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Raymond James and JPMorgan Chase Unveil Groundbreaking Tax-Management Technology Partnership

Raymond James and JPMorgan Chase Unveil Groundbreaking Tax-Management Technology Partnership

Raymond James Teams with JPMorgan Chase for Tax-Management Technology

Raymond James Financial’s partnership with JPMorgan Chase to utilize tax-management technology is a significant step in enhancing its managed account platform and meeting client needs.

Raymond James Financial (RJF) shares rose over 2% on Monday as the firm announced a deal with JPMorgan Chase (JPM) to incorporate JPMorgan’s tax-management technology into its managed accounts platform. This technology, developed by 55ip, a company acquired by JPMorgan Chase’s asset management unit in 2020, will enable Raymond James to offer tax-smart transition, rebalancing, and ongoing tax-loss harvesting to its users.

Erik Fruland, president of Raymond James Asset Management, emphasized that this partnership is a crucial part of the company’s strategic growth initiatives. By providing customized solutions and incorporating technology into investment portfolios, Raymond James aims to improve financial outcomes for its clients. J.P. Morgan Asset Management CEO George Gatch noted that the demand for tax management capabilities is expected to continue rising, making this collaboration timely and relevant.

The enhancements resulting from this partnership are expected to be online by the middle of next year, marking a significant milestone for Raymond James in its efforts to enhance its managed account platform. Despite Monday’s gains, shares of Raymond James Financial remained lower for 2023.

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