Swiss triumph over local talent at US Open



Home hopes in the US Open have been blown away by Switzerland's Stanislas Wawrinka when he outlasted Sam Querrey in a marathon fourth round tie. The 7-6 (11/9), 6-7 (5/7), 7-5, 4-6, 6-4 defeat means that there will be no US player in the men's singles quarter-finals for the second year in a row. Last year was the first time that had happened in the Open era dating back to 1968. The 20th-seeded Wawrinka joins Roger Federer in the last eight, making it the first time two Swiss players have reached the quarter-finals of a Grand Slam in the Open era.

The match, played in tough, windy conditions, lasted four hours 28 minutes. Wawrinka's opponent for a place in the semi-finals will be 12th-seeded Russian Mikhail Youzhny, who defeated Tommy Robredo of Spain 7-5, 6-2, 4-6, 6-4. Querrey, 22, also seeking to reach his first Grand Slam quarter-final, said that the difference between winning and losing had been slight. Also through to the last eight in the top half of the draw was Spanish powerhouse Fernando Verdasco who took four hours 23 minutes to see off compatriot David Ferrer in a typically gruelling Iberian clash. Verdasco will now face Rafael Nadal who kept his perfect record intact as he powered past Spanish compatriot Feliciano Lopez into the quarter-finals. The top seed won 6-3, 6-4, 6-4 and in four outings to date he has yet to drop a set or even his serve. "I was ready for the late start and the hardest thing was for the fans to be here," he said. "This year I am healthy and hope to continue to play well and have my chances."

Wawrinka reached the fourth round by playing some of the best tennis of his life to defeat fourth seed Andy Murray of Britain in four sets, while all the pressure was on Querrey as the last US player left in the tournament. The Swiss player let slip a golden chance of clamping a stranglehold on the match when he squandered four second set points before Querrey run off six points in a row from 0-3 down in the ensuing tie-break to level the match.

After sharing the third and fourth sets, both players looked leg weary going into the fifth set and another tie-break looked on the cards until Wawrinka gathered his forces for one last push in the 10th game. He finally finished Querrey off with a chip and charge on his second match point. Youzhny, 28, the sole surviving Russian in the men's draw, grabbed the first break of serve of the match in the 11th game to take the first set against Robredo.

He then had back-to-back breaks in the second to take a commanding two sets to love lead. Robredo hit back to take the third set and looked the stronger going into the fourth set, but it was Youzhny who made the breakthrough in what turned out to be a decisive fifth game. He set up break point with a deft backhand sliced drop shot and then cashed in when his service return clipped the net and dropped stone dead on Robredo's side.

From 3-2 up, the Russian held serve three times to advance to the last eight. It is the second time that Youzhny has made it through to the last eight in New York following his run into the semi-finals in 2006 when he beat Rafael Nadal along the way.

* AFP

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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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