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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Tomorrow is Jobs Day

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Speaker 1: and important jobs Day, of course, as we continue to

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Speaker 1: see this US economy trying to reopen here uh in

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Speaker 1: the face of the delta variant, and of course the

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Speaker 1: job situations country, the labor market, given that the economy

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Speaker 1: is seventy consumer spending, so it's important to get folks

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Speaker 1: back to work and earning a good way. Let's get

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Speaker 1: a preview of what we might find tomorrow. David Riley,

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Speaker 1: chief investment strategist at Blue Bay Asset Management. David, what

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Speaker 1: do you expect to see tomorrow from this job's report

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Speaker 1: and kind of what are the key issues you're gonna

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Speaker 1: be focusing on. Yeah, high cool Um, You're absolutely right

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Speaker 1: that it is a key report also because it's the

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Speaker 1: ultimably the most important data point that we're going to

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Speaker 1: have before Um, the next FOMC meeting on the of

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Speaker 1: UM September, and I think if we get a reasonable,

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Speaker 1: you know number sort of upward surprise, you know, eight

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Speaker 1: hundred thousand plus payroll gain, I think that actually puts

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Speaker 1: the September FED meeting in play in terms of a

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Speaker 1: potential announcement for Queie tapering. If if if it comes

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Speaker 1: in much lower, you know, six hundred thousand or so, UM,

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Speaker 1: I think there will really be some disappointment. I think

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Speaker 1: the Fed will sort of um want to see some

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Speaker 1: kind of more evidence and sort of sit on their

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Speaker 1: hands for a little bit longer until November. So I

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Speaker 1: think it's actually one of those reports where from a

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Speaker 1: market point of view, it's quite kind of a metric.

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Speaker 1: I think the market is kind of inclined to think

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Speaker 1: that it might be a little bit disappointing. The August

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Speaker 1: number often comes in a little bit lower than expectations

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Speaker 1: in previous years. But if he actually comes in, you know,

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Speaker 1: eight hundred thousand plus, then then then I think we'll

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Speaker 1: see a bit of volatility in the rates market and

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Speaker 1: market more more generally, because because I say, I think

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Speaker 1: it put September FED meeting right into play. David I

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Speaker 1: can understand, um, why they would be looking at those

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Speaker 1: two um boundaries. On the other hand, and you have

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Speaker 1: a ton of experience as an economist in you know,

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Speaker 1: previous roles at ubs and that I think that that

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Speaker 1: was your degree in economics as well. You must know

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Speaker 1: that this number isn't really exact, right, I mean the

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Speaker 1: margin of error. I've heard some people say it could

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Speaker 1: be three to two to three hundred thousand. Yeah, absolutely right,

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Speaker 1: And um, we know that it is subject to significant revisions,

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Speaker 1: which which is why it makes sense to try and

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Speaker 1: track a sort of um, you know, three months moving average.

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Speaker 1: What we have been seeing over recent months is the

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Speaker 1: you know, the trend has been one of increasing job gains,

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Speaker 1: and you know, I think j Power Jackson Hole kind

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Speaker 1: of expressed his confidence in the recovery of the labor

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Speaker 1: market in some respects there really you know, I think

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Speaker 1: what would be a really interesting numbers is, well, obviously

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Speaker 1: we get into September and you know, whether schools are

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Speaker 1: fully reopening, because that will have an impact in terms

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Speaker 1: of labor supply, labor participation, the participation of a lot

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Speaker 1: of um, you know, parents is still actually somewhat lower

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Speaker 1: than it than it was um pre pandemic and so

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Speaker 1: you know, the reopening of schools is it's kind of

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Speaker 1: a key issue, and that actually ties us back into

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Speaker 1: two tomorrow's number as well, because one of the sources

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Speaker 1: of uncertainty is the counting of um uh, you know,

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Speaker 1: teachers being hired for for for the new school school year.

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Speaker 1: So you know that that creates some some some noise

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Speaker 1: I think to some extent within within within the data.

