[MUSIC PLAYING] I'm Mary Erdoes, CEO of Asset and Wealth Management. And first, I want to express my thanks for taking the time to let us share with you a bit about our culture, our investment process, our teams, and the focus we have across the firm of always putting clients first.

As the asset management arm of one of the world's largest banks, our vast resources across the world benefit our clients through the delivery of world-class insights, access to digital platforms that allow for more efficient client service and analytical capabilities, and the peace of mind that comes with investing in an asset manager with local resources on a global scale.

Our access to data is unmatched. Half the households in the United States of America bank with us, and we leverage our data resources to help inform our investment approach in key areas such as our target date franchise. We benefit from JP Morgan Chase's $12 billion of annual tech budget from which we build upon to create a much more effective client toolset, such as Morgan Institutional or our Institutional Client Portal that provides modern account visualization, self-service portfolio analytics, and the ability to perform client service tasks.

Our technology resources also provide better systems and platforms for our investors. Spectrum is our portfolio management and centralized client service platform. It improves the transparency and facilitates faster decision making offering a consistent view for our investment teams and our client teams.

The success of our business depends on continued focus also on the diversity of thought and the way that we manage our teams. To grow and to thrive in a global marketplace, our workforce has to be the make up of the rest of the world. It has to be diversified in its thought. It has to be able to deliver to clients all around the world in the communities that we serve.

In addition, we know that together, as a diverse and inclusive organization, we can spark innovation and discover much more ways of sustainable competitive advantage when we do so. We're committed to making progress on all forms of diversity and are focused on actionable steps.

Our business resource groups, the BRGs as we call them, are internal networks focused on advancing the firm's diversity inclusion strategies. We have 85,000 employees that belong to these groups. JP Morgan Chase has also committed $30 billion to advance racial equality, support Black and Latinx-owned businesses, and to build a much more diverse and inclusive workforce. We also continue to invest in diverse entrepreneurs and communities through programs such as Advancing Cities, Advancing Black Pathways, and Entrepreneurs of Color Fund.

Our business is centered on you, the client, and we put you first in everything we do. Partnering with us means access to world-class insights from experts like Dr. David Kelly and Michael Cembalest, and we also ensure that you hear from our experts frequently through digital and in-person events. In 2020 alone, we delivered over 560 virtual events for our clients.

Our clients are supported by a global team of advocates dedicated to understanding, anticipating, and catering to your needs. Our sales and marketing team work together with investors, strategists, legal, compliance, risk, technology, operations, HR, and finance to deliver the full resources of the firm to you, our clients.

Hello, I'm George Gatch, CEO of JP Morgan Asset Management. At JP Morgan Asset Management, we've built a resilient, well-resourced, investment-led organization. Our investment process is disciplined and research driven, which has resulted in leading capabilities across asset classes and vehicles, including the largest corner of real estate strategy globally, the largest US equity fund run by a woman, Equity Income run by Clare Hart.

Overall, we are the fifth-largest asset manager and the third-largest active manager. The breadth and depth of our diversified $2 trillion platform allows us to be unbiased in our approach to portfolio construction. And we're continuously investing and innovating across our platform as clients' needs evolve, including advancing our sustainable investing offering, cross product solutions, ESG data analytics, climate research, and importantly, stewardship.

We have a global network of investors, including over 1,000 portfolio managers, traders, and research analysts in over 70 locations across 35 countries giving us local market knowledge in addition to deep global resources. Our global network of investors is united by disciplined research, a comprehensive risk management and investment process, and a common technology platform, Spectrum.

Spectrum is our proprietary portfolio management trading and risk analytics platform that enables our investors to share best practices on global research and risk management while improving transparency and allowing for faster decision making and increased efficiencies.

Part of our investment culture includes a focus on robust product governance led by the Asset Management Investment Committee. The Investment Committee brings together our most senior investors across asset classes to conduct strategy peer reviews, collaborate on best practices, and ensure our strategies are leveraging our strongest investment capabilities and resources.

This includes reviewing all investment activities, conducting extensive reviews of investment platforms and products, and also, reviewing research, trading, and ESG practices. The Investment Committee also helps foster a team-driven investment approach, including a robust focus on succession planning to ensure that there is a portfolio management team supporting alpha generation across each strategy.

To further align the long-term interests of our investors and our clients and fund shareholders, we created a Mandatory Investment Program called MIP, unique to JP Morgan Asset Management. Investors, including portfolio managers, research analysts, traders are required to invest 50% of their deferred compensation in the funds which they manage or contribute to.

Through the Investment Committee and our focus on cultivating a best in class investment culture, we've created a workplace where our portfolio managers have both autonomy as well as access to our firm's deep, deep resources. This process has proven to work as we remain an industry leader in long-term performance across asset classes. A few examples include nearly 80% of our mutual fund AUM is ranked in the top two quartiles over the 10-year period and nearly 200 4- and 5-star funds ranked by Morningstar.

As a global asset management firm, we must create an environment where we can attract, retain, and motivate industry-leading talent, and that means fostering a diverse and inclusive environment. We recognize and appreciate the awesome responsibility we have as stewards of our clients' capital, and our fiduciary culture will continue to inform our actions on the path ahead. We thank you all for your time and partnership with JP Morgan. Thank you.

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