JPMorgan Attracts Over $15B In Tax Strategy Business From Wealthy Clients As It Looks To Catch Up To Rivals: Report
Portfolio Pulse from Benzinga Neuro
JPMorgan Chase & Co. (NYSE:JPM) has attracted over $15 billion in assets from wealthy clients for its tax strategy business, aiming to compete with Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS). The bank has seen a significant increase in the use of separately managed accounts (SMAs) to reduce tax burdens.
June 25, 2024 | 10:01 am
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NEUTRAL IMPACT
Goldman Sachs remains a leading competitor in tax-aware strategies with approximately $280 billion in assets, despite JPMorgan's recent growth.
While JPMorgan's growth is notable, Goldman Sachs remains a dominant player in the tax-aware strategy space, maintaining a strong competitive position.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Morgan Stanley's Parametric platform remains the leading player in direct indexing, despite JPMorgan's recent $15 billion growth in tax strategy assets.
Morgan Stanley's Parametric platform remains a leader in direct indexing, indicating that while JPMorgan's growth is significant, it does not immediately threaten Morgan Stanley's market position.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
JPMorgan Chase & Co. has attracted over $15 billion in assets from wealthy clients for its tax strategy business, marking a significant growth in the use of SMAs to reduce tax burdens.
The influx of $15 billion in assets for JPMorgan's tax strategy business indicates strong growth and client interest, likely boosting the company's revenue and market position in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100