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Speaker 1: But you know, I think, as I say, you know,

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Speaker 1: we were kind of the clock has been set. I

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Speaker 1: think now for an announcement around taper, Pal said, you

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Speaker 1: know they're gonna start tapering this year in all likelihoods um,

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Speaker 1: and so I think that's going to make each of

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Speaker 1: these data points increasingly um you know, important from a

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Speaker 1: market perspective. All right, David, assuming that's all true, we

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Speaker 1: do get some more color about tapering perhaps later in

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Speaker 1: the year. How are you allocating your capital as as

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Speaker 1: you think about generating returns? Again, we've had a huge

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Speaker 1: run up here in the SMP so far this year.

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Speaker 1: What do you do for these remaining months here as

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Speaker 1: we're looking at two? Yeah, I mean it's it's actually

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Speaker 1: quite a tough um sort of outlook I think for

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Speaker 1: UM investors because you know, the broad macroeconomic outlook you know,

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Speaker 1: in our view is still pretty positive. We're expecting you know,

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Speaker 1: still solid growth. It's a good backdrop for corporate earnings. UM,

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Speaker 1: it's a good back job for UM. You know, credit

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Speaker 1: markets more and more and more broadly, but against that,

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Speaker 1: valuations are very you know, are very stretches. I know

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Speaker 1: something that you've been UM discussing. You know, obviously equities, uh,

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Speaker 1: you know, all time highs. Credit spreads are you know,

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Speaker 1: at or near sort of they're sort of all in

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Speaker 1: tights all in Yields are very low as well. So

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Speaker 1: you know, the way that we're allocating capital is to

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Speaker 1: stay fully invested. But we have UM it's like take

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Speaker 1: dial down some of the risks in our portfolios. UM.

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Speaker 1: You know, we're just concentrating on those sectors that we

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Speaker 1: particularly like. We still like UM financials. UM. We do

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Speaker 1: think we're gonna get some steepening at some point of

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Speaker 1: the the yield curve and also the improving outlook and

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Speaker 1: improvement in asset quality. So we like things like subfinancial

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Speaker 1: UM debt, but we we've kind of scaled back on

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Speaker 1: some of the sort of cyclical exposure. Um, you know

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Speaker 1: we have just because say a lot of the evaluations

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Speaker 1: of such that you're just not really getting paid to take.

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Speaker 1: I think, too much risk at this point in time.

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Speaker 1: Stay invested, but don't kind of go too far away

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Speaker 1: from home. Don't take too much risk onto the portfolio. David,

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Speaker 1: thanks very much, great to get your insight in these

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Speaker 1: markets as we hit you know, yet another record high.

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Speaker 1: I think it's important to be cautious, right, I mean,

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Speaker 1: after how, after all, how many years can you see

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Speaker 1: gains of this size? And I mean there are some

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Speaker 1: good points to be made still in the in the

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Speaker 1: long camp, but I think you've got to you've gotta

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Speaker 1: watch the obvious signpost. David Riley, their partner and chief

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Speaker 1: investment strategists at Blue Bay Asset Management, talking to us

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Speaker 1: about the non farm payrolls numbers tomorrow. As a reminder,

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Speaker 1: if you're a Bloomberg terminal user, you can tie w

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Speaker 1: h I S. Go there. You'll see under number twenty

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Speaker 1: eight the change in non farm payrolls, the whisper number

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Speaker 1: so far seven and twenty thousand. This is Bloomberg. Rebecca

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Speaker 1: Ray joins US executive vice president of Human capital at

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Speaker 1: the conference board, and she's here to talk about They're

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Speaker 1: back to work survey. A conference border return to work

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Speaker 1: survey shows it as delta surges. Anxiety about the return

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Speaker 1: to the workplace has nearly doubled. What exactly does this mean?

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Speaker 1: I mean in terms of anxiety like my seventy five

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Speaker 1: year old mom is afraid to get COVID or what

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Speaker 1: kind of anxiety do you do? You do? You mean, well,

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Speaker 1: good morning, and thank you for asking me to join you.

