WO2018182179A1

WO2018182179A1 - Method and apparatus for asset management

Info

Publication number: WO2018182179A1
Application number: PCT/KR2018/002309
Authority: WO
Inventors: Woochang Kim; Dogyun KWON; Yongjae Lee; Jangho Kim; Changle LIN
Original assignee: Kaist(Korea Advanced Institute Of Science And Technology)
Priority date: 2017-03-27
Filing date: 2018-02-26
Publication date: 2018-10-04
Also published as: KR101951340B1; KR20180109113A

Abstract

Provided are an asset management method and apparatus. The asset management method includes: receiving an input of an investment amount, an investment period, and a plurality of investment goals from an investor; dividing the investment period into a current stage and future stages and receiving market information determined at each of the current and future stages from a market information modeling unit; and determining an investment asset allocation at each of the current and future stages based on the investment amount, the plurality of investment goals, and the market information.

Description

METHOD AND APPARATUS FOR ASSET MANAGEMENT

The present invention relates to asset management, and more particularly, to an asset management method and apparatus capable of providing services suchas maximizing the possibility of achieving a plurality of investment goals of an investor based on his or her investment amount spent over a predetermined investment period.

Conventional asset management mainly targets at clients, i.e., institutional investors engaged in investment of assets that are worth a huge amount and wealthy individual investors, and an investment goal of these investors is generally to achieve a high rate of returns. Thus, conventional asset management techniques may be focused on maximizing a rate of return while minimizing a level of risk. However, these asset management techniques are not suitable for individual investors having a small amount of money to invest. In general, individual investors have a number of specific investment goals specifying a target amount of money and a target time, such as preparing for living expenses after retirement, a child's education costs, and a housing fund. In order to maximize the possibility of accomplishing these investment goals, there is a need for a novel asset management technique.

To overcome the above-described technical challenges and substantially compensate various problems caused by limitations and disadvantages of conventional techniques, the present invention provides a method and apparatus for maximizing the possibility of achieving a plurality of investment goals of an investor based on his or her investment amount spent over a predetermined investment period. The present invention also provides a computer-readable recording medium having recorded thereon a program for executing the above method.

According to an aspect of the present invention, there is provided an asset management method including: receiving an input of an investment amount, an investment period, and a plurality of investment goals from an investor; dividing the investment period into a current stage and future stages and receiving market information determined at each of the current and future stages from a market information modeling unit; and determining an investment asset allocation at each of the current and future stages based on the investment amount, the plurality of investment goals, and the market information.

According to an embodiment of the present invention, the market information includes price information of investment assets up to the current stage and modeling information obtained by probabilistically predicting degrees of variation in prices of the investment assets at each of the future stages.

According to an embodiment of the present invention, the asset management method furtherincludes updating the investment amount and the market information at a predetermined stage after the current stage.

According to an embodiment of the present invention, the determining of the investment asset allocation includes determining an investment amount or investment proportion for each of the investment assets.

According to an embodiment of the present invention, each of the plurality of investment goals has a priority, and a low priority investment goal does not affect a probabilistic expected achievement level of a high priority investment goal.

According to an embodiment of the present invention, the determining of the investment asset allocation is sequentially repeatedly performed for each of the plurality of investment goals according to priorities, and when the determining of the investment asset allocation is performed for an investment goal having a predetermined priority, the investment asset allocation is determined to have a maximum achievement level with respect to the investment goal having the predetermined priority while maintaining a maximum achievement level for a higher priority investment goal.

According to an embodiment of the present invention, the plurality of investment goals include at least one of living expenses, hobby activity expenses, vehicle purchase fees, vehicle rental fees, real estate buying costs, real estate rental costs, education costs, donations, inheritance values, expenses for congratulations and condolence, and an emergency fund.

