WEBVTT - Man Group CEO Robyn Grew Talks Eying Acquisitions, Seeking ‘Cracking’ Credit Opportunity

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Since becoming CEO of Man Group, you've grown the firm's

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<v Speaker 2>assets to about one hundred and seventy five billion.

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<v Speaker 3>I believe what is your strategy to grow that from here?

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<v Speaker 2>And how do you differentiate the firm in a very

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<v Speaker 2>competitive environment for investor dollars?

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<v Speaker 1>Thank you for having me. Good morning everyone. So this

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<v Speaker 1>is a time when I think the alternative investment management

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<v Speaker 1>space has everything to play for. It's a time when

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<v Speaker 1>clients need us more. It's a time when we're coming

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<v Speaker 1>out of this rather benign environment where you had, as

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<v Speaker 1>asset holders, everything just held onto it and you'd be fine.

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<v Speaker 1>We're now in states of volatility and dispersion, and so

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<v Speaker 1>how do you grow? How do you service your clients

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<v Speaker 1>when you're in you sure you're relevant to them, You

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<v Speaker 1>know that they need more from you. The more diversified

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<v Speaker 1>the content you have, the better for them, the more

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<v Speaker 1>you're able to find solutions for them and answers for

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<v Speaker 1>them that actually address the questions and the challenges that

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<v Speaker 1>they are living through. And you do that by looking

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<v Speaker 1>at your ability to have that orthogonal or uncorrelated content

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<v Speaker 1>and capability that delivers returns to them through these different

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<v Speaker 1>economic cycles that we're now living through. So how do

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<v Speaker 1>you grow your assets? You listen to your clients, you

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<v Speaker 1>make sure you're relevant to them, You grow your capabilities

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<v Speaker 1>to deliver that to them. And it's hard work, but

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<v Speaker 1>that's what you have to do.

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<v Speaker 2>How important is scale and what are you hearing from

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<v Speaker 2>them on that front?

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<v Speaker 1>There's definitely a consolidation. There's a consolidation both at allocators

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<v Speaker 1>but also at investment managers. That thing where you say,

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<v Speaker 1>I need to face fewer manager who can help me

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<v Speaker 1>do more, So that consolidation is there. So scale matters

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<v Speaker 1>in the sense of being able to deliver all of

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<v Speaker 1>that capability to them, and it matters in the way

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<v Speaker 1>that you build your organization so you are able to

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<v Speaker 1>deliver what you deliver without reducing the alpha that you've captured.

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<v Speaker 1>So it's no good finding this very elusive thing called

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<v Speaker 1>alpha and outperformance only to lose it through your own inefficiencies.

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<v Speaker 1>So scale and capability you're operating platform, which might not

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<v Speaker 1>sound the most exciting thing for us all to talk

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<v Speaker 1>about but happens to be incredibly important. Is the thing

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<v Speaker 1>that I think is important in that scale debate or

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<v Speaker 1>that conversation too. So can you deliver what you have

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<v Speaker 1>at scale efficiently and return as much ALPHA two clients

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<v Speaker 1>as possible without losing it through your own inefficiencies?

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<v Speaker 2>And does that mean diversification too, I mean in terms

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<v Speaker 2>of something people are really seeking with that skilled Yeah.

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<v Speaker 1>I think that's right. The answer for many people right

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<v Speaker 1>now is to have a portfolio constructed in a way

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<v Speaker 1>that navigates these ups and downs. And in some instances

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<v Speaker 1>you're going to see there's a tendency perhaps to think

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<v Speaker 1>of us all as trying to pitch one thing or

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<v Speaker 1>one thing only you know, here's a fund, and you

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<v Speaker 1>should buy my fund. I'm not sure it should work

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<v Speaker 1>like that anymore. I think as you think about portfolios,

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<v Speaker 1>you should think about what you're trying to achieve through time.

