Asset-Liability management for individual investors

摘要: Publisher Summary This chapter considers theoretical and practical developments that are currently driving the remarkable growth of individual asset liability management (ALM) applications as part fund industry worldwide. A personal financial planning is a decision problem faced by an whose aim to manage his consumption investment decisions achieve set real or targets, given current expected income, over long-term horizon. ALM has emerged ideal framework address this type under uncertainty, in which achievement strategic objective made conditional on effective assets liabilities time. The can be regarded extension model with limited number opportunities rich regulatory constraints objective. peculiarity comes from extent implications modeling approach, principle capture different features position typically horizon, up sometimes beyond retirement for investor preferences may very well change stochastic programming approach thus appropriate way analyze problem. generality point view considered here looking at several application areas, such private banking, pension management, planning, wealth management.