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Speaker 1: They're very concerned about a few things in particular, and

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Speaker 1: we had seen a decline in the number of people

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Speaker 1: in our earlier very similar surveys indicate that they were

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Speaker 1: concerned about personally contracting COVID or bringing it back home

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Speaker 1: to go in their home, and that had dropped a

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Speaker 1: bit when we last died this in June, but it

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Speaker 1: has popped back up, and I think that's attributable to

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Speaker 1: a few things, largely the headlines around the rise of

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Speaker 1: the delta variant. So again, I guess, Rebecca, the issue

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Speaker 1: is that we're coming up here on Labor Day, and

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Speaker 1: that seemed to be a day a lot of businesses

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Speaker 1: were saying, Hey, we're going to start bringing people back

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Speaker 1: to work once the summer's over and all that type

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Speaker 1: of thing. Now we've seen companies kind of push that

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Speaker 1: back to October something even the new year. Is that

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Speaker 1: in a reflection of what they're hearing from their employees,

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Speaker 1: I think in part, I think also they're watching the

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Speaker 1: same headlines. They're concerned about the ability to keep their

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Speaker 1: workers safe, which I think, to their credit, almost every

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Speaker 1: business has had that as the number one priority. But

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Speaker 1: they're also watching to see what kind of local government

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Speaker 1: or state government mandates there maybe around mask usage or spacing.

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Speaker 1: And so you know, this is a very fluid changing situation,

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Speaker 1: and so you know it puts businesses in a tough spot.

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Speaker 1: They have to make a call, and you know, new

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Speaker 1: information comes along and they made need to revisit that.

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Speaker 1: So I think there's an awful lot of re examining

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Speaker 1: all the time as to whether or not the plans

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Speaker 1: that they have in place are indeed correct for the

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Speaker 1: latest situation. There are some people who just don't want

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Speaker 1: to ever go back though, right. I mean, I'm not

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Speaker 1: saying they would answer um questions on a survey, uh untruthfully,

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Speaker 1: But there are people that clearly are happier working from

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Speaker 1: home and maybe even more productive. So does this does

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Speaker 1: does the way we work look changed forever? I think

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Speaker 1: it's certainly changed for the foreseeable future. I think there's

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Speaker 1: a great experiment about working remotely, and certainly I want

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Speaker 1: to acknowledge that many companies and many workers don't have

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Speaker 1: that opportunity. You know, they had to consuldier on and

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Speaker 1: they had to adapt their you know, manufacturing plans who

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Speaker 1: were you know, continue to have frontline workers. But for

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Speaker 1: those who were able to work remotely, we've proven I

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Speaker 1: think we knew beforehand, whether it was research from the

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Speaker 1: conference board of that of others, that remote work was

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Speaker 1: as productive in most cases as work in a physical

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Speaker 1: work site work site. So we have truly proven that now.

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Speaker 1: And I think the longer that this has has gone on,

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Speaker 1: the more people have become accustomed to balancing their work

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Speaker 1: and personal lives. And there are some benefits. Certainly, there

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Speaker 1: are some risks, and we identified some of those in

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Speaker 1: the survey, but for an awful lot of people, the

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Speaker 1: ability to have a better grip on integrating their work

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Speaker 1: and personal lives. I hate to use the word balance,

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Speaker 1: but but let's say integration. People have realized that they

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Speaker 1: can do it, and many people, particularly those who have

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Speaker 1: maybe a good twenty years of work ahead of them,

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Speaker 1: are saying, I do not want to go back to

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Speaker 1: the way things were with doing a commute five days

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Speaker 1: into the office. The lost productivity of the commute time

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Speaker 1: is when I think on a lot of those decisions, Rebecca,

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Speaker 1: We've seen some reporting that says employers are saying, Okay,

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Speaker 1: you can work remotely, but if you're relocating from the

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Speaker 1: Bay area of San Francisco, for example, to Boise, Idaho,

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Speaker 1: we're going to make an adjustment in your compensation. Um

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Speaker 1: is that going to be an issue as well? Well.

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Speaker 1: I think these are early days, and I do know

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Speaker 1: that a lot of the diet your Rose with whom

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Speaker 1: I interact have talked about the fact that this is

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Speaker 1: not I mean, this is uncharted territory in a way.

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Speaker 1: I do know this that workers want flexibility, and the

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Speaker 1: people who are offering a rigid work arrangement, they are

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Speaker 1: going to run the risk of losing their top talent

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Speaker 1: to their competitors. Now, I think the same thing is

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Speaker 1: going to happen when you start to look at compensation.