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<v Speaker 1>So there's a temporal issue here, there's a cycle issue here,

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<v Speaker 1>there's a longevity issue here, there's a scale issue here,

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<v Speaker 1>And normally you want to think about a portfolio that

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<v Speaker 1>does something that is capable of thinking about all of

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<v Speaker 1>those different inflection points. So you know, I'm not a

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<v Speaker 1>passive player, but is passive a part of a portfolio?

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<v Speaker 1>For sure? I'm not a private equity investor. Do I

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<v Speaker 1>think the private equity has a role to play in

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<v Speaker 1>a portfolio? Yes, I think there are plenty of things

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<v Speaker 1>that need to happen in between those things in the

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<v Speaker 1>alternative investment space as well.

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<v Speaker 2>With that in mind, what do you see happening in

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<v Speaker 2>the environment for fees? I mean you brought up pathsive,

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<v Speaker 2>I mean what's your outlook for margins through a bit?

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<v Speaker 1>I think the reality is in the highly commoditized liquid spaces.

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<v Speaker 1>I think long only equities there is definitely fee pressure

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<v Speaker 1>in that space, but not all things are created equal.

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<v Speaker 1>So if you are a passive player, you'll pay a

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<v Speaker 1>certain level of fees, but if you're an active long

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<v Speaker 1>only player, you'll have something different and there is no

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<v Speaker 1>direction of travel there. So there's a sense that saying

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<v Speaker 1>are all clients moving from active to passive? Answer? No,

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<v Speaker 1>are some clients moving active passive? Yes, there are some

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<v Speaker 1>clients and allocators moving passive to active. Absolutely. The more

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<v Speaker 1>you go through into active or alternative investment management, the

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<v Speaker 1>more you're trying to find and have outperformance. Clients pay

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<v Speaker 1>for that. They also pay for and are willing to

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<v Speaker 1>sit at the table with you as you provide them

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<v Speaker 1>with solutions. So a shape of problem looks like this,

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<v Speaker 1>how do we come up with something that fits that

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<v Speaker 1>With you, that partnership of providing content that is able

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<v Speaker 1>to fit a portfolio. I think it's more than that

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<v Speaker 1>as well. I think clients want to work with you

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<v Speaker 1>when you deliver more than just your investment capabilities. We're

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<v Speaker 1>in a world where we also have a part of

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<v Speaker 1>our business at Man Group, where we have been allocators.

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<v Speaker 1>We have had a fun of fun business for thirty

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<v Speaker 1>odd years. We have tools that we have used ourselves

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<v Speaker 1>that our clients can now benefit from in portfolio construction

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<v Speaker 1>and risk management. You're delivering much more of your organizations

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<v Speaker 1>to your clients, and if you're not able to I

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<v Speaker 1>think that's a challenge, and I think clients should want that.

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<v Speaker 1>I think allocators should want to sit at the table

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<v Speaker 1>with you, and they should ask you for more and

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<v Speaker 1>you should be able to deliver that to them.

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<v Speaker 2>So you brought up consolidation in the asset management space.

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<v Speaker 3>Man does have a.

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<v Speaker 2>History of being acquisitive, and it's well very long, more

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<v Speaker 2>than two hundred and forty year history. Yes, yes, And

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<v Speaker 2>last year you bought a stake at are credit firm.

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<v Speaker 3>I do believe correct.

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<v Speaker 2>I mean, there's a lot happening in the space. What

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<v Speaker 2>are you, how do you see participating in it?

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<v Speaker 3>What are you? Are you interested in buying anything else?

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<v Speaker 1>Yes? Is the short and I guess so. Acquisitions that

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<v Speaker 1>absolutely have been part of Man Group's history. It's something

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<v Speaker 1>we think we do well, and we do it well

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<v Speaker 1>because we have some very clear guidelines on how we

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<v Speaker 1>think about it. We think about it as something that

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<v Speaker 1>again I'm going to sound a bit like a Breaken record,

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<v Speaker 1>but it's about having additional content and capability. It's about

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<v Speaker 1>providing war to clients. And so when we transacted and

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<v Speaker 1>we bought Varragan, we wanted a private credit capability. This

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<v Speaker 1>was a business that was tremendously exciting sponsored about middle

