Facts & Resources

Merrill Lynch Wealth Management and EDHEC Business School Join Forces to Advance Goals-Based Wealth Management


Thursday, March 20, 2014 5:00 am EDT


New York
"This research is fundamental to delivering a client-centric, goals-based approach to investing"

Merrill Lynch Wealth Management is teaming up with France’s EDHEC Business School to develop new research on risk allocation and goals based investing, the organizations announced today.

The initiative involves the pursuit of fundamental research on risk allocation and goals-based wealth management through a collaboration between Merrill Lynch’s Investment Management and Guidance group and the EDHEC-Risk Institute.

The aim of the research project is to deliver a mathematically rigorous approach to investing for goals such as capital preservation, retirement income, maintenance of minimum wealth levels and preferences regarding risk and liquidity, according to Professor Lionel Martellini, scientific director of EDHEC-Risk Institute, who will lead its participation in the partnership.

“We are delighted to be able to work on the industry-relevant and intellectually stimulating subject of risk and goal allocation, thanks to our collaboration with Merrill Lynch on this research chair,” said Professor Martellini, who is based in Nice, France.

The leader of the initiative for Merrill Lynch is Anil Suri, head of Portfolio Construction and Investment Analytics for Investment Management and Guidance.

Ashvin Chhabra, chief investment officer for Merrill Lynch Wealth Management and head of Investment Management and Guidance, said he was delighted with the collaboration.“This research is fundamental to delivering a client-centric, goals-based approach to investing,” said Chhabra, a pioneer in goals-based wealth management as the architect of the Wealth Allocation Framework.


About EDHEC-Risk Institute
EDHEC Business School launched the EDHEC-Risk Institute in 2001 to leverage its critical mass of expertise in asset and risk management. The institute now boasts a team of more than 95 permanent professors, engineers and support staff, as well as 48 research associates from the financial industry and affiliate professors.

EDHEC-Risk Institute is located at campuses in Singapore; the City of London; Nice and Paris in France, and New York. It distributes its research to the industry through a Web site,; a monthly newsletter and annual conferences held in London, Singapore and New York.

The Institute offers a PhD in Finance programme that includes an executive track with affiliate faculty from universities such as Princeton, Wharton, Oxford, Chicago and CalTech.

In 2012, it signed strategic partnership agreements with the Operations Research and Financial Engineering department of Princeton University to set up a joint research programme in risk and investment management, and with Yale School of Management to set up joint certified executive training courses in North America and Europe in the area of investment management.


Merrill Lynch Wealth Management
Merrill Lynch Global Wealth Management is a leading provider of comprehensive wealth management and investment services for individuals and businesses globally. With over 13,700 Financial Advisors and $1.9 trillion in client balances as of December 31, 2013, it is among the largest businesses of its kind in the world. Within Merrill Lynch Global Wealth Management, the Private Banking and Investment Group provides tailored solutions to ultra affluent clients, offering both the intimacy of a boutique and the resources of a premier global financial services company. These clients are served by more than 150 Private Wealth Advisor teams, along with experts in areas such as investment management, concentrated stock management and intergenerational wealth transfer strategies. Merrill Lynch Global Wealth Management is part of Bank of America Corporation.

Source: Bank of America. Merrill Lynch Global Wealth Management (MLGWM) represents multiple business areas within Bank of America’s wealth and investment management division including Merrill Lynch Wealth Management (North America and International), Merrill Lynch Trust Company, and Private Banking and Investments GroupAs of December 31, 2013, MLGWM entities had approximately $1.9 trillion in client balances. Client Balances consists of the following assets of clients held in their MLGWM accounts: assets under management (AUM) of MLGWM entities, client brokerage assets, assets in custody of MLGWM entities, loan balances and deposits of MLGWM clients held at Bank of America, N.A. and affiliated banks.


Press Contacts:

EDHEC-Risk Institute
Maud Gauchon,, +33 493 187 887

Merrill Lynch
Susan Atran,, +1.646.743.0791

EDHEC-Risk Institute
393 promenade des Anglais
BP 3116 - 06202 Nice Cedex 3
Tel: +33 493 187 824          

EDHEC Risk Institute—Europe
10 Fleet Place, Ludgate
London EC4M 7RB
United Kingdom
Tel: +44 207 871 6740

EDHEC Risk Institute—Asia
1 George Street
Singapore 049145
Tel: +65 6438 0030

EDHEC Risk Institute—North America
One Rockefeller Plaza
10th & 11th Floors
New York, NY 10020 USA
Tel: +1 646 756 2638          

EDHEC Risk Institute—France
16-18 rue du 4 septembre
75002 Paris
Tel: +33 153 327 630


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