Reactions to an EDHEC Study on Asset-Liability Management Decisions in Private Wealth Management

The publication that we are pleased to present here covers the industry reactions to an EDHEC study entitled “Asset-Liability Management Decisions in Private Banking,” which was drawn from EDHEC’s ALM and Asset Management research programme.

Author(s):

Noel Amenc

Professor of Finance and Director of Research and Development at EDHEC Business School.

Felix Goltz

Senior Research Engineer and co-head of the indices and benchmarking research programme with the EDHEC Risk and Asset Management Research Centre.

David Schroder

Senior Research Engineer at the EDHEC Risk and Asset Management Research Centre.

That paper discussed the sources of addedvalue in private wealth management, and argued through a series of illustrations that asset-liability management is the natural approach for the design of truly clientdriven services in private banking. The objective of the current paper is to compare the conclusions drawn by the Asset-Liability Management Decisions in Private Banking study with current industry perceptions. The basic question we are asking is: what do practitioners think about using asset-liability management in private wealth management? The present publication is part of a research chair in private asset-liability management, led by Professor Lionel Martellini, Scientific Director of the EDHEC Risk and Asset Management Research Centre, which the centre is pursuing in partnership with ORTEC Finance. Research in this programme will focus on the superiority of the ALM approach in private wealth management (PWM), with special attention being given to life cycle asset allocation. Subsequent research in the course of the three-year project will examine the shortcomings of current PWM practices, putting them in perspective in relation to best practices for ALM in PWM, and also look at the consequences of high levels of inflation for ALM in PWM. The latter will involve general inflation (global price index) or particular cases of inflation, e.g., the inflation exposure of HNWIs.

Type: EDHEC Publication
Date: le 02/10/2008
Research Cluster : Finance

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