According to an embodiment of the present invention, the determining of the investment asset allocation includes selectively taking a constraint condition into account, and the constraint condition includes at least one of an expected loss that may occur at a certain confidence level, variation in the investment asset allocation, permission/prohibition of short selling restrictions, an upper limit for the investment asset allocation, a lower limit for the investment asset allocation, fees, and a degree of concentration of investment assets. .

According to another aspect of the present invention, there is provided a computer-readable recording medium having recorded thereon a program for performing the above method.

According to another aspect of the present invention, there is provided an asset management apparatus including: an investor information input unit configured to receive an input of an investment amount, an investment period, and a plurality of investment goals from an investor; a market information input unit configured to divide the investment period into a current stage and future stages and receive market information determined at each of the current and future stages from a market information modeling unit; and an asset management unit configured to determine an investment asset allocation at each of the current and future stages based on the investment amount, the plurality of investment goals, and the market information.

An asset management method and apparatus according to the present invention may provide a customer having a plurality of investment goals over a predetermined investment period with an optimal asset management service that maximizes the probability of achieving the plurality of investment goals. Furthermore, when priorities are assigned to the plurality of investment goals, the present invention may provide an optimal asset management service so that a low priority investment goal may not affect a probabilistic expected achievement level of a high priority investment goal. The present invention also allows even an investor having no expertise in asset management to correctly set his or her investment goal in an asset management apparatus by performing a simple interaction through a user interface without help from an expert and to receive an optimal asset management service for the set investment goal. In addition, since the investor may not possibly need help such as consultation with an asset management expert or the consultation may proceed smoothly, it is possible to reduce asset management costs that are paid by the investor.

FIG. 1 schematically illustrates an asset management method according to an embodiment of the present invention.

FIG. 2 schematically illustrates inputs received from a user of an asset management method according to an embodiment of the present invention.

FIG. 3 illustrates statistical modeling for uncertainty in a financial market according to an embodiment of the present invention.

FIG. 4 exemplifies investment asset allocation based on statistical modeling for uncertainty in a financial market, according to an embodiment of the present invention.

FIG. 5 exemplifies a case wherein a priority is applied to each investment goal, according to an embodiment of the present invention.

FIG. 6 exemplifies an investment result when a priority is applied to each investment goal, according to an embodiment of the present invention.

FIG. 7 schematically illustrates a process for optimizing investment decision when a priority is applied to each investment goal, according to an embodiment of the present invention.

FIG. 8 is a schematic block diagram of an asset management apparatus according to an embodiment of the present invention.

FIG. 9 is a flowchart of an asset management process according to an embodiment of the present invention.

FIG. 10 is a flowchart of a process for determining an investment asset allocation according to an embodiment of the present invention.

Hereinafter, preferred embodiments of the present invention will be described in detail with reference to the accompanying drawings, wherein like reference numerals refer to like elements throughout. Dimensions of components in the drawings may be exaggerated for clarity of explanation.

According to an embodiment of the present invention, an investor 110 and an asset management expert 120 mainly participate in asset management, and interface with the asset management apparatus 100. The investor 110 and the asset management expert 120 may receive a certain level of training to interface with the asset management apparatus 100 more smoothly.

The investor 110 enters investor information suchas an investment period, his or her investment goal, and an investment amount into the asset management apparatus 100 via a user interface (UI). The investment amount includes both a current income and an expected future income. The investment goal may include a plurality of investment goals, each of which may have a predetermined priority. In this case, a low priority investment goal does not affect a probabilistic expected achievement level of a high priority investment goal. The investor 110 performs a process of realistically adjusting his or her investment goals by analyzing an asset management result processed by the asset management apparatus 100. In other words, if it is determined, based on the asset management result derived from the asset management apparatus 100, that his or her investment goal is too easily satisfied, the investor 110 may set a higher investment goal. Otherwise, if it is very difficult to achieve his or her investment goal, the investor 110 may set a more realistic investment goal.

The asset management expert 120 operates the asset management apparatus 100 to learn his or her investment technique by using machine learning and consistently updates the asset management apparatus 100.

