MS - JPMorgan Attracts Over $15B In Tax Strategy Business From Wealthy Clients As It Looks To Catch Up To Rivals: Report | Benzinga
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).
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.
One JPMorgan banker described this as potentially the fastest-growing segment of asset management in the last 18 months, according to the report.
The bank has seen a significant uptick in ...