EDHEC-Risk is collaborating with Bank of America to develop new research on goal-based investing

Written on 11 February 2020.

New research chair on goal-based wealth management and application to retirement investing

Building upon fundamental research on risk allocation and goal-based wealth management conducted in recent years, EDHEC-Risk Institute announced today that it is collaborating with Bank of America to develop new research on goal-based investing for the construction of retirement investment solutions for individuals.

The research chair will involve a team led by Prof. Lionel Martellini, Director of EDHEC-Risk Institute, with Jean-Michel Maeso, Senior Research Engineer. 


“We are delighted to be able to work on the industry-relevant and intellectually stimulating subject of goal-based investing and applications to improved retirement solutions, in collaboration with Bank of America,” said Professor Martellini, Director of EDHEC-Risk Institute, based in Nice, France.

According to Anil Suri, head of Asset Allocation and Investment Analytics for the Chief Investment Office of Merrill and Bank of America Private Bank, “This research is fundamental to delivering a client-centric, goals-based approach to investing. We expect to use the insights to explore more effective and efficient ways of providing retirement related advice and guidance to our clients.”

More information about the partnership and research outputs is accessible in the industry partners dedicated page


EDHEC-Risk as indeed set up a strong relation with Merrill Lynch since 2015, first with the launch of the “Risk Allocation Framework for Goal-Driven Investing Strategies” research chair to develop new research on risk allocation and goals-based investing, then with a private projecto design and calibrate a range of standardised goal-based investment solutions, with a focus on retirement solutions. The aim was to propose a limited number of retirement solutions that could accommodate the needs of a variety of investors; it led to a full solution design exercise, with a focus on scalable standardised goal-based investing solutions, as well as a series of backtests and associated reporting outcomes.

With the support of Merrill Lynch Wealth Management, EDHEC-Risk launched a series of EDHECPrinceton Retirement Goal-Based Investing Indices in May 2018. The index series represents an incarnation of some of the latest academic thinking in Goal-Based Investing, and are meant to encourage and facilitate the launch of welfareimproving forms of investment solutions. They are expected to provide strong marketing impact in the arena of investment solutions for individuals, especially in the context of retirement investing.

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