Worthington survives crash to smash historic move and win BMX freestyle gold


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Charlotte Worthington won gold for Great Britain in the premier Olympic women’s BMX freestyle competition after nailing the first 360 backflip to be performed in female competition.

The 25-year-old Mancunian produced a huge second run – having crashed attempting the move in her first.

It was just one of several highlights in a second effort that earned the former chef a monster score of 97.50 to edge out three-time world champion Hannah Roberts of the United States.

Having made the 360 stick early in her run, a confident-looking Worthington also threw in a front flip and a huge backflip to pad her scoring and deliver yet another BMX medal for Britain after the racing gold and silver for Beth Shriever and Kye Whyte.

“It’s kind of unreal, I’m waiting to wake up,” Worthington said. “I’ve been dreaming about this for four years, and it still feels like I’m dreaming four years ago, I’m still waiting to wake up.

“I didn’t put any pressure on myself. You go in and out of it, you’re thinking there is some pressure and maybe it’s not going to happen this time.

“But you’ve just got to let that go really quick and refocus. I tried not to have any pressure and I tried to focus on enjoying myself and taking it one trick at a time.”

Worthington, who only started competing in 2016, had shown her ambition in the first run as she attempted the 360 backflip, but missed the landing to hit the deck, leaving her well down the standings after the opening round.

But she showed no fear as she went for the same routine the second time around.

“It was incredible,” she said. “I’ve not been doing that trick for that long, we’ve been trying to find that big banger trick and when we found it we thought, ‘this is the one’.

“We put a lot of faith in that. To be honest, I wouldn’t have had any of those tricks if it wasn’t for Hannah [Roberts]. She’s made me push so hard since day one, this is the first time I’ve beaten her.

“If it wasn’t for Hannah Roberts, we wouldn’t be this far anyway.”

Roberts had topped the standings at the midway point after an outstanding opening run worth 96.10.

Going last in the order, the 19-year-old had a chance to top Worthington but slipped a pedal early in her run and pulled up to allow Worthington’s celebrations to begin.

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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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