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Speaker 1: We've already seen in the financial services area some uh,

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Speaker 1: some entities who have Look, we said, they're going to

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Speaker 1: offer flexibility and they're looking to pick off top talent.

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Speaker 1: So when you start to play with compensation, I think

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Speaker 1: the same thing is going to happen. There are going

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Speaker 1: to be other entities who want that top talent and

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Speaker 1: they're going to match or make a very attractive compensation

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Speaker 1: offer to top talent. So I'm not sure it's a

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Speaker 1: winning strategy, but it is early days. Yeah. No, we

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Speaker 1: just got a story a couple of days ago Deutsche

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Speaker 1: Bank says anyone who wants to walk through the doors

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Speaker 1: of its headquarters needs to be vaccinated. UBS comes right

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Speaker 1: out two days later and says, hey, if you don't

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Speaker 1: want to be vaccinated, you can apply to work from home.

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Speaker 1: That could work. So it does look like employers are

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Speaker 1: starting to see opportunities here are we Are we seeing

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Speaker 1: it all results of productivity? Is it? Is it really

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Speaker 1: as productive if you work from home? Is it less?

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Speaker 1: Is it more? You know? I think they're certainly gonna

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Speaker 1: be variations, But in the main, I do think productivity

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Speaker 1: has remained as high. Now. I say that with the

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Speaker 1: caveat there are there are some downsides to a continued

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Speaker 1: remote working, particularly when offices are closed perhaps and people

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Speaker 1: don't have the opportunity to interact with colleagues in quite

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Speaker 1: the same way. So I do think that we're going

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Speaker 1: to be watching this very closely. But I do think

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Speaker 1: that the concerns around isolation and mental health, the concerns

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Speaker 1: around career advancement, you know, we're seeing in the headlines today.

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Speaker 1: Even some organizations are saying, if you're not vaccinated, please

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Speaker 1: don't come to our you know, our leadership development center

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Speaker 1: because this is just not something that you can take

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Speaker 1: advantage of. All right, I have to leave it there

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Speaker 1: just because of time, but thank you so much for

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Speaker 1: joining us. Rebecca Ray, executive vice president of Human Capital

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Speaker 1: for the Conference Board. Well, well, the delta variant raging

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Speaker 1: in various parts of the country, folks are thinking about

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Speaker 1: maybe staycation might be the call here for this Labor

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Speaker 1: Day weekend, maybe not doing so much traveling. Let's check

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Speaker 1: in with Brian Fields. He's a chief commercial officer for

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Speaker 1: group On based in Chicago, Illinois. Brian, thanks so much

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Speaker 1: for joining us here again as we head into this

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Speaker 1: Labor Day weekend. What are you seeing in terms of

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Speaker 1: the experiences that that some of your users are are

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Speaker 1: looking for. Hey, Paula, Matt, thank you for having me

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Speaker 1: on the show. Very excited to be here. We are

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Speaker 1: very excited about the upcoming Labor Day weekend, and we

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Speaker 1: do believe we can help consumers find something amazing to

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Speaker 1: do in their local communities or wherever they may be.

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Speaker 1: Uh really coming back coming out of the pandemic, we

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Speaker 1: all want to get back to experiences to bring us

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Speaker 1: joy and allow us to connect meaningfully with others. As

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Speaker 1: a result, what we're seeing is consumers gravitating more towards uh,

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Speaker 1: towards more of what they did pre pandemic, despite what's

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Speaker 1: happening with the delta variants. So top trending local experiences

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Speaker 1: at the moment in North America, we're seeing our return

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Speaker 1: to trampoline parks and bouncy houses, amusement parks, museums, and

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Speaker 1: zoos animal looks. So um. We obviously have a ton

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Speaker 1: of options available for all this. H on the group

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Speaker 1: on mobile app. I get into a trampoline park. Do

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Speaker 1: you have to be a kid or kind of? No?

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Speaker 1: I don't know. I don't know if there's any upper

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Speaker 1: limits on size, but you absolutely do not have to

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Speaker 1: be a kid. I speak from personal experience. There are

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Speaker 1: a lot of fun that sounds awesome. I've never I

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Speaker 1: was thinking you're gonna tell us like race tracks or skydiving,

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Speaker 1: but it's actually I haven't been bowling and so long.

