Industry-first partnership will provide custom, tax-smart management at scale for Raymond James Advisors and their clients.
New York, NY, October 16, 2023: J.P. Morgan Asset Management and 55ip today announced that Raymond James Financial (NYSE: RJF) will integrate 55ip’s cutting edge tax management technology across its managed account platform. The enhancements will make tax-smart transition, rebalancing and ongoing tax-loss harvesting available to Raymond James managed accounts users. Raymond James expects the enhancements to take effect mid-2024.
“We have a strong commitment to delivering industry-leading technology to our advisors and clients,” said Paul Reilly, Chief Executive Officer of Raymond James Financial. “We’re excited to partner with J.P. Morgan and 55ip to offer our clients solutions that can enhance after-tax outcomes.”
Raymond James Managed Account Programs provides Unified Managed Accounts (UMA), Separately Managed Accounts, (SMA) and Mutual Fund and ETF Model Portfolio offerings. Today, the platform provides over 350 investment strategies with over $144B in assets, including $71B in taxable assets.
“Continuing to enhance our managed account platform, with an emphasis on providing customized solutions to match client needs, is one of our most important strategic growth initiatives,” said Erik Fruland, President of Raymond James Asset Management Services. “The ability for our advisors to offer tax-smart management with 55ip is a significant step forward in this regard.”
J.P. Morgan Asset Management acquired 55ip in 2020, accelerating its investment in advanced advisor technology and its focus on delivering intelligent, automated tools that provide simplicity, scale and efficiency. Since the acquisition, 55ip assets have increased from less than $2 billion to over $20 billion as of 9/30/2023, reflecting the demand for tax management and customization.
“Incorporating technology to customize investment portfolios is key to improving financial outcomes,” said George Gatch, Chief Executive Officer of J.P. Morgan Asset Management. “The demand for tax management capabilities will only continue to rise. Our partnership with Raymond James is an example of how leading asset management and wealth management firms can partner beyond investment products by providing value added technology.”
55ip delivers custom, tax-smart investing at scale. For Raymond James, 55ip’s tax technology will be delivered through deep integration with Raymond James’ managed account technology provider, InvestCloud.
“We’re proud to help Raymond James enhance and expand its approach to tax-smart investment delivery and drive better potential outcomes for their clients,” said Paul Gamble, Chief Executive Officer of 55ip. “Integrating across Raymond James’ managed account platform will deliver unprecedented reach and scale to help more people.”