David Haye, right, of Great Britain, proved too strong for the American Monte Barrett during their heavyweight fight.
David Haye, right, of Great Britain, proved too strong for the American Monte Barrett during their heavyweight fight.

Haye baying for Klitschko blood



LONDON // David Haye announced his arrival in the heavyweight division with a fifth-round stoppage victory over the American Monte Barrett at the 02 Arena in London. Haye, 28, a former undisputed cruiserweight world champion, was making the permanent move up to heavyweight with a view to challenging either Wladimir or Vitali Klitschko for one of their world titles early next year.

The Londoner knew an impressive performance was needed against the veteran two-time world title challenger Barrett, 37. And, in front of the watching WBC champion Vitali Klitschko, he floored Barrett five times, with the final knockdown resulting in the fight being stopped in the fifth round. "I will end up victorious. I don't mind if it is Wladimir or Vitali. They are the best in the world," Haye said.

"It will be a huge fight so let's make it happen. I can feel it. Monte Barrett has been around the block and I dispatched him in good style. I want to be heavyweight champion in the world and to do that I want to beat one of the Klitschko brothers. I've got big plans, big dreams. "I'm the No 1 cruiserweight in the world. Now I want to clean up the heavyweight division. I think I can slay the giant."

He added: "I said to you guys I am explosive, I'm entertaining and I throw bombs from the start." Vitali was ringside and he said: "I was very impressed. Next year it will be a great fight." Haye headed into the contest with a record of 21 wins (20 KOs) and a solitary defeat - an upset loss against veteran Carl Thompson in 2004 - and had already made a brief venture into the heavyweight ranks with a first-round knockout of the Pole Tomasz Bonin last year.

After that one-off foray Haye went on to beat Jean-Marc Mormeck to take the WBC and WBA cruiserweight world titles before adding the WBO version in style with a spectacular second-round stoppage of the Welshman Enzo Maccarinelli in March. The New Yorker Barrett, meanwhile, arrived in the UK with a record of 34 wins (20 KOs) and six defeats, and boasted a wealth of world-level heavyweight experience having challenged Hasim Rahman and Nikolay Valuev for the WBC and WBA heavyweight titles, albeit unsuccessfully.

Haye was content to feel his opponent out in the opening round but enjoyed success with the jab and left hook, while keeping his own guard low. Barrett responded with some left hands of his own, however, catching Haye cleanly late in the second but failing to press home the advantage. Barrett's swings were wild but dangerous in the third as Haye countered well. And the Briton capitalised mid-way through the round, flooring the American with a left hand and sending him down again with a right counter moments later. Both times Barrett got quickly to his feet, but Haye was clearly buoyed by the success.

Early in the fourth Haye floored Barrett a third time and towards the end of the round, a fourth. A right uppercut landed sweetly and Barrett had a real struggle to get back to his feet. He finished it in style moments later though, catching Barrett with a sweet jab before sending his opponent crashing with a right-left combination. * PA Sport

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UAE currency: the story behind the money in your pockets

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.”

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

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