paul: half past 11:00 in the morning. 2:30 here in sydney. these other top stories this

hour. president biden says he's pushing for a six-week pause in fighting between israel and hamas to allow for the release of hostages, hoping the conditions could lay the groundwork for broader peace. the comments are the most detailed about the negotiations between israel and hamas, which the u.s. is helping to facilitate. the eu is proposing trade restrictions on two dozen companies accused of russia's war efforts in ukraine. a draft list includes companies and china, hong kong, serbia, india and turkey. it would be the first the eu has imposed on mainland chinese firms since russia invaded ukraine. pakistan's two major family control political parties are moving closer to a coalition government that would thwart imran khan's group. the jailed former prime minister's candidate won the most seats in the contentious election. on a post on x, the parties have agreed in principle to save the

country from what they call political instability. let's take a look at how markets are tracking around the region. we have the nikkei back from monday's public holiday. rallying pretty hard, up 2.4%. we have a fairly weak yen shy of 150. keeping an eye on softbank. better by seven point 5%. this is thanks to a 90% stake in the chipmaker arm which is up 93% over the past three days in the u.s. we have also got stocks here in australia looking flat. we saw two-year inflation expectations for new zealand falling to 2.5 percent for the first quarter. reminder of markets that are close today. china, hong kong, vietnam and nepal. this is bloomberg. ♪ >> if i could have everybody answer the same question, because we are responsible for

the savings on the pensions of real people like my mom and dad and your mom and dad, that we do a better job every day. francine: it's a world's largest listed hedge fund manager. after 200 40 years in existence, there's a woman in charge for the first time. robin was promoted from president to chief executive last september. the high point of a 15 year career at the firm. former barrister entered the world of finance three decades ago and never left. >> the speed of change, the impact, the global nature, the challenge of it just never stop getting more and more infectious for me. francine: in this episode of leaders with laqua, i speak about diversity, purpose, and what the future holds in an ever-changing world. robin, thank you so much for joining us. the world is a bit strange, there are so many poly crises. it's just difficult to get a

handle what comes next. robyn: that would be the shortest answer i could ever give. if this year has taught us anything, it's that prediction is not our strongest suit, perhaps. that is not just in relation to markets, it's in relation to these big geopolitical events that we are still living with. francine: it's quite incredible to think we are in a better place. i feel like every six months there is the doom and gloom proves saying, this is it, we need to reevaluate what happens next. yet, the economy holds. robyn: when we talk about it and have this concession about higher for longer, china still say out loud. there is maybe i'm going to be entirely long, but higher for longer. where the nuance is in that message is, what we are unlikely to see is 0%, we are unlikely to

see 2%. we may see some 50 basis points adjustments. but i think what we have been signaled clearly from central banks is that they are not frightened of using policy to control inflation or two try to respond to inflation. i think that's the messaging we should all get used to. the last 10 years, free money. next 10 years, higher for longer with that slight nuance in the way that i described. francine: i imagine 2024 could be difficult because volatility, so it makes it harder to manage money. robyn: i think it does. what we saw because of the hiccups of the system of the ldi, that put liquidity back. how do you manage through this different economic cycles? are you prepared, or are you

ready for hedging, which means let's remember what it means. at times you will do well and at times you will not do well with your portfolio. actually managing your portfolio for these different changing economic cycles or behaviors is what you are supposed to be doing. francine: does it change how you lead man group? robyn: it changes because of the way we position the organization. our capabilities are diverse, we have different engines doing different things on the fundamental discretionary side. we have products that are in the macro space, products and equities. we are long only and we are long short. what we are seeing is our clients are interested in more customized solutions that actually answer the problem they've got or the challenge they have rather then, here's a

product, by that or nothing else. changes in the way you deliver an organization. the value are -- you are driving towards is not just about, here's a product, here's a solution. francine: what does it mean about what you are focusing your energy on? i guess hiring is something you need to think of carefully? robyn: we don't make widgets. we have highly talented individuals who are focused on being the best they can be in the workplace and delivering what they do. it can be in our operations and middle offerings department. it could be in our legal department. it's about a war on talent. a hiring the best people, retaining, keeping those people, giving them opportunity, giving them a space where they can be the best they can be is incredibly important. it's tech, talent, vision, it's

about knowing that when people come to work every day, every single person at man group adds value and is valued. that's important. it's that moment, if i could have everybody answer the same question, what do you come to work to do everyday, the answer to that is, because we are responsible for the savings and pensions of real people, like my mom and dad and your mom and dad. that we do a better job every day. francine: how do you hire? there's a war on talent or a battle to get the very best. what do they want? robyn: it depends, it's a one-size-fits-all. who doesn't want to be around really smart people. who doesn't want to be around the place that values your input. who does not want to be in a place that doesn't seek to be at her today that it was yesterday and better tomorrow than it is today. who doesn't want to be around the place which is actually interested in you as a person

