J.P. Morgan Asset Management and its subsidiary, 55ip, have announced a strategic alliance with Raymond James Financial (NYSE:RJF) to incorporate advanced tax management technology into Raymond James' managed account platform. The collaboration, announced on Monday, is expected to facilitate tax-smart transition, rebalancing, and ongoing tax-loss harvesting for users of Raymond James managed accounts by mid-2024.
The partnership signifies Raymond James' commitment to enhancing their managed account platform and personalizing solutions to meet client needs, according to Erik Fruland, President of Raymond James Asset Management Services. The platform currently manages over 350 investment strategies with assets totaling $144 billion, including $71 billion in taxable assets.
Since its acquisition by J.P. Morgan Asset Management in 2020, 55ip's assets have grown from under $2 billion to $20 billion as of September 2023. This growth reflects the increasing demand for tax management and customization in the financial sector.
George Gatch, CEO of J.P. Morgan Asset Management, emphasized the importance of technology in customizing investment portfolios and predicts a surge in the demand for tax management capabilities. He stated that the tax technology from 55ip will be smoothly integrated with Raymond James through their managed account technology provider, InvestCloud.
Raymond James provides a range of services, including Unified Managed Accounts (UMA), which constitute a significant part of their offerings. The integration with 55ip's technology is anticipated to significantly enhance these services by offering advanced tax management capabilities.
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