JPMorgan Attracts Over $15B In Tax Strategy Business From Wealthy Clients As It Looks To Catch Up To Rivals: Report
JPMorgan Attracts Over $15B In Tax Strategy Business From Wealthy Clients As It Looks To Catch Up To Rivals: Report
JPMorgan Chase & Co. (NYSE:JPM) has successfully drawn in more than $15 billion in assets from affluent clients for its budding tax strategy business. This development comes as the bank seeks to expand its market share and compete with rivals like Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS).
摩根大通（NYSE：JPM）已成功爲其新興的稅收策略業務從富裕客戶那裏吸引了超過150億美元的資產。此舉是該銀行尋求擴大市場份額並與高盛集團公司（NYSE：GS）和大摩資源lof等競爭對手展開競爭的一部分。
What Happened: Over the past two years, JPMorgan has intensified its efforts to attract clients seeking to reduce their tax burdens by employing tactics such as tax-loss harvesting in separately managed accounts (SMAs). This approach involves selling stocks at a loss to offset other gains, reported the Financial Times on Tuesday, citing people familiar with the matter.
發生了什麼：在過去的兩年中，摩根大通加強了吸引尋求通過採用諸如在單獨託管帳户（SMAs）中進行稅收損失收穫等策略來減輕稅負的客戶的努力。據《金融時報》週二引述知情人士的話報道，此舉是通過以虧損的價格出售股票以抵消其他收益的方式實現的。
One JPMorgan banker described this as potentially the fastest-growing segment of asset management in the last 18 months, according to the report.
據報告，一位摩根大通的銀行家將此描述爲資產管理領域在過去18個月內潛在增長最快的領域之一。
The bank has seen a significant uptick in the use of SMAs by wealthy investors to lower their tax bills. Data from Cerulli Associates, a consultancy, shows that SMA assets have surged by nearly 30% from $1.7 trillion in 2022 to $2.2 trillion in 2023.
該銀行已看到富有投資者利用SMAs降低其納稅單的重大增長。來自諮詢公司Cerulli Associates的數據顯示，2022年的SMA資產已經從1.7萬億美元飆升至2023年的2.2萬億美元，增長近30%。
For years, asset managers have viewed SMAs for institutional clients as a key avenue for expansion. They see SMAs as competing with the rapidly growing exchange-traded funds industry, offering investors tax advantages similar to those found in mutual funds, according to the report.
多年來，資產管理人員一直認爲SMAs是擴張的關鍵途徑之一。根據報告，他們認爲SMAs與迅速增長的交易所交易基金行業競爭，爲投資者提供與共同基金類似的稅務優惠。
"We want to diversify the business, and I think because we don't have ETFs yet on the platform, we see this as the next group," said Manju Boraiah, co-head of custom SMA investments at Allspring Global Investments, citing a 146% surge in SMA platform users during the first quarter of 2024.
Allspring Global Investments定製SMA投資的聯合負責人Manju Boraiah稱，其平台上SMA用戶在2024年第一季度激增了146%，因此"我們想要多樣化業務，因爲我們平台上還沒有ETF，所以我們將其看作是下一個客戶群體"。
JPMorgan Chase & Co did not immediately respond to Benzinga's request for comment.
摩根大通沒有立即回應Benzinga的置評請求。
Why It Matters: Despite this growth, JPMorgan still trails behind Goldman Sachs Asset Management, which has approximately $280 billion in tax-aware strategies, and Morgan Stanley's Parametric platform, the leading player in direct indexing.
爲什麼重要：儘管有此增長，摩根大通仍落後於高盛資產管理公司，後者擁有大約2800億美元的稅務意識策略資產，以及大摩資源lof的Parametric平台，後者是直接指數化的領先者。
"Clients are looking to continue growing that space because they want to dictate the future of their holdings," Daniel Gamba, who serves as the president of Northern Trust Asset Management and ranks among the top 10 largest SMA issuers, said.
北方信託資產管理公司總裁丹尼爾·甘巴表示：“客戶正在尋求繼續擴大這一領域，因爲他們希望主導他們的持股未來。”他是最大的SMA發行者前十名之一。
The move by JPMorgan to bolster its tax strategy business is in line with a broader industry trend. Goldman Sachs plans to double its lending to ultra-wealthy private bank clients by 2029. This initiative is part of the bank's strategy to strengthen its wealth management operations.
摩根大通加強其稅務策略業務的舉措與整個行業趨勢相符。高盛計劃到2029年將向超富私人銀行客戶的貸款翻倍。該舉措是該銀行加強其财富管理業務的戰略之一。
Photo courtesy: Shutterstock
圖片來源：shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
本報道使用Benzinga Neuro生成，並由Kaustubh Bagalkote
譯文內容由第三人軟體翻譯。