>> welcome to bloomberg markets. i'm vonnie quinn with the top stories. the turkish leader weakened after erdogan sufferedded a shocking defeat at the

elections. many cities including is tan ball and angara went to the main opposition party, the republican people's party. if it holds, it will be the first time erdogan's party has fallen behind the opposition party nationwide. israel will also give sufficient aid to the civilians. israel is facing growing international pressure, including from the u.s. to semia cease-fire but netanyahu says fighting won't end until hamas is defeated in r affects fah. protesters want the government to reach a cease-fire deal to reach a cease-fire deal.

talks continueded with no sign of a breakthrough. tens of thousands gathered in the indian capital of delhi on sunday to protest political arrests. their leaders face jail time and federal investigations. two chief members have been invested and both are still in prison. the rare gathering came less than three weeks before the general election in which premier modi's government is expected to win again. iron ore is up in singapore but futures is down 20-plus percent in singapore. this on difficult housing data out of china. we did get better p.m.i. data out of china.

gold as well hitting continual records. this as rate cuts by the fed come ever closer. let's look at how u.s. futures are shaping up because later in the day it will be the u.s.'s time to react to that p.c.e. data. stronger p.c.e. but also stronger household spending. 22 gains of.6% at the open. an update at the bottom of the hour. stick with us. this bloomberg. >> if i can ask everybody else the same question, what do you come to work to do every day? because-year the custody yarns and are responsible for the savings and pensions of real people like your mom and dad and my mom and dad. >> it's the world's largest

hedge manager. robin was promoted from president to chief executive last september. the high point of a 15-year career at the firm. the former baresser -- barrister entered the world of finance three decades ago and never left. >> the challenge of it never stopped getting more and more infectious with me. >> i speak to robin about purpose, and what the future holds in an ever changing world. francine: roby in grew, thank you so much for joining us. it's difficult to get a handle on what comes next. robyn: yes, it is difficult. if this year has taught us

anything it's that prediction is not our strongest suit perhaps and that isn't just in relation to markets but in relation to these big geopolitical events that we are still living with. francine: incredible to feel like we're in a better place -- i feel like every six months there's the doom and gloom crew saying interest rates have gone too high. robin: i think when we have in conversation about higher for longer, which i still say out loud and then maybe i'm going to be entirely wrong. where the nuance is in that message is that what we're unlikely to see the 0%. probably 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're

not frightened of using policy to control inflation or to try and respond to inflation and i think that's the messaging we should all kind of get used to. the last 10 years, 0%, free money. next 10 years, higher for longer with that slight nuance in the way that i've described. francine: and you imagine that 2024 could be difficult because of volatility -- so it makes it harder to manage money. robyn: i think it does and the denomination we saw with the hiccups with the economy. that also put it back into liquidity. how do you manage these different economic cycles and are you prepared or are you ready for hedging which means that at times you're going to do well and at times you're not with the entirety of your portfolio and that's ok.

that actually managing your portfolio for these different economic cycles or behaviors is what you're supposed to be doing. francine: does it change how you lead the company? robycn: it does. we have different engines doing different things. we have products that are in the macrospace, products that are in equities. but we're seeing that our clients are interested in more customized solutions, in solutions that actually answer the problem they've got or the challenge they have rather than here's a product, you buy that or something else. it changes in the fact that the value you're driving towards is not just about here's a product

but it's here's a solution. francine: what does it mean in how you're focusing your energy in 2024. i guess hiring is also something you have to think of carefully. robyn: we have highly talented individuals who are focused on being the best they can be in the workplace and doing what they do. that can be in our operations and middle office department or in our legal department. it's about a war on talent so hiring the very best people, retaining, keeping those people. giving them opportunity, a space where they can be the best they can be. that's incredibly important. it's tech, it's talent, it's vision. it's about knowing that when people come to work every day, every single person at man group adds value and is valued.