The asset management apparatus 100 analyzes information about the investor 110 based on the investor information input by the investor 110. The asset management apparatus 100 may analyze the information about the investor 110 by using a technique such as machine learning. Furthermore,the asset management apparatus 100 provides market information obtained by statistically modeling uncertainty in a financial market. The asset management apparatus 100 may model market uncertainty by using techniques such as statistical techniques, machine learning, etc. The asset management apparatus 100 may derive an optimal investment decision based on the investor information and the market information. The asset management apparatus 100 derives an optimal investment decision that maximizes the possibility of accomplishing an investment goal by allocating investment assets by using a financial optimization technique. Although the financial optimization technique includes a multistage stochastic optimization model and a linear optimization model, it will be readily apparent to those of ordinary skill in the art that the financial optimization technique is not limited thereto and other techniques may be used. The multistage stochastic optimization model is a model that allows optimal decision-making over multiple periods of time in a situation that involves uncertainties. The linear optimization model is a model that can optimize an objective functionunder constraints for decision making when the objective function and the constraints are expressed as linear functions.

In

cases

1 and 2 shown in FIG. 2, an investor begins investment at age 30, and moves through two stages with a 15-year interval. A first stage (Stage 1) is at age 45, and a second stage (Stage 2) is at age 60. The investor may specify desired investment goals depending on his or her goals at

ages

45 and 60. For example, in case 1, goals A, B, and C may be living expenses after retirement, a child's education costs, and housing fund, respectively. Although a plurality of investment goals input by the investor include, according to an embodiment of the present invention, living expenses, hobby activity expenses, vehicle purchasefees, vehicle rental fees, real estate buying costs, real estate rental costs, education costs, donations, inheritance values, expenses for congratulations and condolence, and an emergency fund, it will be readily apparent to those of ordinary skill in the art that the plurality of investment goals are not limited thereto and other investment goals may be input by the investor. The investor inputs his or her investment amount at each stage before retirement. Although the investment amount may be his or her expected income at each stage, it will be readily apparent to those of ordinary skill in the art that the investment amount is not limited thereto, and may be calculated using other various methods. The investor may split a stage into smaller ones when necessary, and input various investment goals.

The asset management apparatus 100 models a financial market suffering uncertainty by using a probabilistic model. In other words, the asset management apparatus 100 generates various scenarios for future movements of a market by performing probabilistic modeling for dealing with uncertainty. The asset management apparatus 100 determines market information including price information of investment assets up to a current stage and modeling information obtained by probabilistically predicting the degrees of variation in prices of the investment assets at each of the future stages. FIG. 3 shows changes in values of three types of investment assets (stocks, bonds, and cash), i.e., a measure of how muchthe values change going from a price of 1 dollar to a price at a future stage, if probabilities of good and bad financial markets are 70% and 30%, respectively, when a predetermined stage moves to a next stage. Changes in a value of each type of investment asset may be represented using various probability distributions. It will be readily understood by those of ordinary skill in the art that investment assets according to an embodiment of the present invention include all real assets and financial assets that are traded on a stock market, a bond market, a real estate market, an exchange rate market, and a financial market and are not limited to a specific type of investment assets. Furthermore, according to an embodiment of the present invention, the investment assets may include predetermined individual assets and an asset group that is a group of individual assets collected according to their types.

According to an embodiment of the present invention, the asset management apparatus 100 determines optimal investment asset allocation in order to accomplish a plurality of investment goals of an investor based on market information determined as described with reference to FIG. 3. Since investment asset allocation is determined over a predetermined investment period, to determine investment asset allocation at a predetermined stage, the asset management apparatus 100 determines the investment asset allocation based on price information of investment assets up to a current stage. The predetermined stage at which the investment asset allocation is determined may be a stage at which a plurality of investment goals are input or an arbitrary stage obtained by dividing the predetermined investment period. When determining the investment asset allocation, the asset management apparatus 100 determines an investment amount or investment proportion for each investment asset.

