it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. >> if i could have everybody ask the same question what you come to work for every day and the answer is because we are responsible for the savings in the pensions of real people like

my mom and dad and your mom and dad, then we do a better job. francine: it's the world's largest listed hedge fund manager and after 240 years in existence, man group has a woman in charge for the very first time. robin crew was promoted from president to chief executive last september. the high point of the 15 year career. the former barrister entering the world of finance three decades ago and never left. >> the speed of change impacts the global nature, the challenge of it just never stopped getting more and more infectious for me. francine: in this episode with leaders with laqua, i speak about diversity, purpose and what the future holds in an ever-changing world. thank you so much for joining us on leaders. the world is a bit strange. there's so much public crises and it's just difficult to get a handle of what is next.

>> it is difficult. i think if this year has taught us anything, it's just that prediction is not our strongest suit, and that isn't just a motion to markets, it's to these big geopolitical events that we are still living with. francine: i feel like every six months there is the doom and gloom crew saying we need to reevaluate what happens next, and yet, that economy holds. quakes only talk about higher for longer, which i still say out loud, then cross my fingers in some way that i will be entirely wrong, but higher for longer, i think where the nuance is in that message is, what we are unlikely to see is 0%, we are probably unlikely to see 2%.

we may see some 50 basis points adjustments, for sure, but i think what we have seen from central banks is that they are not frightened of using policy to control inflation or to try to respond to inflation. and i think that's the messaging we should all kind of get use to. last 10 years, 0% free money, next 10 years, higher for longer with that slight nuance. francine: i imagine that 2024 could be difficult because of volatility and disbursement, so it makes it harder to manage money. >> i think it does in the knopp -- the denomination we saw because of the hiccups in the system with the banking crisis, that put a premium back into liquidity. the liquidity risk, how do you manage these different economic cycles and are you prepared or are you ready for hedging, which

means -- let's remember what that means, at times you will do well and at times you will not do well with the portfolio. that's ok, actually managing your portfolio for these different changing economic cycles or behaviors is what you're supposed to be doing. francine: does it change how you lead man group? grexit changes because the way we position the organization. we are an organization that is diverse, capabilities are diverse, we have different engines doing different things, in the courtside are on that fundamental discretionary side. we have products in the macro space, products and equity, we are long short. but what we are seeing is our clients are interested in customized solutions that actually asked the problem by the challenge they have rather than here is a product, by that or nothing else. so it changes in the way that

you deliver an organization. it changes and the fact that the value you are driving towards is not just about here is a product, but it's a, here's a solution. francine: what is it mean how you are focusing your energy on? i guess hiring is also something you need to think of carefully. >> what we have are highly talented individuals who are focused on being the very best they can be in the workplace and delivering what they do, and that can be our engines can be in our operations or middle office department or in our legal department. it's about a war on talent. hiring the very best people, retaining, keeping those people, giving them opportunity in the space where they can be the best they can be is incredibly important. it's tech, talent, vision and about knowing when people come

to work every day, every single person that man group adds value and is valued. that's important. is that moment if i could have everybody answer the same question, what you come to work to do every day and the answer is, because we are the custodians and we are responsible for the savings in the pensions of real people like my mom and dad and your mom and dad, then we do a better job every day. francine: there is a war on talent, they will get the very best, so what do they want? quakes it depends. that's a one size doesn't fit all. who doesn't want to be around really small people, number one. who doesn't want to be around a place that values your input. who doesn't want to be in a place that doesn't seek to be better today than it was yesterday and better tomorrow that it is today. who doesn't want to be around the place that is interested in you as a person and interested in being capable of making you

better? where we go, 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. click settle think finance has done a good a job as we might in explaining the value we bring to society. i don't cure cancer, i wish i could. i wish i was that smart and capable to do that. but what we do is protect and enrich the savings in the pensions of people. people have worked incredibly hard all of their lives and put their money aside in the 401(k) or wherever it may be and we are interested in that and we could give that financial security. we can provide something that

enables legacy investing. it enables access to health care, to education, to pay the bills to all of those things. that's a pretty important thing to do. francine: you seem to be filled with a big sense of purpose, which you don't often get from hedge fund managers. >> i have a big sense of purpose. i run a firm that has a big sense of purpose and i think that energy is something we should put to work. when i sit down with big allocators and we talk about what is it we are both trying to do, it's the same. i think we forget that. in the day we think about our institutional size numbers that we all talk about, we lose a bit of that sense of what we are here to do properly. francine: coming up, robin grew on adapting to change in an uncertain future. >> i'm not good at predicting