if i could have everybody answer the same question, what do you do to come to work every day? and the answer is because we're the custodians and responsible for the savings and pensions of real people like my mom and dad and your mom and dad, then we do a better job every day. francine: there's a war on talents, a badle to get the very best. what do they want? robyn: depends. who doesn't want to be around really smart people, who doesn't want to be in a place that values your input, in a place that doesn't seek to be better than it was yesterday and better today than yesterday. who doesn't want to be in a place that is actually interested in you as a person and interesting in -- interested in being capable of making you better. we go broad, wide, we look for difference, energy and excitement, that person who's

able to get energized. francine: you don't always hear ha from a big finance chief executive. robyn: ok, i'm not apologizing. i think finance hasn't done as good a job as we might. 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 and pensions of people. people who have worked incredibly hard all of their lives and diligently put their money aside in their 401k or wherever it may be and we're introduced with that and we can give them, if we do our job well, financial security. we can do something that enables legacy investing, access to health care, to education, to a roof over your head, to pay the

bills, 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. robyn: i have a big sense of purpose. i run a firm that has a big sense of purpose. when i sit down with allocators and we talk about what it is we're both trying to do, it's the same. i think at the end of the day we forget about that. and big institutions, we lose a sense of what we're here to do appropriately. francine: coming up, robyn grew on adapting to change in an uncertain future. robyn: we need to be flexible. to understand, be dynamic, to think about impacts of markets

and changes. francine: the world of finance is also adapting to change. i continue the conversation with man grow chief executive robyn grew. do you worry about the future economic footprint looks like for the world? robyn: our job is to say how do you think about what could happen, how do you stretch your portfolio. man group is 240 years old.

we match the darius of our clients who aren't thinking about just returns from a year from now but are trying to think about what they're planning for 30 years from now. we're not get good at predicting. i'm not good at predicting what the next year or next five years are going to be. we need to be flexible, understand and be dynamic, to think about the impact of market and changes. francine: are you more worried about geopolitics or market function? robyn: i think that we've now changed geopolitics to gio economics is something of an impact point. when we think of the impact of russia invading ukraine. the worries around supply chains post covid and the fact that these buffers when you think about corporate real estate and the refinancing that is inevitable. it's not a 30-year mortgage. these are things coming up for

refinance within the next three, four, five years. that's a lot of money being put work. and we look out onto the city, office buildings are in a different place and a different level of occupancy than we've seen before. these are big changes. francine: what do you worry about the most? do you have a ranking or is it almost one in the same? it's a huge transportation in change? robyn: i think it is a huge transformation in change. i think we'll secret markets playing a role. i think you'll see lending tightening, and a still a need for financing out there. i'm a big proponent of active management and credit but not every active manager and credit expert is going to be able to deliver in these environments. there is expertise and skill

needed. i think about priorities in terms of capabilities. i think about being as skilled as we can be in data, in analytics, in tech, 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 don't have the luxury of that. i think we have to think about all of those things. francine: are you looking at acquisitions? robyn: we've always said that we will grow the firm organically and always look to increase our content for clients. we completed our axis with private credit management in the u.s. and middle markets. the multiples look more interesting. we've been talking about consolidation, since the g.o.c. which is one of those points i'm going to want to laugh about in a few years' time from now but i

actually think as we look at thk about cost of running our businesses and think about the scale that we need to operate at and the multiples that we're starting to see coming down, i think this could be an interesting time for consolidation. francine: why has it been a long time coming? robyn: i think when cash is free, it softens that. i think the moment where people need to deploy at scale in liquid markets has been something that's softened -- if you look at the trends, trend has been impassive, in private equity. you think about the number of assets that no longer sit in the public domain. that's been our theme over the last 10 years. when private equity doesn't have as much cash. when lending is harder.

these opportunities for niche spaces and opportunities to come about and they need scale and having an organization that can deliver the amount of scale we put in play. the bit that perhaps 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? will it lose a bit of the luster? robyn: you're talking to a u.k. listed c.e.o. so i could not be more interested in u.k. p.l.c. i think we've held such an extraordinary position in financial markets and generally so anything we can do to keep that shine i think is important but competition is high and we shouldn't, in the way we shouldn't in our firms sit on our hands and think that all of our history is going to count for long if we don't keep

running so i'm a great believer that we drive and continue. u.k., plc. there's such a lot of activity and super today's that sits on these small shores so anything we can do to keep that alive and at its top game i'm all for but we operate as a global organization and i'm going where there is strong capability to invest, where the markets are deeper, where the clients need us to be and where we can find opportunity. but i'm a u.k. listed c.e.o. who can't help but want this to be great too. francine: up next, robyn grew in being a female leader in a place traditionally operated by men. robyn: the financial services

are bordering that. ♪ francine: women make up less than a quarter of employees at hedge funds globally. 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. robyn, 240 years old man group is is robyn: yes, not me. [laughter] francine: you're the first female executive of an institution that's that old.