According to an embodiment of the present invention, the asset management apparatus 100 may selectively take an additional constraint condition into account when determining the investment asset allocation. The asset management apparatus 100 may set, based on information including an investor's demands, legal controls, opinions of an asset management expert, etc., a constraint condition including at least one of restrictions on expected loss, variation in investment asset allocation, short selling, an upper limit for investment asset allocation, a lower limit for investment asset allocation, fees, and the degree of concentration of investment assets. It will be readily understood by those of ordinary skill in the art that the constraint condition is not limited to the above constraint condition.

According to an example of FIG. 4, at age 30 that is an initial investment stage, the asset management apparatus 100 presents an investment asset allocation of [20%, 50%, 30%] for cash, stocks, and bonds with respect to case 1 of FIG. 2 while presenting an investment asset allocation of [20%, 60%, 20%] with respect to case 2 of FIG. 2. At a first stage corresponding to age 45, the asset management apparatus 100 presents two types of investment asset allocation respectively for case 1 and case 2 of FIG. 2. In the present example, since investment ends at age 60, an additional investment asset management is not presented for a second stage.

Referring to case 1 of FIG. 2, an investor may determine the degree of importance in the order from his/her child's education costs (goal B) to a living fund after retirement (goal A) to a housing fund (goalC). According to an embodiment of the present invention, when a plurality of investment goals respectively have priorities, the asset management apparatus 100 determines an investment asset allocation to achieve more important investment goal according to the priorities. In addition, according to an embodiment of the present invention, priorities may overlap each other to have the same degree of importance.

In detail, according to an embodiment of the present invention, the asset management apparatus 100 determines an investment asset allocation that can achieve a first priority investment goal to the greatest extent possible and then determines an investment asset allocation that can achieve investment goals up to a second priority investment goal with the highest possible probability while not affecting the probability of achieving the first priority investment goal. In this case, taking into account the second priority investment goal may change an investment asset allocation compared to when taking into account only the first priority investment goal, but should not affect the probability of achieving the first priority investment goal. By doing so, when there are a number P of investment goals, the asset management apparatus 100 maximizes the probabilities of sequentially achieving investment goals up to a P-th priority investment goal at each stage while maintaining the probabilities of achieving higher priority investment goals.

Since investment assets are allocated in such a manner as to achieve a high priority investment goal to the greatest extent possible at each stage, the probability of achieving a high priority investment goal is higher than the probability of achieving a low priority investment goal. For example, in case 2, the probabilities of achieving goal B having a highest priority, goal A having a second highest priority, goal C having a third highest priority, and goal D having a lowest priority at a first stage are 100%, 90%, 50%, and 1%, respectively. In this way, as priorities of investment goals decrease, the probabilities of achieving the investment goals become equal to one another or gradually decrease.

FIG. 7 schematically illustrates a process for optimizing an investment decision when a priority is applied to each investment goal, according to an embodiment of the present invention.

The asset management apparatus 100 generates various scenarios for future movements of a market by performing probabilistic modeling for dealing with uncertainty of the market. Good scenarios increase the possibility of achieving multiple investment goals, whereas bad scenarios decrease the possibility of achieving them. According to an embodiment of the present invention, when priorities are respectively assigned to a plurality of investment goals, the asset management apparatus 100 determines an optimal investment asset allocation, e.g., by achieving investment goals to the greatest extent possible in order from highest to lowest priorities based on these various scenarios. In detail, the asset management apparatus 100 determines an investment asset allocation that can achieve a first priority investment goal under as many scenarios as possible and then determines an investment asset allocation that can achieve investment goals up to a second priority investment goal with the highest possible probability while not affecting the probability of achieving the first priority investment goal. In this case, taking into account the second priority investment goal may change an investment asset allocation compared to when taking into account only the first priority investment goal, but this should not affect the probability of achieving the first priority investment goal. In this manner, when there are a number P of investment goals, the asset management apparatus 100 maximizes the probabilities of sequentially achieving investment goals up to a P-th priority investment goal at each stage while maintaining the probabilities of achieving higher priority investment goals.