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Speaker 1: I would love to go bowling right now. What what

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Speaker 1: what about the kind of higher end experiences? What are

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Speaker 1: what are people looking at on the luxury front? Yeah? So, um,

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Speaker 1: you know, so we we think outdoor activities are at

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Speaker 1: the forefront at this Labor Day weekend, but we're seeing

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Speaker 1: some other big trends. Uh that that kind of hit

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Speaker 1: your point on some some higher end services A couple

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Speaker 1: of couple of massages really popular. Um, and we're seeing,

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Speaker 1: you know, people are kind of making themselves look look

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Speaker 1: better and more conscious about being on zoom all the

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Speaker 1: time as we use technology to communicate with others more so, uh,

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Speaker 1: looking at services such as botox and white Bow to

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Speaker 1: be zoom ready, it's been has been very popular as well.

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Speaker 1: Hey Brian, you know you're just gonna let that one lie.

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Speaker 1: I'm gonna let that one due. I wonder if they

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Speaker 1: could light at one of my chains, you know, just

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Speaker 1: get rid of one. I think you can you can

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Speaker 1: find just about any any service that that you want

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Speaker 1: out there for a needy group on, I need somebody else.

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Speaker 1: If Paul weren't in such good shape, you could join me. Yeah, well,

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Speaker 1: you know, I'll talk to Al from Jersey on that. Matt,

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Speaker 1: see see what see what we can do? All right?

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Speaker 1: So group on Brian, I know you guys deal with

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Speaker 1: a lot of small businesses and they got really hit

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Speaker 1: hard with the pandemic and the economic disruption. Here. What

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Speaker 1: are you seeing with some of your small businesses around

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Speaker 1: the country, So you know, the bottom line is is resilience. Um,

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Speaker 1: it is amazing how resilient. Uh, these small businesses have been.

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Speaker 1: They've been creative, they've they've you know, in the restaurant space,

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Speaker 1: they've pivoted to take out the delivery over the last year, UM,

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Speaker 1: you know, in the healthcare space, moved to virtual. We've

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Speaker 1: just seen just incredible resilience, uh, within our merchants that

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Speaker 1: we work with. And you've got to it's not just

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Speaker 1: in the US, right because I see group on dot

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Speaker 1: d so you can access these. I'm in Berlin by

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Speaker 1: the way, Brian, so you can access these in all

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Speaker 1: different countries. Um, what kind of growth do you expect

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Speaker 1: or what kind of growth are you seeing now that

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Speaker 1: we've reopened, I guess, and what kind of growth do

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Speaker 1: you expect throughout the year? Yeah? We um, look, we're

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Speaker 1: um ah, we're seeing growth in a lot of our

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Speaker 1: traditional categories. Um what we uh what we you know,

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Speaker 1: we we certainly have a bit of a bump here

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Speaker 1: we delta um, which which you know we're all working through.

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Speaker 1: But um, you know, the will be watching the macro

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Speaker 1: environment very closely. But again, due to the resilience of

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Speaker 1: our merchants, we think that these challenges will just ebb

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Speaker 1: and flow over the second half of the year. They

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Speaker 1: are transient and we are continuing to focus on what

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Speaker 1: we can control, which is just helping our merchants recover

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Speaker 1: from these devastating impacts of COVID and giving our customers

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Speaker 1: back some sense of normalcy. How about different parts of

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Speaker 1: the country, Brian, you're seeing regionality to to your business.

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Speaker 1: Some some parts of the country seem to be in

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Speaker 1: a more open mode than than others. Yeah, that's right. Um,

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Speaker 1: so you know we've seen this over the last year. Again,

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Speaker 1: as as as the pandemic kind of uh you know,

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Speaker 1: as works its way through different regions, but a lot

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Speaker 1: of it is, uh is weather dependence. Right. So at

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Speaker 1: certain points of the year, depending on on you know,

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Speaker 1: where you live, there's the the outdoor activities uh kind

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Speaker 1: of spike up and down. UM you know so uh

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Speaker 1: East Coast colder weather climate. UM, right now it's you know,

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Speaker 1: prime outdoor activity time. UM as the winter comes around. UM,

