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Today's Pick

Apr 26, 2017
byAkane Hashimoto

Japan Post considers multibillion-dollar Toll Group writedown "This event should raise attention to what valuation is and how potential growth prospects need to be reflected in theacquisition price."https://www.bloomberg.com/quote/TOL:AUhttps://www.bloomberg.com/quote/6178:JP What Japan Must Do To Create The Next Sony"The need for a new Meiji!?"

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Recent News

Today's Pick

Apr 19, 2017
 

Call for Applications of Asset Managers for Alternative AssetsJapan's GPIF starts recruiting managers for alternative assets"GPIF moving to find gatekeepers for Real Estate, Provate Equity and Infrastructure." Strong Demand For Smokeless Tobacco In Japan"Well managed Risk Appetite Framework!"

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Noriyuki Morimoto's Blog

Bushido and the Death of Banks

Apr 17, 2017
byNoriyuki Morimoto

A bank is defined to be a bank by accepting deposits. Without those deposits, banks cease to exist. The deposit function bundles payment and saving functions. When fintech causes the bundling of payment and commercial transactions, the functions of deposits and payment are unbundled. Left with the sole function of saving, deposits lose their basis of existence: they have no chance of beating other methods of asset formation such as investment trusts. When deposits, thus banks, cease to exist, what would happen to bankers? The end of typewriters meant the end of typists. Bankers serving a role equivalent to that of typists have no way to survive. But IBM, which used to be a manufacturer of typewriters, stayed true to its mission of rationalizing business processes, and remains a global leader in information services to this day. The same can be said for bankers. Those who have been faithful to the mission of banking would easily find new, and probably more attractive, opportunities outside the conventional banking business. There are people in retail finance who have prioritized the customers’ true benefit when offering investment trusts, insurance, mortgage loans, and other types of consumer loans. Once set free from their sales quota, these people would be hugely successful in asset-related businesses that show signs of strong growth. In corporate finance, people who have been making proposals to improve management and procure funds not only by loans but through methods in the best interest of their clients—that is, people who have truly served as corporate finance consultants—are likely to find attractive positions in investment management and financial divisions of various industries. People who have been working behind the scenes in financial infrastructure, such as bank administration and asset management procedures, shall come to the fore to play creative and innovative roles in the fast-growing fintech field, as well as independent businesses derived from the infrastructure built for financial administration. In short, those who have been bound by strict and cumbersome rules, and forced to prioritize the banks’ profit over customers’ benefit against their will, would be given a new, free environment in which they can unleash their creativity and customer-oriented mindset. There is no more happiness than that. The end of banks and freedom for bankers should be something to celebrate. Newly gained freedom is always a leap from the conventional, which requires determination. Such a determination is possible only when people readily accept that conventional banks are bound to die. To die a false death in order to truly live—that is the real message behind the statement “The way of the warrior is death” in Hagakure, an epitome of Japanese spiritual history.

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Updates

Mar 20, 2017
byHC Asset Management

Our CEO Noriyuki Morimoto contributed an article to 20 March issue of Weekly Financial Affairs

 

Our CEO Noriyuki Morimoto wrote “What does the merger between Trust Companies of Mizuho Group and Mitsui Sumitomo Group lead to?” for 20 March issue of Weekly Financial Affairs

Mar 10, 2017
byHC Asset Management

Our CEO Norinyuki Morimoto contributed a chapter in the textbook for Kinzai’s remote learning program. Kinzai is a leading Japanese publication specialised in finance.

 

Our CEO Noriyuki Morimoto wrote the 1st Chapter “What is fiduciary duty?” for Kinzai’s textbook “Practical Application of Fiduciary Duty Principles”

Feb 01, 2017
byHC Asset Management

Our CEO Noriyuki Morimoto contributed an article to the February issue of Monthly Energy Forum

 

His article “[TEPCO] should strive to become a top global energy utility.” was one of the feature articles for “Big Bang after dismantling of TEPCO”

Dec 02, 2016
byHC Asset Management

Our CEO Noriyuki Morimoto spoke at "Insurance Risk Management Conference 2016" organised by Moody's Analytics

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