FIG. 8 is a schematic block diagram of an asset management apparatus 800 according to an embodiment of the present invention.

The asset management apparatus 800 includes an investor information input unit 810, a market information input unit 820, an asset management unit830, and a market information modeling unit 840.

The investor information input unit 810 receives an input of an investment amount, an investment period, and a plurality of investment goals from an investor. The plurality of investment goals include at least one of living expenses, hobby activity expenses, vehicle purchasefees,vehicle rental fees, real estate buyingcosts,real estate rental costs, education costs, donations, inheritance values, expenses for congratulations and condolence, and an emergency fund.Each of the plurality of investment goals has a priority, and a low priority investment goal does not affect a probabilistic expected achievement level of a high priority investment goal. According to an embodiment of the present invention, priorities of some of the plurality of investment goals may overlap each other.

The market information modeling unit 840 divides the investment period into a current stage and future stages and determines market information for each of the current and future stages. The market information includes price information of investment assets up to the current stage and modeling information obtained by probabilistically predicting the degrees of variation in prices of the investment assets at each of the future stages.It will be readily understood by those of ordinary skill in the art that investment assets according to an embodiment of the present invention include all real assets and financial assets that are traded on a stock market, a bond market, a real estate market, an exchange rate market, and a financial market and are not limited to a specific type of investment assets. Furthermore,accordingto an embodiment of the present invention, the investment assets may include predetermined individual assets and an asset group that is a group of individual assets collected according to their types. According to an embodiment of the present invention, although the market information modeling unit 840 is positioned inside the asset management apparatus 100, it may be positioned outsidetheasset management apparatus 100. In this case, the asset management apparatus 800 may obtain market information from the externally positioned market information modeling unit 840.

According to an embodiment of the present invention, the asset management apparatus 800 further includes an updating unit. The updating unit updates the investment amount and the market information at a predetermined stage after the current stage.

The market information input unit 820 receives the determined market information from the market information modeling unit 840.

The asset management unit 830 determines investment asset allocations at the current and future stages based on the investment amount, the plurality investment goals, and the market information. The asset management unit 830 determines an investment asset allocation by determining an investment amount or investment proportion for each of the investment assets. According to an embodiment of the present invention, the asset management unit 830 may selectively construct investment assets to be allocated in advance via an external input.

The asset management unit 830 sequentially repeatedly determines an investment asset allocation for each of the plurality of investment goals according to priorities. When determining an investment asset allocation for an investment goal having a predetermined priority, the asset management unit 830 determines the investment asset allocation to have a maximum achievement level with respect to the investment goal having the predetermined priority while maintaining a maximum achievement level corresponding to that when determining an investment asset allocation for a higher priority investment goal. According to an embodiment of the present invention, the asset management unit 830 determines an investment asset allocation by selectively taking into account a constraint condition. The constrain condition includes at least one of an expected loss that may occur at a certain confidence level, variation in investment asset allocation, permission/prohibition of short selling restrictions, an upper limit for investment asset allocation, a lower limit for investment asset allocation, fees, and the degree of concentration of investment assets. .

In step 910, the asset management apparatus 800 receives investor information including an investment amount, an investment period, and a plurality of investment goals from an investor.

In step 920, the asset management apparatus 800 divides the investment period into a current stage and future stages and determine market information for each of the current and future stages.The market information includes price information of investment assets up to the current stage and modeling information obtained by probabilistically predicting the degrees of variation in prices of the investment assets at each of the future stages.

In step 930, the asset management apparatus 800 receives the market information determined in step 920 from the market information modeling unit 840.

In step 940, the asset management apparatus 800 determines investment asset allocations at the current and future stages based on the investment amount, the plurality investment goals, and the market information. The asset management apparatus 800 determines an investment asset allocation by determining an investment amount or investment proportion for each of the investment assets.