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Speaker 1: we do have seasonality in what people do, and depending

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Speaker 1: on people's comfort levels. UM, you know, we'll have something

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Speaker 1: there for them, uh, to to take care of regardless

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Speaker 1: of the weather. Um, you can going back into the

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Speaker 1: trampoline parks if that's what they're feel safe doing. I'm

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Speaker 1: gonna look for one. I'm not sure how safe it

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Speaker 1: is um in my shape, but uh, maybe maybe I'll

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Speaker 1: stretch this month, I'll stretch, I'll do a little bit

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Speaker 1: more training, and then in October, I'm gonna hit the

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Speaker 1: the trampoline park. Brian, thanks so much for joining us.

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Speaker 1: Brian Fields is the chief commercial officer at Group. On

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Speaker 1: coming to us out of Chicago, go with uh some

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Speaker 1: ideas in terms of what to do this Labor Day weekend,

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Speaker 1: and also a little bit of color in terms of

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Speaker 1: the bump that we're hitting in this reopening because of

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Speaker 1: the delta variant of the coronavirus. This is Bloomberg. I

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Speaker 1: want to bring in a lim Ram tool right now.

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Speaker 1: He's a partner and co had a private equity investing

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Speaker 1: at developing world markets, and he's going to talk to

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Speaker 1: us about UM what they can do for Afghan refugees.

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Speaker 1: A lame. You have firsthand experience with forced displacement as UM.

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Speaker 1: What your Your family was driven out of East Africa

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Speaker 1: and put into the U S And Canada, resettled in

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Speaker 1: the U S And Canada. Yeah, that's that's exactly right.

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Speaker 1: My own family faced UM force expulsion from from East

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Speaker 1: Africa in the mid nineteen seventy amidst UM the xenophobic

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Speaker 1: rhetoric and the discriminatory policies associated with South Asian is

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Speaker 1: at the at the time and similar to today's ftps,

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Speaker 1: left without asset and any any means of income, and

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Speaker 1: we're we're forced to, you know, kind of resettle and

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Speaker 1: start over here. So I just want to point us

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Speaker 1: you went on though to get You went to Princeton

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Speaker 1: and then got your MBA at Harvard. Uh, you worked

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Speaker 1: on Wall Street at JP Morgan and now what what

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Speaker 1: is developing world markets. Explained to us, UM, what what

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Speaker 1: you're doing at this company? Sure, I mean we're we're

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Speaker 1: an impact investment firm UM, and essentially without means is

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Speaker 1: that we invest into companies with the intention to generate

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Speaker 1: you know, measurable beneficial and social and environmental returns alongside

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Speaker 1: a strong financial return. UM. You know, impact investors operate

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Speaker 1: kind of across the spectrum between capital preservation and commercial

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Speaker 1: return UH. In our particular brand of impact investing is

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Speaker 1: that we we are able to generate commercial returns UH,

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Speaker 1: commercial risk adjusted returns UM, while still UM, you know,

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Speaker 1: generating this measurable kind of beneficial impact on on the

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Speaker 1: community and our lines. Solyan, we're seeing lots of reporting

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Speaker 1: and lots of video of the refugees from Afghanistan. Just

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Speaker 1: give us a sense, based upon your experience, what can

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Speaker 1: they expect as they are resettled in different parts of

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Speaker 1: the world. Sure, you know, I think there's there's certainly, Um,

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Speaker 1: much of the discussion here in the West has been

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Speaker 1: focused on, you know, the hundred and twenty thousand Afghans

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Speaker 1: that have been evacuated you know, in in August alone.

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Speaker 1: But I think what many failed to realize is that

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Speaker 1: is that they were already nearly three million people that

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Speaker 1: were internally displaced within the country UH, and a comparable

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Speaker 1: number that were that were outside of the country. Right

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Speaker 1: and because of decades of conflict and insecurity, frankly poverty

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Speaker 1: and and recent impacts of climate events, you know, across

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Speaker 1: all of the province provinces in Afghanistan. You know, we've

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Speaker 1: we've seen a majority kind of flew flee from you know,

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Speaker 1: rural areas into into kabble UH. And you know, you

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Speaker 1: know kind of again a comfortable number in Pakistan, Iran