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francine: from renewed geopolitical risk to climate change and new interest rates and a different working reality, the world of finance is also adapting to change. i continue the conversation with man group chief executive grew. do you worry about what the future economic footprint looks like for the world? >> 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 50 years from now. man group is 240 years old. we match the duration of our clients who are thinking about just returns for a year from now

but are trying to think about what they are planning 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 and to understand and be dynamic. to think about the impacts of markets and changes. francine: are you worried about geopolitics politics or market function? >> the fact we have changed geopolitics to geoeconomics as something of an impact point. if we think about what happened when russia invaded ukraine and the impact on our fossil fuel pricing rethink about the worries and concerns around supply chains, post-covid. you think about corporate real estate and refinancing is inevitable. these are things coming up for refinance within the next 3, 4, 5 years. that is a lot of money being put

to work. in an environment where we look out amongst 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: do you have ranking or is it almost one of the same, it's a huge transformation of change? >> i think we will see credit markets playing a role, i think that's a real term thing. you can see lending tightening. you are going to see a stellar need for financing. not all things are created equal. i am a big proponent of credit, but not every active credit expert is going to deliver in these environments. there is expertise and skill needed. how do think about prioritization, i think about it in terms of capabilities. i think about it 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 i think about things, but do i think about that's the number one thing i'm focusing on, i think we have to think about all of these things. francine: are you looking at acquisitions and certain spaces? >> we always said we would grow the firm -- grow the firm organically and look for acquisitions to increase our capability on content for clients. what's interesting is we completed our acquisition for private credit management in the u.s. and middle markets. the multiples look more interesting. we have been talking about consolidation. we have been talking about consolidation since the gfc. this is one of the points i will laugh about a few years time from now, but i actually think as we look at the entry into the

space, if we look about the cost of running our business on the scale that we need to operate on, i think 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, regulation, appetite? >> when cash is free it softens that, the moment when people need to deploy at scale in liquid markets. if you look at the trend it has been impassive and private equity if you think about the number of assets and no longer sit in part -- in private domains, that has been our theme. one private equity doesn't have as much cash we are not raising is hard when lending is harder. these are opportunities for niche bases and expertise to come about.

and having an organization that can deliver the scale we have put in play, the pit that is less sexy and exciting, that infrastructure, the ability to take businesses and grow them is what we do. francine: will the city of london lose luster? where do you see it in five years? click stuck into a u.k. listed ceo. i cannot be more interested in u.k. plc. an extreme position and markets. anything we can do to keep that shy and i think it's important. the competition is high and we shouldn't, in the way that we should do in our firms, sit on our hands and think that our history will count for longer if we don't keep running. so i am a great believer that we drive and continue to drive u.k.

plc. there is such a lot of innovation and creativity and growth period. there is such a lot of expertise that sits here. anything we can do to keep that alive and keep it out of its top game, i'm all for it. but we operate as a global organization i'm going to go where there is strong capability to invest with the markets are deeper, where the clients need us to be and where we can find opportunity. and i'm going to continue to look for that. but i'm a u.k. listed ceo who cannot help but want this to be great. francine: robin grew on a female industry traditionally dominated by men. >> i am hopeful that 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 thousands of hedge funds and other investment firms globally. they're even more in senior positions so when man group appointed an all-female leadership team last year it marked a massive shift to the company and a milestone for the industry. i continue the conversation. 240 years old, man group is, and you are the first female with

the institution at 240 years old. should it have been earlier, are you optimistic about the future of females in finance? >> i am hopeful we will see a better reflection of difference at the top of every organization. be it financial services bordering that. has it been a long time coming? i cannot help but say it would be terrific. it would be great to see more female ceos before me. i hope we will see a lot more after me. the difference is important. i think anything that enables 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. so i'm hopeful that i am knocking down some doors, barriers, ceilings. francine: the first time somebody needs you it's like the infectious energy that people