According to an embodiment of the present invention, the asset management apparatus 800 determines an investment asset allocation by selectively taking into account a constraint condition. The constrain condition includes at least one of an expected loss that may occur at a certain confidence level, variation in investment asset allocation, permission/prohibition of short selling restrictions, an upper limit for investment asset allocation, a lower limit for investment asset allocation, fees, and the degree of concentration of investment assets. .

As described with reference to FIG. 5, the asset management apparatus 800 sequentially repeatedly determines investment asset allocations for a plurality of investment goals according to priorities at each stage obtained by dividing the entire investment period.

In step 1010, the asset management apparatus 800 takes into account a first priority investment goal among a plurality of investment goals.

In step 1020, the asset management apparatus 800 checks whether it takes into account a last priority investment goal P among the plurality of investment goals.

If the last priority investment goal is not taken into account, the asset management apparatus 800 moves to step 1030, and if the last priority investment goal is taken into account, the asset management apparatus 800 moves to step 1050.

In step 1030, the asset management apparatus 800 determines an investment asset allocation by fully taking into account investment goals ranging from the first priority investment goal to an investment goal having a priority currently being considered. In detail, the asset management apparatus 800 determines an investment asset allocation that can achieve the first priority investment goal under as many scenarios as possible and then determines an investment asset allocation that can sequentially achieve investment goals up to a second priority investment goal with the highest possible probability based on a scenario in which the first priority investment goal is achieved. In this way, the asset management apparatus 800 maximizes the probabilities of achieving investment goals up to an investment goal having a priority currently being considered.

In step 1040, the asset management apparatus 800 takes into account an investment goal having a next priority among the plurality of investment goals and moves to step 1020, thereby repeating the above process.

In step 1050, the asset management apparatus 800 determines an investment asset allocation by taking into account all investment goals ranging from the first priority investment goal through the last priority investment goal.

While the present invention has been particularly shown and described with reference to preferred embodiments thereof, it will be understood by those of ordinary skill in the art that the embodiments should not be considered for purposesoflimitation, and various changes in form and details and their equivalents may be made therein. Thus, the scope of the invention should be defined by the appended claims.

For example, the asset management apparatus 800 according to an exemplary embodiment of the present invention　may include a bus coupled to units thereof, at least one processor coupled to the bus and a memory coupled to the bus to store commands, received messages, or generated messages and coupled to the at least one processor for performing the commands.

Furthermore,an asset management apparatus according to the present invention may be embodied as a computer-readable code on a computer-readable storage medium. The computer-readable storage medium is any data storage device that can store data which can be thereafter read by a computer system. Examples of computer-readable storage media include magnetic storage media (e.g., read-only memory (ROM), floppy disks, hard disks, etc.), optical data storage devices (e.g., CD-ROMs, DVDs, etc.), and carrier waves (e.g., transmission via the Internet). The computer-readable storage media can also be distributed over network coupled computer systems so that computer-readable codes are stored and executed in a distributed fashion.

An asset management method and apparatus according to the present invention may provide a customer having a plurality of investment goals over a predetermined investment period with an optimal asset management service that maximizes the probability of achieving the plurality of investment goals. Furthermore,when priorities are assigned to the plurality of investment goals, the present invention may provide an optimal asset management service so that a low priority investment goal may not affect a probabilistic expected achievement level of a high priority investment goal. The present invention also allows even an investor having no expertise in asset management to correctly set his or her investment goal in an asset management apparatus by performing a simple interaction through a user interface without help from an expert and to receive an optimal asset management service for the set investment goal. In addition, since the investor may not possibly need help such as consultation with an asset management expert or the consultation may proceed smoothly, it is possible to reduce asset management costs that are paid by the investor.

