Notes on Multi-Trace Operators and Holographic Renormalization Group
  It is shown that the Holographic Renormalization Group can be formulated universally within Quantum Field Theory as (the quantization of) the Hamiltonian flow on the cotangent bundle to the space of gauge-invariant single-trace operators supplied with the canonical symplectic structure. The classical Hamiltonian dynamics is recovered in the large $N$ limit. 
E.T.Akhmedov (ITEP)