The epic struggle between the conservative old hands and the young thrusters of Italian banking started when Antonio Fazio was governor of the bank of Italy, and there was some mysterious force which prevented any foreign bank taking over an Italian bank. The saga moved on to the bank Capitalia, whose chairman was Cesare Geronzi. Meanwhile, the Anglo-Saxons hatched another plot. Its champion in the new struggle was Davide Serra, an Italian who ran a hedge fund in London, which probably sums up the worst nightmare for Italy's old guard. Serra is one of two managers of Algebris Investments which controls $2.5 billion, and he decided to try a bit of shareholder activism with an insurance company, Assicurazioni Generali. In January this year, Geronzi said that the management at Generali did not need changing. The unpredictable state of markets is also working in favor of Generali's famously conservative approach.