notice, is that how you lead? >> yes. i have been accused of being many things over my 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 am a big boom in the room. but it's something that i think is incredibly important. you don't do this job 98%. you do this job -- this is why my mathematicians hate me when i say anything larger than a hundred percent. but it's a hundred percent, plus. francine: were you always like that or it's just natural? >> yes, and it's what's forged my career, that willingness and 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 any organization or for offices and in the short journey, thankfully in london you have from zero to the fifth floor. if there is somebody in the elevator with me, i'm asking a thousand questions. they cannot wait to get out of the door by the end. it's interesting what's going on in what's happening. it's interesting people. i fundamentally am driven by being interested in the people i work with and in the people we are here to work for. francine: you start as her criminal barrister and then went to finance three decades ago. what made you switch? >> i love being an advocate and perhaps i think i'm still an advocate in many ways. so what happens i was in the criminal and civil bar and i thought i will do this commerce thing and i thought to myself, i will go back and become a commercial barrister. and it sucked me in and i never went back.

the speed of change, the impacts, 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, yes, has advocacy been more useful, probably, but it has been just the best journey. francine: do you have bad days and if you do, who do you call? >> post -- ghostbusters. if i have a bad day i have always 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, there are days when you put a challenge in front of you where performance is in great where i feel like we could've done a better job. those are moments where you have to take the next step forward. that's what i do. i think it's resilience.

i think it's part and parcel of my makeup is to be resilient. who do i turn to, i turn to friends and family and i take a break. i take a breather. although, normally not very long a breather because i get too excited by other things. but i fill my life, i fill my life with the things that are really positive around me. i have a great family around me, extraordinary wife, son, parents, friends. i am enriched by that. that enables me to take the next step. francine: do you think there's a difference being a leader in 2020 four to what it was like in 2010? does leadership or a chief executive jobs need to come with more of a sense of purpose and morally leading? >> i think i don't know a different way of doing get them the way i do it, that's with a sense of purpose. when you speak and are in charge of an organization, i think it is incumbent upon leaders to be

enthused and to be passionate and 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 acknowledge that in your organizations. and we have had some tough times in the world. 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 challenges have been very real post-covid or the issues are being felt in politics. and not to acknowledge that, i think feels inauthentic. francine: when you are in charge of a bigger organization, it's

tough being close to your employees. how do you do that? >> it's about communication, it's about being available, transparent, it's about setting your stall out, who are we, what are we, what are we here to do and how will we do that? how do we do that the best we can. my view is you do it by creating extraordinary and exceptional teams that have a focused 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 is in an easy thing to do, it's just a thing we should do. francine: it's tough employing people that will say no to you. how much do you think of that, being surrounded by people that say, this is not a great idea? >> it's critical. if i will have people around me, their excellence needs to be something i hear.

it's less likely, they might get cross with me with saying this, is really not the most likely call of people from which the next brilliant ideas going to sprout and germinate. it will be levels of other people within the firm. we need to hear that and it's important i am seen as capable of listening and changing my positioning. there are times when i'm going to be less willing to change my position by having somebody that's going to come from any part of the organization to say i feel this way about this issue and i don't think i'm being hurt is important. francine: where you are in five years? >> still duracell running. i'm the best answer to every battery life but perhaps on a renewable charger basis. where my, i hope still leading me and grew. i hope looking back on the last

five years and thinking how i could do it even better. i hope driving things with the same passion and i hope with the same brilliant set of people around me. francine: thank you so much. >> you are very welcome. thank you for having me. ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just works in everyday life as a mom. and they're all coming?

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yvonne: here's a look, half hour into the session, we are getting a bit more across the markets. we are actually rallying for 11th out of 12. it's a sense that tech is once again catching it and bucking the trend we are seeing. david: the gains are coming from different sources when you talk about tech. stories out of apple, and as you can see the new ipad and some of the suppliers are pushing or at least helping push it slightly higher. speaking of other sources, morgan stanley and then talking about it, don't change the rally itself but upgrading this specific group of stocks is china biotech on the back of constructive and the terms of the second half. as yvonne pointed out, it's actually a very quiet