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Optimal Centralized Portfolio Construction With Decentralized Portfolio Management
Edwin J. Elton New York University - Department of Finance Martin J. Gruber New York University - Department of Finance February 2001 Abstract: Many financial institutions employ outside portfolio managers to manage part or all of their inevitable assets. The purpose of this article is to set up a structure that leads to the optimum portfolio from the viewpoint of the centralized decision maker when there are multiple managers and their portfolios are constructed without reference to each other.
JEL Classifications: G0 Working Paper SeriesDate posted: February 22, 2002 ; Last revised: October 03, 2008Suggested CitationContact Information
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