Raymond James partners with JPMorgan Chase for tax management technology


  • Raymond Shares of James Financial rose when the company agreed to use tax management technology provided by JPMorgan Chase.
  • The technology for managed account users was developed by 55ip, which JPMorgan Chase's asset management unit purchased in 2020.
  • Raymond James expects the improvements to be live by the middle of next year.

Shares of Raymond James Financial (RJF) rose more than 2% on Monday as the financial firm reached an agreement with JPMorgan Chase (JPM) to use JPMorgan's tax management technology on its managed accounts platform. Shares of JPMorgan Chase were down 0.1%.

JPMorgan's asset management unit and its technology company 55ip explained that the deal will allow Raymond James to “make tax-smart transition, rebalancing and continued tax-loss harvesting available to its users.” J.P. Morgan Asset Management purchased 55ip in 2020.

Erik Fruland, president of Raymond James Asset Management, said the move was an important step in the company's efforts to improve its managed account platform, with a focus on providing customized solutions. to meet customer needs. He called it “one of our most important strategic growth initiatives.”

George, CEO of J.P. Morgan Asset Management Gatch a added that integrating technology to personalize investment portfolios is key to improving financial results and that “the demand for tax management capabilities will only increase.”

Raymond James indicated that the improvements would come into effect in mid-2024.

Despite Monday's gains, Shares of Raymond James Financial remained down for 2023.


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Source: investopedia.com

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