MASLOWIAN PORTFOLIO THEORY

This book puts financial investment into perspective: the investor's perspective. The result is a new normative portfolio theory which confirms Behavioural Portfolio Theory, draws attention to the importance of asset-liability matching, and offers a natural framework for investoradviser dialogue and mathematical portfolio optimization.

In this system investment goals, not investor psychology, drive investment advice; "risk" depends on the goal (often inflation-linked), and may be different in each sub-portfolio. Hence the ruling paradigm in which each investor has a single risk profile could be misleading and a dangerous simplification.

This book provides a valuable resource for graduate students, investors, academics, financial advisers, bankers, asset managers and financial regulators interested in protecting the interests of investors and improving on suitability of investments.

Philippe De Brouwer holds M.Sc. degrees in Theoretical Physics and Applied Economic Sciences (Management Science). Active for over 15 years in Investment Management, working in Belgium, Poland, and Ireland at Deutsche Bank, Fortis, and KBC, he oversaw the birth of structured funds in Belgium and Poland, presided over a merger of asset managers, and increased market share as CEO of KBC TFI in Poland. Now he oversees more than 24 bln EUR in about a thousand portfolios as director and member of the board at KBC Fund Management Ltd.