and interested in being capable of making you better. we go broad, we go wide, we look for difference, we look for energy and excitement. that person who is able to get energized. francine: you don't always hear that from a big finance chief executive. robyn: ok. francine: is there an exception for finance? robyn: i don't think finance has good job as we might in explaining the value we bring to society. i don't cure cancer, that's not what i do. i wish i was that smart and capable to do that. but what we do is protect and enrich the savings on the pensions of people. people who have worked incredibly hard all of their lives and diligently their money aside in their 401(k), or wherever it may be. we are interested in that. we can give them, if we do our

job well, financial security caremark -- security. we can provide something that enables legacy investing, access to health care, education, to a roof over your head, to pay the bills, all of those things. that's important to do. francine: you seem to be filled with a period sense of purpose, which you don't often get from hedge fund managers. robyn: i have a big sense of purpose, i run a firm that has a big sense of purpose. i think that energy is something we should put to work. when i sit down with big allocators and we talk about what it is we are both trying to do, it's the same. the day i think about our numbers and the institutional size numbers we all talk about, we lose a bit of that sense of what we are here to do properly. francine: coming up, --

robyn: what we need to do is believe -- is be flexible. to try to be dynamic. to think about the impact of markets and changes. ♪ francine: i considered -- i

continue the conversation with man with -- man group chief executive, robyn grew. do you worry about with the economic footprint looks like for the world? robyn: our job is to say how do we think about what could happen, how do you stress your portfolio. how do you think about what your outcomes are today? people drawing their pensions today versus drawing them 50 years from now. man group is 240 years old. we managed duration over our clients who are not thinking about just returns for a year from now but are thinking about what they are planning for 30 years from now. we are not good at predicting, i'm not good at predicting what the next year or the next five years are going to be. what we need to do is be flexible, to understand and be dynamic, to think about the impact of markets and changes. francine: are you more worried about geopolitics or market functioning? robyn: the fact that we change

geopolitics to geoeconomics is an impact point. as we think about what happened when russia invaded ukraine and the impact on our fossil fuel pricing or you think about the worries and concerns around supply chains post-covid, and the fact that these buffers, wednesday you think about corporate real estate, and the refinancing is inevitable. it's not a 30 year mortgage. these are things coming up for refinance within the next 3, 4, 5 years. that's a lot of money being put to work. we are in an environment where we look out into the city, office buildings are in a different place and have a different level of occupancy that we have seen before. these are big changes. in geoeconomics are things we have to take into consideration. francine: what do you worry about the most? do you have a ranking or is it one in the same? robyn: i think it is a transformation in change. we will see credit markets playing along.

i think that's a real term thing. you are going to see a need for financing. because all things are created equal. i'm a big proponent of active management and credit. not every manager and credit expert is going to be able to deliver in these environments. there is expertise and skills needed. i think about priorities and capabilities. i thick about being as skilled as we can be in data, in analytics, intech, in credit, in multiple asset classes, and then being able to pivot those. i think that's where we think about things. thus the one thing i'm focusing on. i don't have the luxury. we have to think about all of these. francine: are you looking at acquisitions to be in certain spaces? robyn: we have always said we would grow the form -- the firm

organically and look for actions to increase our capability on content for clients. we completed our acquisition with private credit management in the u.s.. -- in the u.s. the multiples look interesting. we have been talking about consolidation since the chi fc. this is one of those points i'm going to laugh about in a few years time from now. but i actually think as we look at this space, if we look about the cost of running our businesses, if we thick about the scale that we need to operate at, i think, and the multiples we are starting to see coming down, i think this could be an interesting time for consolidation? francine: why has it been a long time coming? is it regulation or is there no appetite? robyn: when cash is free, it's often sat. the moment where people need to

deploy, at scale, in liquid markets, -- if you look at the trend, trend is being impassive in private equity. if you thick about the number of assets that look at the public domain, that has been our theme over the last 10 years. when private equity doesn't have as much cash, when they're raising is harder, when lending is harder, these opportunities for niche spaces and expertise to come about, they want scale, they need to be able to operate at scale. having an organization that can deliver the amount of scale we put in play. the bit that is less sexy and exciting, but that infrastructure, the ability to take businesses and grow them, that's what we do. francine: what do you think of the city of london? where do you see it in five years? robyn: you are talking to a u.k.

listed ceo. i cannot be more interested in u.k. plc. we have felt an extraordinary position in financial markets generally. so anything we could do to keep that shine is important, but competition is high. we shouldn't, and the way that we should not in our firms sit on our hands and think that our history world -- will count for longer if we don't keep running. i'm a great believer that we continue to drive u.k. plc. there's a lot of innovation, creativity and growth with such a lot of expertise that sits in these small shores. anything we can do to keep that alive in at its top game, i'm all for. but we operate as a global operate -- as a global operation and i will go with a strong capability to invest, where the markets are deeper, where the clients need us to be and where

we can find opportunity. i will continue to look for that. i a yuki -- i am a u.k. ceo that can't help to want this to be great. francine: up next, robyn grew on being a female leader in an industry dominated by men. robyn: i'm hopeful we will see a better reflection of difference at the top of every organization, be it financial services bordering that. ♪