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<v Speaker 1>market lending in the US. It's a great point in

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<v Speaker 1>the cycle. It's a scale of business with a tremendous

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<v Speaker 1>culture which can benefit from the operating capabilities that we

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<v Speaker 1>have at Man Group. You're going to find us thinking

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<v Speaker 1>about opportunities like that, but you will also find us

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<v Speaker 1>growing organically our business. So you know, between our private

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<v Speaker 1>and public credit business, we're north than thirty billion dollars

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<v Speaker 1>and you can see that that matters to clients. You

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<v Speaker 1>know when I talk about clients all the time, because

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<v Speaker 1>they feed both how smart we can be. You know,

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<v Speaker 1>the danger is if you think that we can all

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<v Speaker 1>turn up and sit at the table and come up

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<v Speaker 1>with the singularly brilliant idea. That'd be great, and maybe

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<v Speaker 1>we can do that from time to time. But actually

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<v Speaker 1>the benefit is to have the brightest minds in the room,

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<v Speaker 1>and that's between my firm and with everybody that we

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<v Speaker 1>work for and with to come up with that nugget

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<v Speaker 1>of brilliance. And in listening to clients and being responsive

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<v Speaker 1>to clients, it's about growing content capability, asset class that

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<v Speaker 1>can answer their questions and be part of answering some

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<v Speaker 1>of the navigation points we have today. It isn't straightforward

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<v Speaker 1>out there. So we're going to see man group will

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<v Speaker 1>grow through organic growth through aqua hires. If we can

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<v Speaker 1>find acquisitions that are genuinely additive to us and a

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<v Speaker 1>creative to us and to our clients, will do that.

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<v Speaker 1>But it's a constant thing that you need to have

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<v Speaker 1>at the front of your mind.

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<v Speaker 2>So as you look across your business, I mean, what

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<v Speaker 2>products are you would you be most interested in potentially

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<v Speaker 2>growing through acquisition.

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<v Speaker 3>Are there gaps that you see you'd like to build or.

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<v Speaker 1>I think that it's a great question. It's one of

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<v Speaker 1>those ones though that suggests that somehow there's a menu

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<v Speaker 1>from which I can choose from at any opportune time.

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<v Speaker 1>Wouldn't that be nice? That doesn't work like that, unless

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<v Speaker 1>if you know better, please let me know. So it

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<v Speaker 1>is about assessing what's out there today and what's available

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<v Speaker 1>at the right multiple, right price, with the right scale,

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<v Speaker 1>with the right culture. What I will tell you is

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<v Speaker 1>it won't be something that we currently do. It will

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<v Speaker 1>be something that adds uncorrelated content or capability for us.

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<v Speaker 1>And when I say for us, I mean for clients.

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<v Speaker 1>So what would I be interested in looking forward to?

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<v Speaker 1>I like credit. I think credits a cracking opportunity still

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<v Speaker 1>out there. Can I grow it? Yes? Could I buy it?

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<v Speaker 1>If I can find the right thing? For sure? What

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<v Speaker 1>I won't be after in this space is something which

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<v Speaker 1>you can't scale. I think that there are very smart

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<v Speaker 1>people in this audience today, and very smart people sitting

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<v Speaker 1>in my firm, and we can all get quite excited

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<v Speaker 1>by smaller niche businesses that do really funky and fantastic things.

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<v Speaker 1>We can all be slightly distracted by them, and it's brilliant.

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<v Speaker 1>By the way. It's not to suggest they're not valuable,

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<v Speaker 1>but if you can't deploy them at scale, that's less

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<v Speaker 1>good for allocators who are trying to put money to work.

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<v Speaker 1>It's about having discipline in this place, in this space,

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<v Speaker 1>as much as anything else.

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<v Speaker 2>What about man group itself as a potential target?

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<v Speaker 1>What do you think? I think that I sit in

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<v Speaker 1>this rarefied position of the CEO of this business and

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<v Speaker 1>it's a cracking business. It's been around for a while

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<v Speaker 1>you just mentioned, and my job, apart from anything, is

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<v Speaker 1>to make sure that it is around for a lot longer.

