DUBAI // Oscar De La Hoya says Manny Pacquiao holds a slight advantage in next month’s money-spinning bout with Floyd Mayweather Jr, although he warned the appointment of Kenny Bayless as referee will play into the American’s hands.
The May 2 event at MGM Grand, Las Vegas, dubbed the “fight of the century”, pits against one another who many perceive to be the two best pound-for-pound boxers in the world, with Mayweather Jr’s defensive style in complete contrast to Pacquiao’s power punching.
Five fights into his US$250 million (Dh918m), six-bout deal with Showtime, Mayweather Jr remains undefeated, with a record that thus far reads 47-0. Pacquiao, a world champion in eight different divisions, has been beaten five times in 64 fights. His overall record stands at 64-5-2.
De La Hoya knows the combatants better than most, having shared a ring with both during the latter stages of his career. In 2007, he lost to Mayweather Jr on a split decision, while the following year Pacquiao triumphed by TKO.
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Speaking Thursday at the Icons Cup, a celebrity golf event in Dubai, De La Hoya said Pacquiao's aggressive style meant he possessed an edge over his opponent. However, he added that the Filipino must take the fight to Mayweather early if he is to have any chance of victory.
“Pacquiao has to win the first two or three rounds, because it’ll make Mayweather have to come from behind and he’ll have to start to pressure Pacquiao, to be the aggressor, and Mayweather doesn’t like to be the aggressor.
“So if Pacquiao can start well the first two rounds, the fight can go in his direction.
“The one fighter to make it an exciting fight is going to be Pacquiao. He has to go in with a lot of combinations, a lot of footwork, which he has. And I hear he’s in tremendous, tremendous shape.
“With Mayweather, we’re going to see the same thing he does in every fight, which is box, win the rounds one at a time. I don’t see Mayweather trying to knock out Pacquiao, but I can see Pacquiao trying to knock out Mayweather. In this sport one punch can change everything — I’m going to have to give Pacquiao the advantage.”
De La Hoya, himself a world champion in six weight divisions and formerly recognised as the planet’s best pound-for-pound boxer, did have a note of caution for Pacquiao, though.
Bayless’s election as referee has added another layer of intrigue, given the veteran official has always been quick to break up boxers — a tactic that would favour Mayweather Jr. Bayless has previously worked five of Mayweather Jr’s fights and seven of Pacquiao’s.
“History shows that Kenny Bayless protects Mayweather,” De La Hoya said. “Pacquiao is now up against two guys in the ring instead of one. So I’d have to say Pacquiao is already one point behind and the fight hasn’t even started.
“It’s surprising to me, given the history. But it’s Vegas, it’s Mayweather’s hometown and they’re going to obviously do what’s best for him.”
The fight, expected to generate $400m, is set to become the richest in boxing history. It has been five years in the making, with Mayweather Jr and Pacquiao regularly failing to agree on a number of terms, including the purse. De La Hoya, though, now a successful promoter in his own right, believes the delay will make for a more compelling contest. It could also benefit Mayweather, he said.
“You can say that because Pacquiao has been in tougher fights, has been knocked out, has been in the wars throughout his career, so there’s a bit more wear and tear in his body,” De La Hoya said. “But I feel this fight taking place now and not five years ago is going to be more exciting because Mayweather’s legs aren’t the same.
“He’s going to probably stay more stationary in front of Pacquiao and therefore Pacquiao’s going to have a better chance at landing his punches. My head goes with Mayweather and my heart’s with Pacquiao.
“I just think it’s going to be a great fight. But I do give Pacquiao a good shot at surprising Mayweather.”
With Mayweather Jr aged 38 and Pacquiao 36, both fighters are approaching the end of their respective careers. Mayweather has another slot to fill on his Showtime contract — De La Hoya confirmed Saul ‘Canelo’ Alvarez, whom he promotes, wants a rematch — but some have suggested that, should Pacquiao lose on May 2, it would bring to a close his 20 years in the professional game.
Asked if either boxer should hang up their gloves if defeated, De La Hoya added: “It depends on them; I can’t say if they retire or not. Each fighter is their own individual, it’s their own career. Who am I to say if they should retire or not? It all depends on them. I can still see fight in Pacquiao and fight in Mayweather after this one.”
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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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Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
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The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
