-Industry-first partnership will provide
custom, tax-smart management at scale for Raymond James Advisors
and their clients.
NEW
YORK, Oct. 16, 2023 /PRNewswire/ -- J.P. Morgan
Asset Management and 55ip today announced that Raymond James
Financial (NYSE: RJF) will integrate 55ip's cutting edge tax
management technology across its managed account platform.
The enhancements will make tax-smart transition, rebalancing and
ongoing tax-loss harvesting available to Raymond James managed accounts users.
Raymond James expects the
enhancements to take effect mid-2024.
"We have a strong commitment to delivering industry-leading
technology to our advisors and clients," said Paul Reilly, Chief Executive Officer of Raymond
James Financial. "We're excited to partner with J.P. Morgan
and 55ip to offer our clients solutions that can enhance after-tax
outcomes."
Raymond James Managed Account Programs provides Unified Managed
Accounts (UMA), Separately Managed Accounts, (SMA) and Mutual Fund
and ETF Model Portfolio offerings. Today, the platform provides
over 350 investment strategies with over $144B in assets, including $71B in taxable assets.
"Continuing to enhance our managed account platform, with an
emphasis on providing customized solutions to match client needs,
is one of our most important strategic growth initiatives," said
Erik Fruland, President of Raymond
James Asset Management Services. "The ability for our advisors to
offer tax-smart management with 55ip is a significant step forward
in this regard."
J.P. Morgan Asset Management acquired 55ip in 2020, accelerating
its investment in advanced advisor technology and its focus on
delivering intelligent, automated tools that provide simplicity,
scale and efficiency. Since
the acquisition, 55ip assets
have increased from less than $2
billion to over $20 billion as of
9/30/2023, reflecting the demand for tax management and
customization.
"Incorporating technology to customize investment portfolios is
key to improving financial outcomes," said George Gatch, Chief Executive Officer of J.P.
Morgan Asset Management. "The demand for tax management
capabilities will only continue to rise. Our partnership with
Raymond James is an example of how
leading asset management and wealth management firms can partner
beyond investment products by providing value added
technology."
55ip delivers custom, tax-smart investing at scale. For
Raymond James, 55ip's tax technology
will be delivered through deep integration with Raymond James' managed account technology
provider, InvestCloud.
"We're proud to help Raymond
James enhance and expand its approach to tax-smart
investment delivery and drive better potential outcomes for their
clients," said Paul Gamble, Chief Executive Officer of
55ip. "Integrating across Raymond
James' managed account platform will deliver unprecedented
reach and scale to help more people."
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under management of
$2.9 trillion (as of 9/30/2023), is a
global leader in investment management. J.P. Morgan Asset
Management's clients include institutions, retail investors and
high net worth individuals in every major market throughout the
world. J.P. Morgan Asset Management offers global investment
management in equities, fixed income, real estate, hedge funds,
private equity and liquidity. For more
information: www.jpmorganassetmanagement.com. J.P. Morgan
Asset Management is the marketing name for the asset management
businesses of JPMorgan Chase & Co., and its affiliates
worldwide.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial
services firm based in the United States
of America ("U.S."), with operations worldwide. JPMorgan
Chase had $3.9 trillion in assets and
$317 billion in stockholders' equity
as of September 30, 2023. The Firm is
a leader in investment banking, financial services for consumers
and small businesses, commercial banking, financial transaction
processing and asset management. Under the J.P. Morgan and Chase
brands, the Firm serves millions of customers in the U.S., and many
of the world's most prominent corporate, institutional and
government clients globally. Information about JPMorgan Chase &
Co. is available at www.jpmorganchase.com.
About 55ip
55ip is a financial technology company purpose-built to break
down barriers to financial progress. Setting the industry standard
for automated, personalized, and optimized tax outcomes, the 55ip
platform delivers efficient implementation of the investment
process to the financial services industry. Combined with leading
trading and rebalancing capabilities, we offer a full-service
solution that meets the unique needs of advisors. At the heart of
55ip's seamless, intuitive user experience is 55ip's
ActiveTaxSM Technology, including elevated portfolio
design and delivery, tax-smart transitions, management, and
withdrawals, all helping advisors save time and pursue better
outcomes for their clients. 55ip is a wholly owned subsidiary of
J.P. Morgan Asset Management, the asset management business of
JPMorgan Chase & Co. Visit 55-ip.com for more
information.
About Raymond James Financial, Inc.
Raymond James Financial, Inc., (NYSE: RJF) is a leading
diversified financial services company providing private client
group, capital markets, asset management, banking and other
services to individuals, corporations and municipalities. The
company has approximately 8,700 financial advisors. Total client
assets are $1.28 trillion. Public
since 1983, the firm is listed on the New York Stock Exchange under
the symbol RJF. Additional information is available
at raymondjames.com.
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SOURCE JPMorgan Chase