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<v Speaker 1>It is full of smart, capable people. We have a

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<v Speaker 1>diversity of content that is exciting and provides answers. So

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<v Speaker 1>my focus is less on that question and much more

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<v Speaker 1>on how I continue to grow this business. I do

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<v Speaker 1>not come into work every day and think, I know,

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<v Speaker 1>is somebody going to knock on a door to day.

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<v Speaker 1>I come into work every day and I think what

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<v Speaker 1>can I do for my clients?

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<v Speaker 2>So you brought up the people we've talked about, the

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<v Speaker 2>competition for assets, how fierce are.

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<v Speaker 3>Competition right now for talent in your business?

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<v Speaker 1>Huge? Massive? It's always going to be that way. The

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<v Speaker 1>competition is in every part. If you want the very

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<v Speaker 1>best people, you have to recognize that you have to

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<v Speaker 1>provide them with an environment and a space and an

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<v Speaker 1>offer that makes them feel great about coming into work

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<v Speaker 1>every day. So the competition is fierce. But actually I

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<v Speaker 1>feel quite good about Man's positioning. So from a discretional

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<v Speaker 1>fundamental investing perspective, you know, do the platforms have you

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<v Speaker 1>an attention of war, of a tug of war of

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<v Speaker 1>great capability? Absolutely? But are the things that make it different?

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<v Speaker 1>Is this just about money at the end of the day. Listen,

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<v Speaker 1>we work in financial services. There's a value proposition here

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<v Speaker 1>that everybody lives with. But I would wager that most

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<v Speaker 1>people in this audience, if not everybody could go and

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<v Speaker 1>get another job tomorrow. Maybe they could go and get

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<v Speaker 1>a slight increase in their comp tomorrow, But most people

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<v Speaker 1>in this audience will also think about the culture they

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<v Speaker 1>want to live in, the value set they're alongside, whether

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<v Speaker 1>they can grow their capability in their business. If you're

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<v Speaker 1>an investor, whether you have sources of capital that come

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<v Speaker 1>from more than one place. You'll think about the tech

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<v Speaker 1>that you have, the operating platform you have, the access

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<v Speaker 1>to clients you have. You'll think about whether you want

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<v Speaker 1>a global stage or not. In other words, this talent

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<v Speaker 1>piece is not a binary thing either. If you're a technologist,

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<v Speaker 1>you like dealing. My experience, we have about six hundred

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<v Speaker 1>and fifty of them self identified technologists in some form

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<v Speaker 1>or other quants or data scientists or models or developers.

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<v Speaker 1>They love being and having access to the very best technology.

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<v Speaker 1>They want to be put in a box, and they

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<v Speaker 1>love solving real world problems and challenges. That's what we

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<v Speaker 1>do every day when we come to work. So you're

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<v Speaker 1>giving the brightest minds the best capability to solve real

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<v Speaker 1>world issues that are very very hard. That's exciting. And

0:13:09.280 --> 0:13:11.160
<v Speaker 1>if you do so in man group in the way

0:13:11.160 --> 0:13:13.240
<v Speaker 1>that we do, which is in an open architected way.

0:13:13.360 --> 0:13:16.080
<v Speaker 1>So there's this thing called GitHub. If you haven't seen it,

0:13:16.160 --> 0:13:19.120
<v Speaker 1>go look it up. It's quite exciting. Technologies is get

0:13:19.160 --> 0:13:23.199
<v Speaker 1>very excited about it. So GitHub is effectively like it's

0:13:23.240 --> 0:13:25.319
<v Speaker 1>like one of those things where you do travelosity thing,

0:13:25.400 --> 0:13:27.600
<v Speaker 1>you know, that sort of you assess whether something's been

0:13:27.600 --> 0:13:30.079
<v Speaker 1>good or not, and you get stars and ratings by

0:13:30.120 --> 0:13:33.480
<v Speaker 1>how much you've shared in this open architected world. And

0:13:33.720 --> 0:13:36.960
<v Speaker 1>the GitHub rating for man Group is ridiculously high for

0:13:36.960 --> 0:13:39.360
<v Speaker 1>an asset manager. I mean it's higher than most investment banks.

