World champion is no ordinary Joe



To some it is a barbaric spectacle that should have been abolished a century ago, to others it remains the most noble of ancient arts, but whatever your opinion of boxing, there can be no argument that Joe Calzagahe is the type of man that gives his "sport" a good name. A thorough gentleman on the outside of the ropes, the Welshman becomes Smokin' Joe whenever the bell sounds even while bringing dignity and decency to a frequently undignified and indecent profession.

At the age of 36, Calzaghe has traded violence with the best and remains unbeaten. His brilliant points victory over Roy Jones Jr for the Boxing News light-heavyweight championship of the world in Madison Square Garden on Saturday extending his winning run to 46 fights. "My ambition," he says, "is to retire undefeated like Rocky Marciano." The Joe Calzaghe story bears more than a passing resemblance to that of another Rocky - Sylvester Stallone's Rocky Balboa - beginning as it did with his father's arrival in the UK from Sardinia in the Sixties as a strolling troubadour with an acoustic guitar slung over his shoulder and a Simon and Garfunkel songbook (oh, yes, including the lyrics of The Boxer) in his pocket.

Wearied of life as a wandering minstrel, Enzo Calzaghe was on the point of returning home to Sassari when he met his future wife, Jackie, and settled in Newbridge. "Which was just as well for me," smiles the issue of this Italian-Welsh Valleys union. An avid fight fan and historian, Enzo has been the inspiration behind his son's ascent to ring greatness despite the constant calls from countless 'experts' that the champ ditch his dad and employ a recognised trainer such as the legendary Eddie Futch in his stead.

"I owe everything to my dad. Without him, I don't know what would have become of me. I was a reasonably good footballer, but strictly second or third division standard if I'd been lucky, so I wouldn't have become another Ryan Giggs." Enzo's Sardinian blood clearly courses through his son's veins because loyalty means everything to Joe Calzaghe, who still chooses to train in a humble gym in his home town of Newbridge rather than in Miami or London.

"It's maybe not the kind of flash gym you'd expect to find a world champion in, but I've been there for the best part of 30 years and it's like a second home. I'm just Joe to the rest of the lads - not 'Champion Joe' - and I wouldn't feel as comfortable anywhere else. "As I said, without dad's guidance and encouragement, I don't know what I'd be doing today because I was deeply unhappy at school."

The youthful Calzaghe was the prime target for a posse of playground bullies who sneered at his dedication to boxing, of his nights spent in the gym in preference to assorted vandalism. "I won the first of my Amateur Boxing Association titles when I was 12, but I was very small and some of the other kids made my life hell. It was mental rather than physical but it became so bad I even skipped my GSCE exams because I couldn't concentrate under the constant threat of the bullies. I can smile now when I see one of them but I wasn't smiling back then."

Having been encouraged to take up boxing by his father, would Calzaghe be happy to see his own sons, Joe, 13, and Connor,10, follow him into the ring? "Hopefully not. They're receiving a good education and I'd like them to grow up appreciating the fact that I fought so they would never have to do likewise." You may be among those who do not admire the "sport", but there is much to admire in Joe Calzaghe.

rphilip@thenational.ae

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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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