said: "I really appreciate Colin's kind words. "It means a great deal to me that a man who has been so successful in Ryder Cup competitions should endorse my candidacy as Ryder Cup captain.

"I would be delighted and honoured to take on the challenge of captaining the European team at Celtic Manor in 2010." The 1985 British Open and 1988 US Masters champion was responding to Montgomerie's comments yesterday at the Belfry in which he said that his 50-year-old fellow Scotsman should follow peers Ian Woosnam and Nick Faldo as a Ryder Cup skipper. "It would be a shame if Sandy doesn't get the chance," Montgomerie said. "I think it would be only fitting if he does the job at Celtic Manor, as his four major colleagues have all done it."

The Scot was also referring to Seve Ballesteros and Bernhard Langer, both of whom skippered victorious European teams. Montgomerie has said he does not intend to apply for the 2010 captaincy because he wants to play his way into the team for Celtic Manor. The other strong candidate, Jose Maria Olazabal, has similar intentions and has also ruled himself out for the captaincy in two years. Twice Ryder Cup winner and European Tour tournament committee chairman Thomas Bjorn of Denmark has similarly decided against running.

"I'm 37, so I've got to focus on my playing career," Bjorn said after an opening round of 69 in the British Masters at the Belfry. "At 37 you have a limited number of years left in your playing career. "Ruling myself out? I don't think I was ever in the equation. It came through the media that a lot of players said I would be a good captain and I'm grateful for those comments but I'm just going to focus on my golf."

The United States hold the trophy for the first time since their 1999 victory after winning 16 1/2-11 1/2 in Valhalla last weekend. *Reuters

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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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Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

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Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.

His advice to anyone starting out in business is to have no fear as life is about taking on challenges.

“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.

"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”

Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.

He relaxes by spending time with his family at home, and enjoying his wife’s India cooking. 

World Mental Health Day