0:13:40.040 --> 0:13:45.079
<v Speaker 1>That's because our developers are out there in that community,

0:13:45.120 --> 0:13:48.960
<v Speaker 1>in an open architected space, getting access to the smartest

0:13:49.000 --> 0:13:53.040
<v Speaker 1>minds to fix real problems. So it's a long winded

0:13:53.160 --> 0:13:56.320
<v Speaker 1>way of answering a question, which is is the competition

0:13:56.400 --> 0:14:00.120
<v Speaker 1>fears for talent? Yes? But is there are really the

0:14:00.200 --> 0:14:03.560
<v Speaker 1>exciting opportunity set in there where if you want to

0:14:03.600 --> 0:14:06.680
<v Speaker 1>attract the brightest and the best and retain them and

0:14:06.800 --> 0:14:09.600
<v Speaker 1>inspire them because we need them to do our job

0:14:09.640 --> 0:14:11.040
<v Speaker 1>every day, you can do that.

0:14:12.000 --> 0:14:14.840
<v Speaker 2>So you brought up technology, and obviously Man has a

0:14:14.840 --> 0:14:18.439
<v Speaker 2>long history and it's very much known for its technology.

0:14:18.800 --> 0:14:21.680
<v Speaker 2>I mean, how are you thinking ab about AI both

0:14:21.760 --> 0:14:25.640
<v Speaker 2>changing the investment industry right now and specifically Man going forward?

0:14:26.320 --> 0:14:29.840
<v Speaker 1>So AI we sort of started to talk about it

0:14:29.880 --> 0:14:32.560
<v Speaker 1>like it's a brand new thing, haven't we. It's just

0:14:32.640 --> 0:14:36.120
<v Speaker 1>not a brand new thing. There's a bit offer at

0:14:36.160 --> 0:14:38.040
<v Speaker 1>Man Group at the moment, whether it's ten to fifteen

0:14:38.080 --> 0:14:43.240
<v Speaker 1>years that we've been using AI. So not you chat GPT.

0:14:43.720 --> 0:14:46.920
<v Speaker 1>That's a newish thing we have now man GPT. That's

0:14:47.160 --> 0:14:50.520
<v Speaker 1>very you can tell who may be named that with

0:14:50.640 --> 0:14:54.240
<v Speaker 1>those technologies aren't necessarily good at exciting new names anyway,

0:14:54.280 --> 0:15:00.520
<v Speaker 1>So man GPT, and we use any advanced tech chnology.

0:15:00.720 --> 0:15:05.160
<v Speaker 1>But we've been using machine learning. We have this a

0:15:05.200 --> 0:15:09.080
<v Speaker 1>relationship and have had a long relationship with Oxford University

0:15:09.120 --> 0:15:12.680
<v Speaker 1>Oxford Man Institute, where we've been at the forefront of

0:15:12.720 --> 0:15:16.920
<v Speaker 1>machine learning and AI. More generally, we use NLP, we

0:15:17.040 --> 0:15:21.000
<v Speaker 1>use large language models. We are looking at lots of

0:15:21.000 --> 0:15:25.560
<v Speaker 1>efficiency that come out of this generative AI space. You'll

0:15:25.600 --> 0:15:29.320
<v Speaker 1>hear about copiloting. Let's be clear, when you have copiloting,

0:15:29.840 --> 0:15:33.680
<v Speaker 1>you effectively allow the AI to help you develop your coding.

0:15:33.760 --> 0:15:37.600
<v Speaker 1>Right our pick up level or probably about twenty percent

0:15:37.960 --> 0:15:41.560
<v Speaker 1>of that that's suggested in the copilot coding. Okay, just

0:15:41.720 --> 0:15:46.480
<v Speaker 1>by wherever reference point? Does it help you combine nonlinear

0:15:46.520 --> 0:15:49.280
<v Speaker 1>signals more quickly and more effectively than you've been able

0:15:49.280 --> 0:15:52.720
<v Speaker 1>to before? Yeah? Does it allow you to have smarter

0:15:53.120 --> 0:15:58.000
<v Speaker 1>sentiment analysis? Absolutely? Do we have robotics through our operations functions?

