Rory McIlroy and Tiger Woods kept apart on final day



Rory McIlroy and Tiger Woods will not face each other for the second Ryder Cup in a row.

American captain Davis Love has put Woods out last in Sunday's singles, while world number one McIlroy is out third against unbeaten Keegan Bradley as Europe try to claw back their four-point deficit.

Luke Donald leads things off for Jose Maria Olazabal's side and will play Masters champion Bubba Watson.

Saturday hero Ian Poulter, who like Bradley has won his first three games, follows against US Open champion Webb Simpson.

Woods faces Francesco Molinari just as he did at Celtic Manor two years ago. The Italian lost 4&3.

Olazabal said: "Obviously we could not hide anything. We are trailing by four points and we have to put the players that are playing well up there.

"We knew they [the Americans] would know that but if we want to win this match at the end of the day we have to take the big guys down.

"I believe that it's not over. That's what I learned from Seve and what I tried to pass to the players. It's not over until it's over."

It has was confirmed yesterday that Europe's team will be dressed in the blue and white favoured by the late Seve Ballesteros when they play the singles in Chicago today.

Ballesteros, Europe's talisman in the event for so long and then captain in his native Spain in 1997, died in May last year after a long battle with a brain tumour.

His partner during most of his cup career was Jose Maria Olazabal, who is the European captain this year, and as well as having the image of Ballesteros on their bags the players will also have his silhouette on their shirts.

"We have Seve's blue and white, Seve on the bag and his right-hand man as our captain hopefully seeing us home," said Ian Poulter, winner of all his three games despite the Americans building a 10-6 lead.

As holders Europe need a 14-14 tie to retain the trophy. That means winning eight and losing only four of the remaining games.

Draw for the final day singles (all times UAE, US names first):

8.03pm Bubba Watson v Luke Donald

8.14pm Webb Simpson v Ian Poulter

8.25pm Keegan Bradley v Rory McIlroy

8.36pm Phil Mickelson v Justin Rose

8.47pm Brandt Snedeker v Paul Lawrie

8.58pm Dustin Johnson v Nicolas Colsaerts

9.09pm Zach Johnson v Graeme McDowell

9.20pm Jim Furyk v Sergio Garcia

9.31pm Jason Dufner v Peter Hanson

9.42pm Matt Kuchar v Lee Westwood

9.53pm Steve Stricker v Martin Kaymer

10.04pm Tiger Woods v Francesco Molinari

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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.”