Jake Shepherd was a late entrant and the joint leader was glad he took the decision to fly down from England.
Jake Shepherd was a late entrant and the joint leader was glad he took the decision to fly down from England.

Putter helps Rhazali get back to his best in Ras Al Khaimah



RAS AL KHAIMAH // Ahmed Reda Rhazali and Jake Shepherd set the pace in the first round of the Ras Al Khaimah Classic yesterday, each carding a five-under par 67 and setting a course record in the process.

The 24-year-old Moroccan hit seven birdies, including five on the back nine, and two bogeys in his career-best round since turning professional 19 months ago, while England's Shepherd dropped just one shot en route to his 67 as the duo established a two-stroke lead over Adil Jahangir of Pakistan and Canada's Lindsay Renolds in the second leg on the Mena Golf Tour.

The experienced Moroccan professional Faycal Serghini and Andy Andrews, a UAE-based professional from Sri Lanka, were a further shot back.

Rhazali said: "I played solid golf and hit about 15 to 16 greens. My putting was equally good. And it's because I turned to my tried-and-trusted belly putter.

"For some strange reason, I didn't use this putter during the Abu Dhabi event [last week] and that proved to be a costly mistake.

"I did miss a couple of shots here and there, but you can't complain after shooting a 67. If I can keep the momentum going, anything is possible."

Shepherd, who arrived only 48 hours before the event's start from London, said it was Zane Scotland, who encouraged him to compete. "I didn't know about it, but Zane spoke highly of the Tour and convinced me to compete," he said. "I am glad that I made the right decision."

Pakistan's Jahangir attributed his round to "perfect hitting".

"My driving, iron play and putting was just solid. I three putted on the first hole, but after that everything was just fine."

LEADERBOARD

Player        Score         Total

Ahmed-Reda Rhazali     -5        67
Jake Shepherd     -5        67
Lindsay Renolds     -3        69
Aadil Jehangir     -3        69
SM Javed Ahmed     -2        70
Andy Andrews     -1        71
Faycal Serghini     -1        71
Yasin Ali     0        72
Peter Richardson     0        72
Chris Chamberlain     0        72
Sean McNamara     0        72
Ahmed Marjan [Am]    0        72

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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.

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“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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