0:15:58.080 --> 0:16:01.040
<v Speaker 1>Uh huh, Yeah. I can give you any number of

0:16:01.080 --> 0:16:05.400
<v Speaker 1>different use cases of how we deploy this technology, all

0:16:05.440 --> 0:16:08.160
<v Speaker 1>away from actually the other stuff we do, which is

0:16:08.200 --> 0:16:13.600
<v Speaker 1>looking at data signals, looking at TICK capability, looking at

0:16:13.720 --> 0:16:16.440
<v Speaker 1>the ability to find alpha a new markets or more

0:16:16.480 --> 0:16:19.680
<v Speaker 1>opportunities in that space. What I'm telling you, though, is

0:16:20.000 --> 0:16:21.200
<v Speaker 1>not making investment decision.

0:16:21.480 --> 0:16:23.160
<v Speaker 3>What are its limitations? From your stain.

0:16:22.960 --> 0:16:24.920
<v Speaker 1>Point, there are a few of them, right, I mean,

0:16:25.480 --> 0:16:28.920
<v Speaker 1>let's know. The wonderful thing about having six one hundred

0:16:28.920 --> 0:16:33.320
<v Speaker 1>and fifty plus technologists and thirty five years of heritage

0:16:33.320 --> 0:16:37.000
<v Speaker 1>in this space is you have really skilled people who

0:16:37.080 --> 0:16:40.320
<v Speaker 1>know both the capabilities of these tools and also know

0:16:40.400 --> 0:16:44.880
<v Speaker 1>the limitations, and that's incredibly important. You've probably heard of hallucination,

0:16:45.440 --> 0:16:47.880
<v Speaker 1>and in this context, not in the context you might

0:16:47.880 --> 0:16:50.800
<v Speaker 1>have heard of it in a desert, but within this

0:16:50.920 --> 0:16:55.680
<v Speaker 1>context too. So the interesting thing about generative AI is

0:16:55.720 --> 0:16:57.760
<v Speaker 1>it wants to please you. It's a bit like a puppy,

0:16:57.960 --> 0:17:00.120
<v Speaker 1>you know, if you would throw it a stick, it

0:17:00.120 --> 0:17:02.160
<v Speaker 1>goes and collects the stick and it comes back so

0:17:02.440 --> 0:17:03.680
<v Speaker 1>and then you say, but this is the wrong stick,

0:17:03.680 --> 0:17:05.119
<v Speaker 1>and it goes, okay, I'll go and find you another

0:17:05.119 --> 0:17:07.240
<v Speaker 1>stick and goes against you another stick, and they say, no,

0:17:07.280 --> 0:17:10.119
<v Speaker 1>it's still wrong stick. Off it goes again. It does that,

0:17:10.560 --> 0:17:14.120
<v Speaker 1>so it fills gaps for you. I suppose the way

0:17:14.160 --> 0:17:17.160
<v Speaker 1>I think about it is this that there are tremendous

0:17:17.200 --> 0:17:20.439
<v Speaker 1>skills and capabilities in technology that have been developed for

0:17:20.480 --> 0:17:25.280
<v Speaker 1>other industries. You have the most extraordinary neurosurgeons out there

0:17:25.359 --> 0:17:29.800
<v Speaker 1>using these most skilled tools now which reduce the margins

0:17:29.800 --> 0:17:33.760
<v Speaker 1>of error. However good that technology in that capability is

0:17:33.920 --> 0:17:36.840
<v Speaker 1>you still do not want me operating on you? I

0:17:36.880 --> 0:17:39.400
<v Speaker 1>would suggest that would be a bad outcome for you

0:17:39.760 --> 0:17:43.480
<v Speaker 1>and probably for me. The skill of these tools is

0:17:43.480 --> 0:17:44.879
<v Speaker 1>to be able to put them in the hands of

0:17:44.920 --> 0:17:48.920
<v Speaker 1>people who understand them, who can use them and understand

0:17:48.960 --> 0:17:52.480
<v Speaker 1>their limitations. So are we excited by new tools every

0:17:52.560 --> 0:17:54.280
<v Speaker 1>day of the week? Will there be a next one?

