Austria’s Dominic Thiem is considered one of the contenders for the French Open title. Eric Gaillard / Reuters
Austria’s Dominic Thiem is considered one of the contenders for the French Open title. Eric Gaillard / Reuters

Monte Carlo Masters: Dominic Thiem relieved to save match point in victory over Andrey Rublev



Austrian fifth seed Dominic Thiem saved a match point in a gripping Monte Carlo Masters second-round win over Russian youngster Andrey Rublev on Tuesday.

The two-time French Open semi-finalist recovered from a set down to book a last-16 clash against either Novak Djokovic or Borna Coric with a 5-7, 7-5, 7-5 victory.

Rublev spurned a match point on his own serve late in the deciding set as he fired a forehand narrowly wide.

"I had to fight from the first to the last point, which of course I did well. But I was also lucky at the end when he had a match point and missed a forehand by 10 centimetres or so," Thiem said.

"I was 10 centimetres from being out of the tournament."

Thiem, 24, could also have to face champion Rafael Nadal in the quarter-finals if he can get past Djokovic or the in-form Coric on Thursday.

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"It's a horrible draw for sure, from the first round on," Thiem conceded.

"But I'm happy that I played two hours and 40 [minutes] ... But I'm looking forward to watching Djokovic and Coric in front of the TV and then playing the winner on Thursday."

After Rublev had edged a tight first set, Thiem clinched the second on his fourth set point before racing into a 4-1 lead in the decider.

His 20-year-old opponent cut loose, though, claiming four straight games to serve for the match.

But Rublev struck wide on match point and ran out of steam, double faulting to hand Thiem a place in Round 3 as the world No 7 won the last three games on the spin.

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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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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia