IMPORTANT INFORMATION RELATING TO J.P. MORGAN PRIVATE BANK PUBLIC WEBSITES

The information on this site may inform you of certain investment products and services offered by the private banking business of JPMorgan Chase Bank, N.A. or any of its affiliates (together, "J.P. Morgan"), part of JPMorgan Chase & Co. Bank products and services are offered by JPMorgan Chase Bank, N.A. (JPMCB) and its affiliates. Securities products and services are offered by J.P. Morgan Securities LLC, an affiliate of JPMorgan Chase Bank, N.A. and other global affiliates.

In Asia, dealing and advisory services and discretionary investment management services are provided to you by JPMorgan Chase Bank, N.A., Hong Kong/ Singapore branch. Banking and custody services are provided to you by J.P. Morgan International Bank Limited.

Any views and strategies described may not be suitable for all investors and are subject to investment risks. Please read this Important Information in its entirety.

In the United Kingdom branches, material is issued by J.P. Morgan International Bank Limited (JPMIB) with the registered office located at 25 Bank Street, Canary Wharf, London E14 5JP, registered in England No. 03838766 and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. In addition, material may be distributed by: JPMCB Paris branch, which is regulated by the French banking authorities Autorité de Contrôle Prudentiel et de Résolution and Autorité des Marchés Financiers; J.P. Morgan (Suisse) SA, regulated by the Swiss Financial Market Supervisory Authority; JPMCB Dubai branch, regulated by the Dubai Financial Services Authority; JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only).

In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. Receipt of this material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund´s securities in compliance with the laws of the corresponding jurisdiction.

To the extent any content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

We believe certain information presented to be reliable but do not warrant its accuracy or completeness. Any views, opinions, estimates and strategies expressed herein constitute our judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Investors may get back less than they invested, and past performance is not a reliable indicator of future results.

The information contained on this site should not be relied upon in isolation for the purpose of making an investment decision. Investors are urged to consider carefully whether the products and strategies discussed are suitable to their needs, and to obtain additional information prior to making an investment decision. More complete information is available from your J.P. Morgan representative, and you should be aware of the general and specific risks relevant to the matters communicated on this site.

JPMorgan Chase & Co. and its affiliates and employees do not provide tax, legal or accounting advice. Material has been prepared for informational purposes only. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.

Important information about your investments and potential conflicts of interest
Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward looking views in order to meet the portfolio's investment objective.

As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to I00 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

Loans and lines of credit are extended at the discretion of J.P. Morgan, and J.P. Morgan has no commitment to either extend any loan or line of credit, or make loans available under a line of credit. Any extension of credit is subject to credit approval by J.P. Morgan and, if approved, the terms contained in the definitive loan documents. Loans collateralized by securities involve certain risks and may not be suitable for all borrowers and investors. Market conditions can magnify any potential for loss. A decline in the value of securities pledged as collateral may require you to provide additional collateral and/or pay down your loan or line of credit in order to avoid the forced sale of securities in your account. J.P. Morgan establishes loan values from time to time, in its sole discretion, for each of the securities which serve as collateral. At any time, and without prior notice to you, J.P. Morgan can increase or decrease its loan values for securities, and this may result in your loan or line of credit being out of compliance. If the outstanding amount of your loan or line of credit ever exceeds the aggregate loan value of the securities in your account, J.P. Morgan can sell the securities in your account to cover the deficiency in loan value. You also will be responsible for any remaining balance of your loan or line of credit after such a sale. J.P. Morgan can sell your securities without contacting you and you are not entitled to choose which securities are sold. J.P. Morgan may attempt to notify a client before securities are sold; however it is not required to do so. When selling securities, J.P. Morgan will not be required to marshal assets or act in accordance with any fiduciary duty it otherwise might have. If securities are sold at prices higher than their initial cost, that may result in adverse tax consequences to you. You should consult your tax advisor in order to fully understand the tax implications associated with pledging securities for a loan or line of credit. Please read your loan documents carefully so that you understand your obligations.

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