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Franck Nicolas

Head of Investment and client solutions

Should we still play reflation trades?

24.05.2017 - Franck Nicolas

Read market analysis by Nuno Teixeira, Head of Institutional and Retail Solutions at Investment and Client Solutions division

• Worldwide economic activity remains robust, but tightening of liquidity in the US and China points to a downturn in the second half of the year, which will require very skilled steering from the central banks, while certain asset markets display stretched valuations i.e. US equities and Chinese real estate;
• Victory for the pro-European, reformist and liberal candidate at the French presidential election considerably cut back political risk in the euro area, as the Brexit negotiations and the impending Italian elections in early 2018 are not yet sources of major stress for the financial markets;
• Conversely, Donald Trump’s political situation is seriously deteriorating and could further hamper the implementation of his reform plans (healthcare, tax, fiscal stimulus), denting business leaders’ and the markets’ confidence;
• We maintain our overweight stance on European equities and our positive slant on the equity markets as a whole, but our allocations are now close to neutral.

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Franck Nicolas holds a PhD in Economics from the University of Aix–en-Provence, a PhD in Management from the University of Paris 1 Panthéon-Sorbonne, and an MBA from HEC Business School in Geneva.

Franck began his career in 1991 as equity portfolio manager at Compagnie Financière Benjamin & Edmond de Rothschild, a financial holding company, in Geneva, Switzerland.  From 1994 to 1998, he was fixed income portfolio manager at HSBC Midland Bank. In 1999, he joined Ixis Asset Management as financial engineer, and was then appointed director of quantitative engineering & research in 2002. In 2005, he also took in charge of the economic research & strategy department.

In 2007, Franck Nicolas was appointed head of Global asset allocation & ALM at Natixis Asset management. He is currently Head of Investment & Client Solutions.