are you optimistic about future for females in finance? robyn: i am hopeful we'll see a better reflection of difference at the top of every organization. be it financial services or broader than that. has it been a long time coming? it would have been great to see more female c.e.o.'s before me. i hope we're going to see a lot after me but difference is important and 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're after so i'm hopeful that i'm knocking down some doors, barriers, ceilings. francine: the first time someone meets you it's like the infectious energy that people notice. is that how you lead? robyn: yes, it was one of those things. i've been accused of being many

things over my time but that sort of duracell bunnies, just keep them going, i'm a bit like that. i have 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 98%. you do this job if you can -- this is where my mathematicians hate me when i say anything larger than 100%. just 100%. francine: were you always like that? robyn: yes, and it's what's forged my career, that willingness and excitement to learn, be part of fixing things, doing things better has been sort of a hallmark. i have a ridiculous enjoyment for learning, doing things. i walk into our offices and in

the short journey from london from zero to the fifth floor, if there's somebody in the elevator with me, i'm asking a thousand questions. they can't wait to get out of the door away from me in some ways and it's an interest in people. i'm fundamentally being driven by the people i work with and in the people we're here to work for. francine: you started as a criminal barrister and then went into finance. what made you switch? robyn: i loved being an advocate and i still love that in many ways. i was in the criminal and civil bar and i thought i'll go back and come a commercial barrister and it sucked me in and i've never went back. speed of change, the impact, the global nature, challenge of it just never stopped getting more and more infectious for me so

that legal training, has it been useful? yes. has the advocacy thing been perhaps more useful? probably but it's been just the best journey. free-throw line if you have those days, who do you call? robyn: ghost busters. [laughter] if i have a bad day -- i've 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 for tough days. days where you have a challenge in front of you where performance isn't great or where i feel like we could have done a better job. those are moments when you have to move forward, take the next step forward and that's what i do. i think it's resilience. i think it's part and parcel of my makeup. i turn to friends and family and i take a break, i take a

breather, although normally not very long a breather because i just get too excited by other things but i fill my life by the things that are really positive around me. i have a great family around me. i've an extraordinary wife and a son and my parents and friends and i am enripped by that so that enables me to take the next step. free-throw line do you think there's a difference being a leader in 2024 to even what it was in 2010. with more of a sense of purpose and kind of morally leading? robyn: i don't know a different way of doing it than the way i do it and that's with a sense of purpose for sure. when you speak and you are in charge of an organization i think it is encup bent upon leaders to be enthused and passionate and 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 and 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 hear war zones. where the channels have been very real post covid or where the issues are being felt in politics. and not to acknowledge that i think feels inauthentic. francine: when you're in charge of a big organization, it's tough being close to your employees. how do you do that? robyn: it's about communication.

being available and transparent. who are we, what are we, what are we here to do and how do we do that the best we can? my view is you do that by creating extraordinary and exceptional teams that a focus and that understand the hugh plannity of that ask that's important. to do that, you need different people. different people come with different backgrounds and different experiences of life. it's not easy but something we should do francine: how are you thrown by people who say no, this is not a great idea. robyn: i think it's critical. if i'm going to have people around me, their excellence needs to be something i hear. it's less likely -- it's less

likely the pool of people from which the next brilliant idea is going to sprout and germinate. it's going to be levels with other people within firm. we need to hear that and it's important that i am seen as capable of listening and changing my position. there are times where i'm going to be less willing to change my position but having somebody who comes 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: where's robyn grew in five years? robyn: still duracell bunnying. the best answer to every battery life. but perhaps on a renewable chargeable basis. i hope to still be leading man group, looking back on the next five years and seeing howe i can do it better. i hope with the same passion and

nashville and -- enthusiasm and i hope with the same braille yens of people around me. ♪ igh.

he had to stop for a while. there is a strong attraction for it all over world. francine: how would you worry

about increasing production? >> we are making 13,000, 14,000 cars per year. we will not grow a lot in the future. because we want to be more for value, not for volume. in ferrari, did we put on road since the first one? 250,000. 260,000. so a quarter of a million cars in a market where there are a million cars every year. vinnie: it's 9:30 a.m. in london. 12:p.m. here in due buy. i'm vonnie quinn with the top stories. an office plans to open in tokyo in april. the japan office will be its

first in