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Speaker 1: and in Germany. So UM, you know they are they

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Speaker 1: are likely to see UM, you know, significant influxes across

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Speaker 1: the across the globe, and we'll need to be ready

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Speaker 1: both you know, with with humanitarian response mechanisms as well

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Speaker 1: as ongoing kind of economic UM you know, kind of

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Speaker 1: the economic opportunity and lively have bad ways. What can

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Speaker 1: investors do, alim who don't want to just donate to

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Speaker 1: charity outright, but do want to UM understand and maybe

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Speaker 1: execute on some impact investing. That's a great question, you know,

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Speaker 1: I think, UM, from our perspective, you know, governments and

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Speaker 1: civil society alone can't be asked to address this this

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Speaker 1: issue in its entirety. You know, the private sector needs

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Speaker 1: to be a part of the solution. And I think

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Speaker 1: that the two main elements of this are going to

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Speaker 1: be patients and affordable capital right impact investments that our

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Speaker 1: space has innovated UH significantly of the last decade around

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Speaker 1: blending of finance models that both align investors expectations UM

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Speaker 1: with the return UH and and the perceived risks associated

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Speaker 1: with UH you know, certain investments. And I think importantly

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Speaker 1: UH impact investment actually brings an alignment among stakeholders. We

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Speaker 1: already have a portfolio of investments that has already been

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Speaker 1: serving displaced communities. We have an investment in Georgia that

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Speaker 1: was started by internally displaced populations. And and frankly, the

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Speaker 1: portfolio quality and and the loans that have been made

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Speaker 1: through some of those financial institutions are performing on par,

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Speaker 1: if not better than than some of the general you know,

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Speaker 1: you know, kind of general population and commercial loans that

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Speaker 1: have been made across the board. Yeah, that seems you know,

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Speaker 1: your investing seems like a particularly challenge a lean because

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Speaker 1: in just in terms of doing due diligence on maybe

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Speaker 1: who you're lending to, who you're investing in, and just

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Speaker 1: give us a sense of how your team goes about

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Speaker 1: due diligence in this part of the world and is

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Speaker 1: part of investing. Yeah, sure, it's I mean it's a

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Speaker 1: great question, you know, at at at our and we've

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Speaker 1: we've been active in across um you know, fifty countries

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Speaker 1: and and two hundred financial institutions. So we're very much

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Speaker 1: uh financial sector um UM experts here in terms of

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Speaker 1: kind of you know, bringing the right parties to the

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Speaker 1: bringing the right parties to the table. Um. You know, well,

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Speaker 1: certainly look at kind of the profitability and the underlying

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Speaker 1: growth characteristics of the financial institution, but we'll also want

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Speaker 1: to make sure that again there's various you know, stakeholder

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Speaker 1: alignment in terms of the types of teams, uh, you know,

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Speaker 1: management teams and boards that we're actually dealing with. And

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Speaker 1: so you know, we have local country presence, we have

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Speaker 1: kind of on the ground presence, uh, and so are

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Speaker 1: able to actually benchmark all of our investments across the

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Speaker 1: top performing institutions in in in those countries. UH. And

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Speaker 1: then on top of that, we layer another screen around

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Speaker 1: the social impact and the environmental impact of those institutions

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Speaker 1: and would want to make sure that we optimize both

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Speaker 1: on on the profitability and return characteristics as well as

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Speaker 1: the impact that each of these institutions are making on

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Speaker 1: their clients. Heliam, thank you so much for joining us.

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Speaker 1: We really appreciate your time fascinating the topic here in

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Speaker 1: best of luck to you and your team. Alem Mtula,

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Speaker 1: partner and co head of Private equity Investing for Developing

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Speaker 1: World Markets. Thanks for listening to the Bloomberg Markets podcast.

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Speaker 1: You can subscribe and listen to interviews with Apple Podcasts

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Speaker 1: or whatever podcast platform you prefer. I'm Matt Miller. I'm

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00:26:24,600 --> 00:26:28,639
Speaker 1: on Twitter at Matt Miller, three pt on Fall Sweeney.

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Speaker 1: I'm on Twitter at pt Sweeney Before the podcast. You

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Speaker 1: can always catch us worldwide at Bloomberg Radio