Claims

An asset management method comprising:

receiving an input of an investment amount, an investment period, and a plurality of investment goals from an investor;

dividing the investment period into a current stage and future stages and receiving market information determined at each of the current and future stages from a market information modeling unit; and

determining an investment asset allocation at each of the current and future stages based on the investment amount, the plurality of investment goals, and the market information.
The asset management method of claim 1, wherein the market information comprises price information of investment assets up to the current stage and modeling information obtained by probabilistically predicting degrees of variation in prices of the investment assets at each of the future stages.
The asset management method of claim 1, further comprising updating the investment amount and the market information at a predetermined stage after the current stage.
The asset management method of claim 1, wherein the determining of the investment asset allocation comprises determining an investment amount or investment proportion for each of the investment assets.
The asset management method of claim 1, wherein each of the plurality of investment goals has a priority, and

wherein a low priority investment goal does not affect a probabilistic expected achievement level of a high priority investment goal.
The asset management method of claim 5, wherein the determining of the investment asset allocation is sequentially repeatedly performed for each of the plurality of investment goals according to priorities, and

wherein, when the determining of the investment asset allocation is performed for an investment goal having a predetermined priority, the investment asset allocation is determined to have a maximum achievement level with respect to the investment goal having the predetermined priority while maintaining a maximum achievement level for a higher priority investment goal.
The asset management method of claim 1, wherein the plurality of investment goals comprise at least one of living expenses, hobby activity expenses, vehicle purchase fees, vehicle rental fees, real estate buying costs, real estate rental costs, education costs, donations, inheritance values, expenses for congratulations and condolence, and an emergency fund.
The asset management method of claim 1, wherein the determining of the investment asset allocation comprises selectively taking a constraint condition into account, and

wherein the constraint condition comprises at least one of an expected loss that may occur at a certain confidence level, variation in the investment asset allocation, permission/prohibition of short selling restrictions, an upper limit for the investment asset allocation, a lower limit for the investment asset allocation, fees, and a degree of concentration of investment assets.
A computer-readable recording medium having recorded thereon a program for performing the method of claim 1.
An asset management apparatus comprising:

an investor information input unit configured to receive an input of an investment amount, an investment period, and a plurality of investment goals from an investor;

a market information input unit configured to divide the investment period into a current stage and future stages and receive market information determined at each of the current and future stages from a market information modeling unit; and

an asset management unit configured to determine an investment asset allocation at each of the current and future stages based on the investment amount, the plurality of investment goals, and the market information.
The asset management apparatus of claim 10, wherein the market information comprises price information of investment assets up to the current stage and modeling information obtained by probabilistically predicting degrees of variation in prices of the investment assets at each of the future stages.
The asset management apparatus of claim 10, further comprising an updating unit configured to update the investment amount and the market information at a predetermined stage after the current stage.
The asset management apparatus of claim 10, wherein the asset management unit is further configured to determine an investment amount or investment proportion for each of the investment assets.
The asset management apparatus of claim 10, wherein each of the plurality of investment goals has a priority, and

wherein a low priority investment goal does not affect a probabilistic expected achievement level of a high priority investment goal.
The asset management apparatus of claim 14, wherein the asset management unitis further configured to:

sequentially repeatedly determine the investment asset allocation for each of the plurality of investment goals according to priorities, and

determine, when determining the investment asset allocation for an investment goal having a predetermined priority, the investment asset allocation to have a maximum achievement level with respect to the investment goal having the predetermined priority while maintaining a maximum achievement level for a higher priority investment goal.
The asset management apparatus of claim 10, wherein the plurality of investment goals comprise at least one of living expenses, hobby activity expenses, vehicle purchase fees, vehicle rental fees, real estate buying costs, real estate rental costs, education costs, donations, inheritance values, expenses for congratulations and condolence, and an emergency fund.
The asset management apparatus of claim 10, wherein the asset management unit is further configured to determine the investment asset allocation by selectively taking a constraint condition into account, and

wherein the constraint condition comprises at least one of an expected loss that may occur at a certain confidence level, variation in the investment asset allocation, permission/prohibition of short selling restrictions, an upper limit for the investment asset allocation, a lower limit for the investment asset allocation, fees, and a degree of concentration of investment assets.