Hello everyone,

An Headlink-Partners selection of articles (in English and in French) from last week on Capital Markets, Asset Management and more.

I wish you all the best for this new year!

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Capital Market

• UniCredit boss wastes no time in tackling the bank’s problems (great article explaining how Jean-Pierre Mustier is shaking the bank. Interesting views also on the alignment of interests between the CEO, the shareholders and the employees)
• Why clearing matters for the City of London (This is key activity with mandatory OTC clearing for vanilla IRS and CDS. The struggle to get clearing back to the Eurozone makes sense and will be key during Brexit negotiation
• Barclays Bank cuts 7000 clients, telling them to trade more or find another counterpart (that’s a brutal move! There is something to create a sort of Digital IB for small counterparts with « retail » needs)
• Deutsche Bank to pay 7,2 billion to settle the subprimes
• Euronext négocie le rachat de LCH Clearnet SA (le rachat par Euronext est totalement logique. Mais le LSE n’est pas en position de force car obligé de vendre pour finaliser la fusion avec Deutsche Boerse)
• One image epitomizes the changing of guard at Goldman Sachs (big changes ongoing within GS with younger staff)
• Italy approves a $20bn plan bailout plan to save banks
• La démondialisation sera t-il le mot de 2017 ? (Avec Trump et la montée des populismes, ceci pourrait être le cas. Mais ne pas négliger l’attente réelle de la populatio pour plus de protections, notamment contre le dumping)

Asset Management and Private banking

• The FCA requests more transparency from Asset Managers (high margins, opaque fees and poor performance are under regulator scrutiny. The AM industry is more and more under pressure)
• Top 5 market predictions for Asset Managers in 2017 (let’s see end of next year the results :))
• The Future of Robo-Advice (stand-alone Robo-Advisor need at least $15B to break even. That’s just impossible to reach even for Wealthfront of Betterment)
• Un nouveau contrat d’assurance-vie 100% en ligne the Grisbee (intéressant de voir Carmignac s’associer à cette initiative de contrat low-cost et 100% en ligne)
• Why Equity market neutral is a non-sense (Give me the alpha and the beta in my allocation please)

Digital and Fintechs

• The hierarchy of engagement (great deck on how to build Digital business with massive user’s engagement)
• GAFAnomics: new economy, new rules (great presentation showing GAFA are conquering the world)
• Orange Bank : pourquoi les banques craignent une secousse en 2017 (entre la force de frappe de Orange et son expérience du Digital, certains acteurs pourraient être ringardisés en effet)
• Mobile is eating the world (great presentation on Mobile growth. If you want to develop a Digital business, you should begin with Mobile)
• An introduction to Storybots (how bots are replacing journalist for simple articles. It highlights the disruptive potential of bots indeed)
• La Banque de France mène une expérimentation de blockchain interbancaire

Management

• The managerial entitlement complex (great reading on how to treat employees well)
• 80 hours now, 40 hours later? (no need to increase the workload, you need to be efficient, that’s all)
• Fuck you Startup world (everything is in the title… A breath of fresh air on Startup madness)
• 5 amazing ways productive people master their time

Réglementation

• ESAs fail to agree on PRIIPs implementing rules (this is a major failure, once again on PRIIPs…)
• Directive IDD/DDA : vigilance à tous les étages (la nouvelle réglementation devrait entrer en vigueur d’ici 1 an. Les impacts sont importants pour les entreprises d’assurances mais les projets sont à peine lancés…)
• La France se penche sur la régulation des algorithmes (MiFID II régule déjà les algorithmes financiers, la prochaine étape sera donc pour les algorithmes que nous utilisons au quotidien)