mike gallagher and paul dobson of bloomberg news are still with us.effect on gold, the dollar touches almost all assets in the global financial marketplace. if we see a weakening dollar, what does this mean for emerging markets in 2020 -- if we continue to see a weakening dollar? mike: generally sort of a weakening dollar does tend to see emerging-market assets marketorming developed assets. there are two other factors that performance of emerging-market assets. the u.s. china trade deal at least from a sentiment standpoint will benefit emerging markets more than developed they have been impacted last year by the cloud past over global assets by the u.s.-china trade war. thirdly, i think you have valuations. a lot of the equity market valuations are more attractive in emerging markets. you have better yield pickup japan.the low yield and consequently, i think you will see an asset rotation into emerging markets this year. tot: let me go right now divide quickly and bring in justin carrigan, the executive at her -- editor for global markets. time to be

paul dobson, bloomberg managing editor. holdings considering major job cuts.berg reporting 30% of the workforce could be a laminated. asset managers have been rattled by investor defections. is bloomberg finance reporter patrick winters. gam40% enough to keep solvent? patrick: that is one of the key questions. you are looking at a company which has been trying to find its way for a while. gam is an asset manager with operations in switzerland in the u.k. and they had a scandal 18 months away which led to a loss of one of their biggest funds and 40% to 40% afterwards of the key moneymaking assets. what our story says today basically is costs will be reduced by about 40% under one scenario. if that will be enough, time will tell. the key question is what is going to happen to the assets? will they go up or down? it is probably going to be enough if assets stay the same for now. , it iscking up on that going to be interesting to see when you cut your way back to growth, but clearly they need to do that, they need to rebalance the ship. what we know about the actu