Raymond James Selects J.P. Morgan Asset Management's 55ip to Enhance its Managed Accounts Platform with Integrated Tax Management Technology

Rhea-AI Summary

J.P. Morgan Asset Management and 55ip partner with Raymond James Financial to integrate tax management technology across its managed account platform.

Positive

• Raymond James Financial will integrate 55ip's tax management technology, providing tax-smart transition, rebalancing, and tax-loss harvesting to its managed account users.
• The enhancements are expected to take effect in mid-2024.
• Raymond James aims to deliver industry-leading technology to its advisors and clients.
• J.P. Morgan Asset Management acquired 55ip in 2020, reflecting the demand for tax management and customization.

Negative

• None.

-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 ActiveTax^SM 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

What is the partnership between J.P. Morgan Asset Management, 55ip, and Raymond James Financial about?

The partnership is about integrating tax management technology across Raymond James' managed account platform.

What enhancements will be available to Raymond James managed account users?

Raymond James managed account users will have access to tax-smart transition, rebalancing, and tax-loss harvesting.

When will the enhancements take effect?

The enhancements are expected to take effect in mid-2024.

What is the goal of Raymond James Financial?

Raymond James aims to deliver industry-leading technology to its advisors and clients.

What is the significance of J.P. Morgan Asset Management's acquisition of 55ip?

The acquisition reflects the increasing demand for tax management and customization.