francine: women make up less than a quarter of employees at hedge funds and other firms globally. there are more minorities in senior positions. when man group appointed an all-female leadership team last year, it marked a massive shift for the company and a milestone for the industry. i continue the conversation with robyn grew. francine: 240 years old, and the first female chief executive of an institution that sat 240 years old. should it have been earlier. are you optimistic for females and finance? >> i am hopeful we will see a better reflection of difference at the top of every organization, be it financial services or borderline that. it has it been a long time coming? i can't help but say, it would be terrific if you could

see more female ceos before me. i hope we will see a lot after me. but difference is important. anything that labels us to put the most talented people at the top of organizations and to lead those organizations with enthusiasm and capability, is what we are after. i'm hopeful that i am knocking down doors, barriers. francine: the first time someone meets you it's like the infectious energy that people notice, is that how you lead? robyn: yes. i have been accused of being many things over time, but that slight duracell bunny ever ready , just keep them going. i'm a bit that. i have an enthusiasm for what we do and a passion for what we do. it is sometimes like i'm a big boom in the room. but it's something that i think

is incredibly important. you don't do this job 90%, you do this job -- this is why my mathematicians a me when i say anything larger than 100%. but this is a hundred percent. francine: were you always like that or is this something you learned? robyn: it's natural and has forged my career. winning this and that excitement to learn and to be part of fixing things, doing things better has been somewhat of a hallmark. i have a ridiculous enjoyment for learning and doing things. i walk into an organization and in a short journey, thankfully from london you have from zero to the fifth floor, if there somebody in the elevator with me, i'm asking a thousand questions. but it's that interesting what's going on in what's happening. i am fundamentally driven by being interested in the people i work with and the people who we

are here to work for. francine: you started as criminal barrister and went to finance three decades ago. what made you switch? robyn: i love being an advocate and think i'm still an advocate in many ways. i was in the criminal and civil bar and i thought, i will do this, more -- commerce thing. i will become a commercial barrister. it sucked me in and i never went back. the speed of change, the impact, the global nature, the challenge of it just never stopped getting more and more infectious for me. so, that legal trading, has it been useful, has the advocacy theme been more useful, probably, but it has been the best journey. francine: do you have bad days, who do you call? do you have a mentor? robyn: ghostbusters.

if i have a bad day, i have been a half full kind of person. every belief i have is that you make the best out of those tough days. of course there are tough days, of course there are days when you put a challenge in front of you where performance is in great or where -- or where i feel like we could've done a better job. those are moments where you have to move forward. you have to take the next step forward. and that's what i do. i think it's resilience. i think it is part and parcel of my meikle -- of my makeup to be resilient. i turn to friends and family and i take a break. i take a breather. although, normally not a long breather because i get excited but other things. so i fill my life with the things that are really positive around me. i have a great family around me. i have an extraordinary wife,

son, my parents and friends. i am enriched by that. that enables me to take the next step. francine: do you think there's a difference in being a leader in 2024 to what it was like in 2010. just leadership or chief executive jobs need to come with a sense of purpose or morally leading? robyn: i don't know a different way of doing get them the way i do it, and that's with a sense of purpose, fisher. when you speak and you are in charge of an organization, i think it is incumbent upon leaders to be enthused and to be passionate, and to be engaged. i think when times are tough, when things are tricky in the world, i think it's important that you know that and that you acknowledge that in your organizations. we have had some tough times in the world, beyond markets in the world for people to live their lives.

we run global organizations with people who come from places that are now in war zones, or that are too close to borders where there are war zones. where the challenge of been very real post-covid, or where the issues are being felt in politics. not to acknowledge that, i think, feels inauthentic. francine: when you are in charge of a bigger organization, it's tough, how do you do that? robyn: it's about communication, being available and transparent. it's about setting your stall out. who are we, what are we, what are we here to do? how do we do that the best weekend? my view is you do it by creating extraordinary and exceptional teams that have a focus and that understand the humanity of that,

and that that's important. to do that, you need different people. different people come with different backgrounds and different flavors of their experience of life. it isn't an easy thing to do, it's just a thing we should do. francine: it's tough, also employing people that will say no to you. how much do you think of that saying, this is not a great idea? robyn: it's critical. if i have people around me, their excellence is something i need to hear. it's less likely -- my executive team might get cross with me with saying this, it's less likely the pool of people from which the next brilliant idea is going to sprout and germinate. it will be within other levels within the firm. we need to hear that. it's important i'm seen as capable of listening and changing my positioning. there are times when i will be

less willing to change my position, but having somebody that will come from any part of your organization to say, hey, i feel this way about this issue and i don't think i'm being heard, is important. francine: oh where is robyn grew in five years? robyn: i'm the best answer to every battery life but on a renewable, chargeable basis. i hope still leading man group. i hope looking back on the last five years and thinking how i could do it better. i hope driving things with the same passion and enthusiasm. i hope with the same brilliant set of people around me. francine: thank you very much. robyn: you're very welcome. thanks for having me. ♪

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