0:17:54.520 --> 0:17:56.200
<v Speaker 1>You know, a new one next year and the year after,

0:17:57.400 --> 0:18:00.439
<v Speaker 1>and will we adop them for sure? Do I have

0:18:00.520 --> 0:18:03.199
<v Speaker 1>high confidence in the people that I have sitting at

0:18:03.280 --> 0:18:06.080
<v Speaker 1>man group who know how to use them for the

0:18:06.080 --> 0:18:08.760
<v Speaker 1>benefit of our clients and know when to stop using

0:18:08.760 --> 0:18:11.960
<v Speaker 1>them because they no longer provide benefit every day?

0:18:12.680 --> 0:18:15.280
<v Speaker 2>So as you think about your at work, and this

0:18:15.359 --> 0:18:17.960
<v Speaker 2>is our last question here, I know we're running ot.

0:18:17.880 --> 0:18:19.840
<v Speaker 3>Of time for next year.

0:18:20.119 --> 0:18:22.359
<v Speaker 2>Yeah, what are what are the biggest risks to the

0:18:22.440 --> 0:18:24.960
<v Speaker 2>upside and the downside From your perspective.

0:18:24.960 --> 0:18:28.000
<v Speaker 1>I think that I think it's it's again, it's that

0:18:28.080 --> 0:18:30.679
<v Speaker 1>it's a fabulous question that makes me sound like I

0:18:30.720 --> 0:18:35.040
<v Speaker 1>can predict a market, which none of us have been

0:18:35.080 --> 0:18:39.600
<v Speaker 1>able to do across the entire market, across the entire space.

0:18:39.640 --> 0:18:43.960
<v Speaker 1>I suppose what I think is more important is that

0:18:44.040 --> 0:18:47.480
<v Speaker 1>we are looking down the lens of a space where

0:18:47.520 --> 0:18:52.119
<v Speaker 1>we've had a lot of speculative issues this year. We

0:18:52.200 --> 0:18:55.760
<v Speaker 1>have a little bit more certainty next year. So you know,

0:18:55.840 --> 0:18:58.720
<v Speaker 1>half the world's population went to the Western world went

0:18:58.760 --> 0:19:01.080
<v Speaker 1>to the polls this year. We had this tiny election

0:19:01.160 --> 0:19:06.200
<v Speaker 1>in November, tiny tiny. You know, we've got still some

0:19:06.359 --> 0:19:09.960
<v Speaker 1>major conflicts raging. As we look through to twenty five,

0:19:10.119 --> 0:19:14.200
<v Speaker 1>maybe we have some more certainty, we have more clarity

0:19:14.480 --> 0:19:18.960
<v Speaker 1>about what policy might come through. You've certainly have some

0:19:20.440 --> 0:19:22.640
<v Speaker 1>You certainly had some planning that's been set out most

0:19:22.680 --> 0:19:27.600
<v Speaker 1>recently in the US, which is going to be instructive.

0:19:28.119 --> 0:19:30.600
<v Speaker 1>But to suggest I know where the market's going to go,

0:19:31.119 --> 0:19:33.600
<v Speaker 1>can't do that for you can tell you it's all

0:19:33.640 --> 0:19:37.880
<v Speaker 1>of our jobs to ensure that we are prepared to

0:19:38.119 --> 0:19:42.520
<v Speaker 1>navigate what we see coming forward, and for me and

0:19:42.560 --> 0:19:45.120
<v Speaker 1>for Man Group, it's about ensuring that we do our

0:19:45.240 --> 0:19:49.680
<v Speaker 1>very best job to return outperformance to our clients through

0:19:49.720 --> 0:19:51.280
<v Speaker 1>whatever the market cycles bring