Mean-variance portfolio optimization models are sensitive to uncertainty in risk-return estimates, which may result in poor out-of-sample performance. In particular, the estimates may suffer when the number of assets considered is high and the length of the return time series is not sufficiently...

This paper looks at the key strategies being applied by wealth management and their competitive position. Each approach has merits, although the multi-channel 'single brand' approach seems to be gathering momentum. E-commerce facilitates differentiation and requires focus, whilst making cost...